How to get started on your own

Nov 13 2007 by Sarah Judd, Evening Gazette

ENTERPRISE Week, which runs until Friday, provides an ideal time to think about fresh challenges and new directions.

Starting up a business can be daunting but being your own boss has plenty of attractions and can be massively rewarding.

However, running your own business isn’t a soft option either. It can also be challenging, demanding and frustrating.

Before taking the plunge think about the following:

Know where you want to go

The first thing you need to decide is your business strategy and financial goals - what type of business you want to be in and who you want to work with. Think also about how you envisage the progress of the business once it is up and running.

Be self-critical

Be honest with yourself. Have you got the right skills to successfully build a business? Stories of overnight success are few and far between.

Find your market

Most people start in business by thinking about what they would like to create and then trying to make it. Only afterwards do they think about who might buy their products or services. Wise people starting in business find out what people want first and then find a way to deliver it.

Put pen to paper

A business plan is absolutely essential. Any lender/investor will expect to see a robust plan.

Get financial backing

You need to think about the type of finance that suits your needs. Speak to a business banking manager as a good adviser can often make the difference between success and failure.

Think about location

Where will you run your business from? Many businesses start out from the owner’s living room but this may not always be possible or practical.

For further information and access to a wide range of practical guides on how to set up and run your business, visit www.lloydstsbbusiness.com