I want to start a new business…

Starting a business can be a big step in life. Or it can be a small one – it all depends on what you want from your new venture.  People are quite happy running a small part time business from home in the evening such as buying and selling on Ebay. Many people look to expand on part time ventures to try and make a full time living out of their project.

Running a business is no easy task – initially you will have to deal with finding customers, chasing payments, keeping track of paperwork and later (hopefully) employing staff. This site will hopefully give a little insight, advice and inspiration to those people who are looking at setting up in business for the first time or for for those already running a business who need new ideas or advice to grow it further.

Whichever path is taken initially, there are certain options available for people to run a business as a legal entity.  Typically these are as a sole trader, partnership or limited company. Each have their own merits and disadvantages and it depends broadly upon the nature of your new business which route to choose.

When setting up a business from new, people are always advised to “have a business plan”. Whilst this may seem to be just a form filling exercise, it will actually give you the opportunity (if done correctly) to experience the levels of attention required and practice the control and creativity that can make the difference between a business succeeding and failing. We’ll look at what is typically included in a business plan and how to use it as a base-line to measure how the fledgling business is performing.

So… what do you do first? Well assuming you’ve got a great idea (haven’t we all ? ) then the first job is to be pretty critical about it.  This may seem odd, but taking this approach throughout the growth stages of your business will mean that you get into the habit of taking calculated risks. By this I mean that you have justified, if only to yourself initially, that the business opportunity is worthwhile the risk – this can save a lot of problems further down the line.

Putting together a business plan will allow you to set targets and also for you to research if there is a real need for your new business or not. It’s important that you are realistic at this stage – if you are too optimistic in creating your business plan then there is a real risk that your new business could fail. Having said that, as long as you are confident in the plan that you have and that you believe it is achievable then running your own business could be the best decision you made.

This business plan template is a great starting point.  If you can put the effort in to complete it and the forecasts are realistic then you’ve taken your first steps at setting up…

 

 

 

 

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