Start Your Own Business - New Business Setup

Starting Points

Many of us have thought it would be bliss to run our own business; no longer have a boss to answer to, working our own hours, no commuting, no office politics, earn more money etc.

However, along with the positives of working for yourself there are another set issues that arise and have to be addressed:

Can you give up the safety net of your regular salary and benefits?
Are you self-motivated enough to work on your own?
Are your family and friends supportive of your idea?
Is there a market for your service / product?
Can you fund or raise funds for your business until it is profitable?
Do you have any knowledge shortfalls required to make your business a success?

If you can answer these all positively immediately, that is fabulous. However, most of us will find that perhaps they do need to do a little more planning before launching their new business and giving up the day job.

Business Plan

To address these questions and to ensure your business is a success, it is essential to build a business plan, after all if you “fail to plan, you plan to fail”. The business plan doesn’t have to be as big as a telephone book or overly complicated, but it should include the following things:

Overview of what your business is offering, its products and services
Analysis of the market and competitors
Marketing and sales requirements
Operational requirements
Financial forecast, including profit and loss, capital requirements, and cash flow forecast
Tailored to it’s audience

For more information on the importance of a business plan, see our article on this subject.

New Business Setup Professional Support

Finally, don’t feel you have to do everything on your own, there are many business advisors and professionals out there who will be able to advise you and help you get started, don’t be afraid to ask:

Local Small Business Bank Managers
Business Link
Chamber of Commerce
Federation of Small Businesses
Professional business advisors, accountants, solicitors etc.
Goringe Accountants – with our new business setup services

Nicky Larkin

Nicky Goringe Larkin is a Chartered Management Accountant who founded Goringe Accountants Ltd.

http://www.consideringselfemployment.com/tag/consideringselfemployment-com register as self employed
Good stuff , Many thanks. Staying in North East Scotland it’s nice to find a great blog like yours, especially with useful entries like the one above. Many thanks and keep up the great work.
- http://goringeaccountants.co.uk Nicky Larkin
  Thank you for the positive comments. We will certainly aim to produce some more useful blogs, any topic suggestions are very welcome.
http://www.invoicefactoringuk.com/services-and-solutions/factoring/ Factoring invoices
If you have now good capital and effective business plan then, that was the right time to help you start up a business, but for a good start up you must still ask advice and tips from business experts.
alicesharma
This is a wonderful article. Thank you.