Hi all,
Here's a list of things to consider when starting up:
Starting your own business is one of the most challenging but rewarding experiences you will ever embark on. While there is no way to eliminate all the risks involved, careful planning and research can improve your chances of success.
The following tips will give you an overview of what's involved in starting out on your own, and the issues you will need to address. Written by Business Link
1. Assess your skills
Firstly, do you have all the necessary skills to run a successful business? Being a self-starter goes without saying, but do you have the drive, determination, initiative, motivation and mental and physical energy to start a business? You'll need to be a good communicator and manager, as well as creative, flexible and able to plan and make decisions under pressure.
2. Research the market
It may be your passion or hobby but is it a viable business proposition? Find out all there is to know about your market before taking the huge step of implementing your business idea. Your market research should cover the size of the market, the demand for your products/services, and your likely competitors.
3. Create a winning business plan
A good business plan is pivotal to obtaining finance and will help you to focus on where you want your business to go and how you're going to get there. It should include a description of your business and management team, information on your products/services, revenue projections and financial requirements, and marketing and operational plans.
4. Take advice
Always seek advice, guidance and support in all aspects of your business - from the initial concept and business planning, to ongoing development and beyond. This will also help you to look at your business objectively, which can be difficult when you are so closely involved.
5. Know the law
Make sure you understand the legal intricacies of starting and running a business, including VAT registration, the legal requirements for your type of business (e.g. sole trader, limited company, partnership), partnership contracts, health and safety, and employment law.
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