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WHAT YOU NEED TO START A BUSINESS

Starting a business needs above all boundless enthusiasm and energy coupled with some good logical sense. And a marketable product or service.

Being over confident of your "certain, cannot fail" success can be useful but you do need to be sensible and well planned.

This is a simple check list of the basics to help you with the planning of your exciting new venture;

• what are you selling, a product, a range of products or a service?

• where will I trade from, will clients visit me, do I need permission if trading from home?

• who will help me or will I work alone?

• when do I plan to start?

• what equipment do I need and what will it cost?

• will I buy new, used or hire?

• do I need transport to deliver goods, or will I use post, or visit clients?

• how much money do I need?

• where will the money come from?

  • savings

  • sale of assets

  • redundancy funds

  • pension funds

  • borrowing (think seriously about this step);

    • mortgage on your home

    • bank loans

    • credit cards

  • gifts from relatives

  • investors who share the risk and profits and may help you in the business as a partnership or limited company.

• have I done market research and am certain there is a market for my goods or services, now and in the future?

• do I know who my competitors are and where I can better them on price, quality, features or other factors?

• what happens to my business if I fall ill?

• am I prepared to forgo holidays and leisure activities?

• what are the implications should I fail, do I have a fall back plan, and have I reduced the risks?

OK still confident, do you have a good, workable idea for a business, have or can get enough money and those closest to you will support and encourage your business plan?

What risks do you see ahead? If you think there are none, reassess your logic, consider various issues and think ahead. For instance where do you expect to be in 5 years time, maybe future events will help grow your business but a sudden change could ruin it.

Set goals and continue to reassess your plans as you set up, be flexible, readjust your schedule as new things occur for the better or worse. Be prepared to take advice if things do not follow the path you expected.

Remember a new business venture is constantly evolving and changing, you need to be ready to see the signs of change, of opportunities and dangers and adjust accordingly. Timing is the key to success, being in the right place at the right time. OR getting out early before it gets worse.

Useful web sites

• Business Startup, starting business Our belief is that when you are starting a business, taking the risk and putting your time and money into something new that will change your life

Please feel free to Contact Us with questions or to give us information to add to our knowledge base.