Our panel of experts will be giving advice to would-be millionaires. Send your questions to career@thetimes.co.uk. Questions and answers are at the bottom of the page.

Would-be millionaires without access to an inheritance have two main paths open to them: go into the City and wait for the bonuses to land or start a wildly successful business. Both paths require hard work, but with four million enterprises in the UK and somewhat fewer investment banks, it may be easier to forgo the financial security of employment for life on the what-do-I-have-to-lose side of the equation.

This is what the experts have to say:

1. Think again. Do you really want a million pounds? “For a lot of people, a successful business is one that allows them work-life balance and a decent lifestyle,” says Jeremy Hand.

2. Assess your motives. “Far too many people think that [entrepreneurship] is about money when it’s really about building a good business,” Nigel Brown says. “Whenever you want to start a company, do it with passion,” Stefan Glaenzer says. This enterprise will become your life; you’d better like it.

3. Find out more. Attending a workshop or training session run by experienced entrepreneurs will give you a sense of the reality of running a business, Robert Tull says.

4. Keep it private. At least while you get things going. “Don’t focus on convincing other people or external investors,” Glaenzer says. “Just work on your idea... in the evening or at night... so that you have more than just an idea.”

5. Start small. How much funding you need to begin will depend on your business; generally it’s less than you think, Brown says. Banks, family and friends are all potential sources of support, Hand says. “As a young entrepreneur you’re not likely to find an institutional angel investor so look for one in your current network.”

6. Not everyone’s a critic. But you need one. “Your friends and family... will say you’ll be great, but what you need is someone who will ask ‘Is that a viable idea? Do the figures show that you will make money from it?’,” Tull says.

7. Get your structure right. Is it 50-50 between you and your co-founder? What will you do if someone else gets equity? “You have to think about ownership right from the start,” Brown says. “Assume that you will be wildly successful. If you don’t, you will be caught out if you are.”

8. Plan. “You need a clear idea of where you want to take the business,” Hand says. Once you know where you want to go, reverse engineering can help you to get there.

9. Bring on the big guns. Or not. External investors mean more cash but less control of your ideas and your business; think hard about which you really want. “Relying too much on other people is a bad idea,” Brown says. “You have to make your own decisions.” If you decide to go with an investor, find one that offers advice and experience rather than simply money, Glaenzer says. “And if one comes to you with too big a contract, be suspicious.”

10. Cash in or keep on? At some point you may be offered the chance to sell some or all of your enterprise. This might finally net you your £1 million, but think before you sell up, Brown says. “It’s difficult to have a good idea... if you sell the business you have only the money; you’ve lost your power. If you keep the business you are still a millionaire, you just don’t have it in the bank. You have it in a better place, where you can continue to build and develop it.”

Meet the experts

Jeremy Hand is vice-chairman of the British Private Equity and Venture Capital Association (www.bvca.co.uk).

Robert Tull is a senior enterprise awareness manager for Business Link in the East of England (www.businesslink.gov.uk).

Nigel Brown is the founder of N W Brown Group, which includes the Great Eastern Investment Forum, a business angels organisation (www.geif.co.uk).

Stefan Glaenzer is the serial entrepreneur and angel investor who backed Last.fm, an internet radio station.

Tull, Brown and Glaenzer will be answering readers’ questions exclusively for Times Online. Send your questions to career@thetimes.co.uk. Questions and answers will appear on this page over the next few days.

Q&As:

Q: I set up a private investigation company in 2005. I first worked as a postman in order to give me time in the afternoons and evenings to start the business. In November 2006 I left the Post Office and started on the business full time. So far everything has gone really well and the hard work and early mornings have paid off. We now have a strong, happy customer base of solicitors and commercial clients. My question is this: we currently work from home and have the opportunity to move into an office for £65 pw. Do you think the benefits of having an office justify the added expense? Darren Glover, Oxford

A: Draw up a pros and cons list on one page of A4 on the advantages and disadvantages of moving. I would have thought that having an office in your line of work, (but I'm no expert here), could be helpful to all the people you need to see. Also will it look more professional having a business address, and is separating your office from home better for the security of you and your team. RT

Q: I have know I have a great idea (www.nav-poi.com) I’m not sure what to do, I have loads of ideas for the company/brand and feel it has a potential to net me my first million. The problem is there are a number of things I think it need to get it off of the ground. I need contacts (sales, legal advice and marketing); capital (unsure of exact amount) and marketing knowledge. After trying many different routes I am currently considering the path of finding angel investors as I really need someone to be able to help me establish contacts, while providing some capital and a wealth of knowledge. I want to get the business off the ground as fast as possible before anyone else has a chance to get in but I want to be sure it is done correctly. Is this the right move? I look forward to your response. Peter Grillet

A: We have lots of inventors coming to our Starting a Business Workshops in the East of England. They need to keep their feet on the ground with a viable and sustainable business plan. Forgive me but some do get carried away with the brilliant technology or new idea rather than focus on the more mundane best business practice. You have already listed the raft of advice you need. Call your local Business Link and talk to an adviser and get some Starting a Business advice, or phone 08457 171615 in the East. RT

Q: Five years ago I had an idea, an easy way to carry skis. I have turned it into a product, the "Skiloop" and have formed a small start-up company. The Skiloop sells easily when it comes into contact with the public at retail shows, etc. Approx 20,000 sold so far with no complaints - but I cannot make an impression on the trade, despite exhibiting at major trade events where interest is shown, I have not been able to secure a European or US distributor. There does seem to be a prevailing attitude among the trade of "what do the British know about skiing". Any ideas? Paul Toleman

A: Paul Sorry to hear that the trade are not interested in Skiloop, but at least the customers are. 20,000 units sounds good. Not sure how long you have been in business, as you call yourself a start-up company so have you been going over 3 years, and so how many units sold in last year? What is the market for this product in UK, Europe, USA? So some market research needed on numbers and competitors. It is unfortunate but the UK is not the natural place that most people think of for skiing inventions. Especially those in foreign parts living in or near mountains. Perhaps the reason for distributors not taking this product on is that they consider it a poor business proposition. Currently it sounds like you do everything showing at exhibitions, events etc. Maybe your margins are tight and you cannot give the distributors the mark-up that they need, and are used to, on other products they carry. Look at these margins again to see if increased production and sales equals reduced costs, that can be passed onto the distributor to make a more attractive offer, and some more profit for you. Finally, what chances of you gaining some sponsorship? The British Ski club or the young British stars should be using your skiloop and getting pictured doing so. Lastly, contact your local Business Link and get some advice. Regards. RT

A: focus on finding the right door-opener for the trade - maybe some grey-haired guy with years of experience in this industry. SG

Q: Is there any group or organisation that specialises in funding for women? Please don't say Aurora as I can't get a word of sense out of them! Thanks in advance. Lynne McCallum

A: Varies by English region. Phone or e-mail your local Business Link and ask them to do a grant search in your area. Some areas such as Eastern England have organisations especially for women and helping them start up in business. Get their support in your endeavours. RT

Q: I’m a young fundraiser; I’m currently supporting the Children With AIDS Charity. I launched The Make A Child Smile Appeal in 2004. I really do hope that I’ll be able to raise over one million pounds for the Children With AIDS Charity! We’ve received signed items from J K Rowling, Bill Gates, Rupert Murdoch and the Archbishop of Canterbury. I’m currently trying to convert The Make A Child Smile Appeal into a well known brand. I’d love to hear some of your fundraising ideas. Richard Barker

A: Ah Fundraising and charities. There is no easy answer here or my favoured charities would be doing better. Many people/givers have charity fatigue, as they are asked for money from different charities all the time. The larger charities have got more and more professional in their approaches to potential donors. New ideas are quickly copied, and it's hard to think up new ones constantly. Hence the numerous job vacancies for fundraisers in the charity ads. Still, you do not want to hear this obvious stuff. Well done for getting these high profile people on board, so the proposition must be good. At the weekend at the British Grand Prix, I liked the idea on the Red Bull car of them selling thousands of tiny ad slots on the car for people top sponsor. Maybe something along these lines. Good Luck. RT

Q: I started my business in IT-related products in July 2002. I have a website. I did not take any help from banks as they wanted a rigid way of planning and money in front. I take a low salary, I am 62 years now and want to move to the second phase. I did build up some capital in the last 5 years for business to expand; I still operate from home as office. Most of the business is done via email, fax, phone on day-to-day basis. I have an established record with distributors. I need a few more good business accounts where I can supply IT products. Please suggest what I can do further to achieve success. Name withheld

A: An interesting case for this 5-year-old company, still in business and doing OK. As you have a good track record with existing customers you probably rightly are using them to gain new accounts. However, how many can you cope with in your present state? Will you need to move to premises. It sounds, from your question that “a few more accounts” will be enough to satisfy you. Would it be unfair to call you a lifestyle business, like many others that Businesss Link advise? I am not sure what you mean by second phase. My suggestion is to phone you local Business Link and see a business adviser to plan out your next move to achieve further success. You mention early on that you did not like rigid planning. Well I think it's proven that a business plan is a vital tool for all successful businesses. When I ran my own small company, I used my biz plan as a living breathing document and refreshed it continually. Finally we are of a similar age so I can empathise with you and your business so good luck with your chat with a Business Link adviser. RT

Times Recommends

• Inspirational leadership
• How to get a new job
• The reluctant CEO