Starting up your own business.

Whether you want to find out how to turn an idea into a viable venture or if you simply need information about how to run your business more effectively, we want to support you every step of the way.

Starting and running a business can be wonderful. You gain freedom and independence, you can choose what you do and where you do it and with whom you work. Your income and profits are more under your control, you can do something you love and determine your own destiny.

But running a business isn't for everyone. It requires self-discipline, commitment, hard work, long hours, decision- making ability, patience, drive, understanding from family and friends and determination.

Test yourself against these statements, then get friends and family to do the same. The more you know about yourself, especially as others see you, the better placed you'll be to succeed in business. There are no right or wrong answers. If you answer some as NO, it could be an indicator that you need to think more about these areas and acquire some new skills.

I have a talent and ability to make decisions                                                                          YES/NO

I'm passionate about my ideas and love what I do                                                                YES/NO

I work hard and can work much harder                                                                               YES/NO

I'm good with people and can motivate them                                                                        YES/NO

I have good ideas and know how to make them work                                                         YES/NO

I listen to other people opinions                                                                                             YES/NO

I understand and I'm careful about risks                                                                               YES/NO           

I am not a worrier and cope with stress                                                                              YES/NO

My family and friends think this is a good idea                                                                     YES/NO

I'm able to plan and adapt when necessary                                                                         YES/NO

I have a clear view of what I want and where I'm going                                                     YES/NO

 

 

 

 

You probably have an idea of what kind of business you want to start, but it's worth considering other options as this stage. One good idea often leads to another and further thinking and planning could improve your original thoughts or even lead you down more productive paths.

Basic kinds of business:

Starting from nothing:

This needs most time and planning as it can be the most risky. If you have a mew and different idea it needs to be introduced to your market. Your product may need to be manufactured and then packaged and delivered, or your service differentiator effectively communicated. This may be excellent, but unfamiliar to your potential customers. If they don't know about it, they can't buy it.

Marketing and sales are of most importance here and you will need time and professional help to ensure that your business benefits get to your customers.

Buying an existing business:

Buying into an existing business can be effective as your risk is reduced and the energy and ideas you bring will hopefully develop the business.

Buying a franchise:

There are many established businesses that operate as franchises. You buy the right to benefit from their brand. You receive on going marketing, training and other operational support and can build your business, but the franchisor is ultimately in control.

Business structures:

There are established legal categories and types of business, each with advantages and disadvantages. Your business may fit neatly into one of them, or you may chose whether to be one structure or another.

Sole trader:

This type of business is usually started by someone who has a single skill or service that people buy.

Partnership:

Partnerships don't have the protection of a limited liability company and are set up to enable a small number of people working together to share the responsibilities and rewards of the business. There is usually a partnership agreement (if not you rely on the partnership act.)

Limited Liability Company:

Setting up a company gives your business protection and rights, but also imposes duties such as filing formal accounts for public inspection. You, and other shareholders in the business, are limited in any liability for debt to the extent of your shareholding. There are also tax and other benefits. You must register with the registrar of companies. Ready made companies can be bought ‘off-the-shelf' so costs and formalities are light.

The more you plan, the better placed you will be to seize opportunities and anticipate threats. There's a certain amount of planning you should do. Not only will it help you but it will enable anyone else involved to take an objective look at your business and its' potential.

There are also many other things you may need to plan for, from your business name, premises and marketing, to financial requirements like income and expenditure, cash flow and profit and loss.

Marketing your business:

Your business name, description and location can be your most important assets. A clear simple name that describes what you offer in terms of benefit to the customer is crucial. It will help customers know what to expect and it can differentiate you from your competitors.

Location is important. You may need to consider how people will get to you, whether they pass competitor establishments, how easy it is for suppliers to deliver to you and whether you can put up signage. Even if you start a business from home there may be planning permission issues and you need to be sure that you can mix home and work life in the same environment.