1. Deciding what you will do
© Chad McDermott (Fotolia) Cocktail Napkin Ideas
© Chad McDermott (Fotolia)
Most successful business operators work in a field that they are not only an expert in, but also in an area that they enjoy. In many ways, coming up with start-up ideas is the hardest part of the whole process.
Canalising your talent
If you haven’t already decided what your business will deal with, then think about how you can turn your hobbies and passions into a successful career. If you have a specialist qualification, is there a way that you can break away from your current employer and set up on your own?
2. Do your resarch
© WikiMedia (Wikimedia) 1 Mason City, IA, June 11, 2008 – A FEMA representative records the de
© WikiMedia (Wikimedia)
When you have decided on your chosen field, you will need to do some research before you become self employed.
See if there is any competition in the area. Visit their shops or inquire about their services. If you are settling in the area, then you will need to know what you are competing against.
3. Secure funding
© Scott Maxwell (Fotolia) flying dollar
© Scott Maxwell (Fotolia)
Opening your own business will require an injection of cash. Even if you are starting small there will be tools and equipment you need to buy.
If you are currently in employment and are thinking about a start-up business, then start saving now. Think not only about ways you can raise money, but also ways in which you can save money. It is likely that you will have to take tighter control of your personal expenditure in the opening months of your new venture.
Business start-up loan
If you need to buy equipment or premises you may need to take a loan. When starting a business, your bank will be able to give you advice as to the best kind of account you need and details of their loan services.
It is even possible that you may be eligible for a loan, if you live in the UK and are aged between eighteen and thirty, the Prince’s Trust is a charity which can provide advice, loans and grants.
4. Minimise business expenditure
© francois clappe (Fotolia) euros
© francois clappe (Fotolia)
Some people get carried away when setting up their first company. Don’t spend too much time setting up your website, buying company stationery and decorating your new office unless it will directly help to bring in money.
Initially, your priority is to make as much money whilst spending as little as you can.
5. Use your contacts
© Galyna Andrushko (Fotolia) Organizer
© Galyna Andrushko (Fotolia)
Whilst you will need to advertise, a lot of business for new companies come from existing contacts. Never underestimate the power of networking!