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Commit to starting a business
This links into the getting things done section of the website, and it really is about getting one of the most important things done you can imagine; setting up the business you've been thinking about.
So you've researched the market, you know everything about the customers, you know the competition, you know the government regulations, you know your cash flow forecasts, you know who your staff are likely to be (even if its well in the future), you know your potential, you've done the SWOT analysis and you are ready. I'd make sure you've done at least 75% of the above before setting up, and I'd do all of the above before spending any money on your business; they are essential steps in starting a company, no matter what the company does.
So you've done all that. What next? Well, I'd get in touch with your local business link http://www.businesslink.gov.uk/bdotg/action/home?domain=www.businesslink.gov.uk&target=http://www.businesslink.gov.uk/
book sometime with an advisor, to make sure you really have got a good idea. Then what? Set a date to start.
A date ensures that you will do it. Save the necessary money to start, if you haven't already. Every business has different start up cots, some more than others. Work out what finances you need to start- do you need to raise capital? Get a loan? I can't you that, you'll need to figure that one out..
Next? You'll need to work out the company structure, and way you'll register. You can register companies online, or buy them through some accountancy firms 'off the shelf'. It may sounds scary, directors, secretaries, capital etc, but its not. Its normal stuff, don't get worried by it, just read, research, learn what you need to know, set a date and DO IT.
Good luck.
4 comments:
Nice post. I plan on running my own business soon, so I'll keep this in mind. I can use all the help and advice I can get since I know it'll be tough. More recently I've been thinking about buying a business instead of starting one from scratch. Do you have any suggestions or advice? Thanks!
@L. Edwards -- I can tell you this now... Running a business will be tough. I'm sure there will be days you'll want to give up, but if you stick through it and persevere, becoming an entrepreneur will be worth it.
That being said, there are a lot of resources on-line if you're looking to buy a business instead of starting one from scratch. I know there's this site called BizTrader.com, and it's like this on-line global marketplace where you can buy or sell a business. You can also use it to find a lender, broker, etc.
I also highly suggest checking out books and magazines, since they're generally up-to date with information. Local small business groups are also good because you can network, and they can update you on the area you plan on doing business.
Good luck!
@L.Edwards
Buying a business requires different skills to running one.
You'll need to be good at business analysis, analysis of financial records, and have a good idea of the direction of the business and industry.
Buying established businesses can be good as you skip the start-up phase but you will have to pay for any value that has been created in the business already, of course.
Let me know if you started a company or bought one. All the best,
Jake
@Mel Eldridge
Thanks for the comment and we welcome other such comments
Do you have a business or are you interested in setting one up?
Thanks!
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