Starting your own business

With the popularity of business reality television shows such as The Apprentice and Dragons Den, starting a business can now been seen as the interesting, exciting and glamorous alternative to full time employment! Combined with increased redundancies and cuts in both the private and public sector, business start up’s are on the up. If you have a great idea then now is the time to implement this and get started with your new business venture.

There are many options to consider when starting your own business and many people choose to set up doing something they love, something they have experience in or selling a product they have developed. For those that want to be self employed but lack any of their own ideas, buying a franchise could be an option; they tend to come will full marketing support and training however, you do have to pay a large fee up front. You will also have to adhere to the regulations of the business, which could make it feel like you are still employed and do not have the freedom that being self employed is supposed to bring.

Many people often see starting a business as an easier alternative to a full time job but you should remember that as lots of start up’s fail within the first 12 months of setting up. To avoid this you need lots of time, dedication, careful planning and an exceptional ability to manage your finances. To get started you should spend time developing your business plan, planning for any potential problems which you may encounter, opportunities you may come across and how to exploit these and plans for growth. Having everything in writing can help you in the future if you come across any problems you can always refer back to your original plans.

There are many factors which you need to consider when setting up your business:

  • Where will you work from? Do you need to buy or lease premises?
  • How will you make a profit?
  • If you are selling products, where will these be sourced from?
  • Do you need to employ others?
  • Is your business legal? Do you need legal advice when starting up?
  • Do you have the finances available? Will you need a loan, grants or investment?

Once you have got your business planned you can then take the essential action needed to move forward, we have lots of advice for all of these steps and we can therefore help you on your way!

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