Thinking of starting a new business?

Starting a business is a daunting, but very exciting experience. Everyone wants to get an advantage when starting a new venture. Its critical that you get as much information as possible when considering to go out on your own. Make an informed decision about what you are going to specialise in, and how you are going to do it. Here are a few areas you will need to consider, and aim to achieve;

Be interested in your chosen area: It makes all the difference! Being interested in what you want to trade will make the difference between being passionate about your business or not. People who you talk to will see your passion and its addictive!

Know your area well: Its critical that you know your business subject inside out. If you are not comfortable with it, research it as much as possible before you make that commitment.

Contact Professional bodies: Contact Local Chambers, your professional bodies, read industry publications to see where you can get an advantage in your field.

Create your business plan: It is very important that you document your business’ immediate future in a clear guide like a business plan. There are many many templates out there for anyone who wants to create one.

Decide on your business Structure: Sole Trader? Company? Partnership? Know which you will be forming. Talk to your Accountant and Solicitor! They will be able to advise you clearly based on your circumstances and the nature of the business.

Get Insured: This is a must for all businesses and cannot be avoided.

Be Debt Free if possible: Not having any debt when starting a business is a clear advantage.If possible, clear any debt you have, and start fresh.

Network: Networking is a great way of spreading that critical work of mouth about your business. Set goals for networks that you join.