Business Start-Up

Starting your own business or becoming self employed can be extremely rewarding. However, there is a thin line between success and failure which requires the need for careful planning and forethought before taking the plunge.

To help you along the way, we have compiled a list of points you should consider before launching your new business, followed by some other useful website links.

And don’t forget, one-to-one personal advice is available at our free Business Start Up clinics operated at all of our JobServe Live! events. Look at our location list for a JobServe Live! near you.

1. Think about why you want to start your own business.
   Consider if being your own boss is really right for you. What are the advantages and disadvantages? Involve your family in the decision and ask for their thoughts.
   
   
2. Define your product/service
   What will you be offering to your customers? What is your Unique Selling Point (USP)? Why will your product/service stand out from the others? What will make your customers buy it?
   
   
3. Research your market
   Who will your customers be? Who are you competing against? What are your strengths, weaknesses, opportunities and threats (SWOT analysis)? Think about the 4Ps (product, price, promotion, place). Ask your friends and family for their thoughts. Do you need to alter your original product/service?
   
   
4. Audit your resources
   What do you need to get started? Consider skills, knowledge and experience as well as funds and property. Where can you obtain the resources you lack?
   
   
5. Begin compiling your business plan
   Outline your marketing strategies and objectives. Justify any assumptions and be realistic.
   
   
6. Draw up your financial projections
   Cash flow forecast is particularly important at this stage. Again, be realistic.
   
   
7. Discuss your plans with your bank
   Pay close attention to funding requirements.
   
   
8. Adjust your plans if advised
   
   
9. Ensure you understand your legal obligations
   What are your tax, National Insurance and VAT obligations? Consider also health and safety issues. These issues are particularly relevant if you are employing staff.
   
   
10. Go for it!
    If you are comfortable that you have met all of these criteria and your advisers believe in your proposition then it sounds like you are ready for action. Good luck!

Further information can be found on the following links:

www.businesslink.org for all aspects of starting your own business

www.princes-trust.org.uk helping young people to set up their own business

www.shell-livewire.org for 16-30 year olds who want to start up and develop their own business.