Starting a business can be stressful, especially in the current economic climate. Most people are feeling the pressure when it comes to money, so starting a business related to loans for homeowners right now could be extremely profitable.
Starting a lending business takes a lot of consideration and strategic planning. You will need to be thinking about marketing and licensing as well as a number of other things, but it is a lot more straightforward than you might think as long as you have a plan.
The first step is to know how much you can lend. There are regulations that you will need to consider here and you can contact the agencies that can advise you easily by doing a simple search online. There have to be limited and you’ve probably seen plenty of examples online and on TV, for example, Money QED home-owner loans offer from £2000 to £100,000, which may seem like a lot, but the limit is there.
The most important factor when starting a new business is to have a strategic plan in place. This must be the first thing you do before you begin the steps that make your ideas a business. Your business plan should include strategy, budgets, marketing strategies and analysis, profit and loss, and your company’s vision and mission.
If you don’t know where to start; make use of the business development services available online. You will need to register your business. You can do this online for a small fee. Make sure you contact your local tax office to register for a business tax number. If you have a solicitor, see if you can get some advice here.
You can then apply for a consumer lending license. You can apply online for this on the website for the Office of Fair Trading. There are a couple of categories to choose from, but by this point, and having completed your business plan, you should know what you are looking at. You can work from pretty much anywhere, but setting up a shop in a busy area can have its benefits too.
A shop space says professionalism and can give a great impression to the passing trade. Alternatively, a retail space such as a free-standing storefront can be just as effective. This will depend on the area you are working from. Money QED home-owner loans have an office in London, but do most of their work online.
Again, the decision for your business will depend on the area and whether you are looking to move online too. Next, you need money. You can discuss this with a reputable commercial lender and make use of your strategic business plan too. This is when the importance of a great business plan comes into effect as the stronger your plan it, the more money you are likely to get.
Finally, know the laws on fees and interest rates. You must be careful here to keep within the law so do as much research as makes you feel comfortable. Obviously you need to make a profit, but don’t clash with the law.
Get some advice from an accountant on profit margins and turnover figures if you are unsure. Take is slowly. If you start by taking these steps in order, then you should be okay. Just remember the importance of the business plan and do as much research as you can on lending. Knowledge is power and your business could be booming before you know it.Author Bio Rachel is a freelance writer based in the UK.
Rachel has researched Money QED home-owner loans and starting a new business online. Rachel enjoys swimming and business development challenges. I am Shiraz Ali Internet Marketing & SEO Experts. I am the founder and editor of labor, a blog to find and submit free guest post and get free Do-Follow backlinks for your site. Facebook