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Starting a Business

 

Many people aspire to "being their own boss" and running your own business can be a satisfying and rewarding alternative to a salaried job.

However, self-employment is not for everyone - it may be the biggest single step you are likely to take in your career. In these circumstances, it is worth sitting back and making sure that starting a business is really what you want to do and whether your idea is actually viable.

Anyone considering starting a business should consult the Government’s business link site.

This site contains information on how to find funding, choose a workplace and employ and manage people.

Business Ideas - 
Refining and focusing your initial ideas and testing their viability

You may have several ideas for a new business, but essentially they will come down to either utilising an existing skill, product or knowledge OR identifying a market which looks ripe for development and acquiring the necessary techniques and knowledge.

Whatever your situation, there are some very basic stages which can help to define and develop your ideas into a workable business proposition.

Time devoted to this initial research is well spent and any serious Business Plan will need to include the following points:-

  • A description of the product or service; an indication of why it will sell; 
  • A description of the intended market; your estimate of approximate price for the goods or service; 
  • How you intend to sell, e.g. shops, sales people, distributors, internet, etc; 
  • An initial estimate of amount of sales per year; 
  • How goods will be made, if a product; cost of production; 
  • A rough estimate of cashflow and profit/loss. 

Business planning 

Your Business Plan is the essential tool for yourself and potential funders helping to:-

  • focus your ideas; 
  • describe your product/service; 
  • explore the likely demand for your product/service; 
  • determine your pricing policy; 
  • decide on the most appropriate business structure [e.g. sole trader, partnership, limited company etc]; 
  • whether the business needs premises or can be based from home; 
  • provide detailed cashflow, profit & loss forecasts and essential Break-Even point, 
  • as well as funding requirements [what money needs to be raised and where this may be obtained].