It's still possible to start up
Dec 1 2008 by Jill Lee, The Journal
WITH tough market conditions facing the economy, it would seem to many that now is not the right time to set up a new business. However, with careful planning and tailored support, it is still possible to build an enterprise that can survive and thrive in these challenging times.
The key for any aspiring start-up is careful planning. Having a great idea is one thing but translating that into a viable business model is a whole different ball game.
Understanding the hard work, time commitment, personal sacrifice and financial investment needed to get your operation off the ground is vital.
An honest assessment of your lifestyle and skill set is a necessity and should help you to establish whether you have the entrepreneurial drive to succeed. Owning your own company can be hugely rewarding, both personally and financially.
However, starting up is not easy and takes perseverance, resolve and real hard work.
While on the surface, being your own boss may seem to be somewhat glamorous, behind every great achievement is a sacrifice, be this in time, money or friendship.
If you have completed a self-assessment and still feel owning a business is right for you, the next step is to understand the market in which your business will operate.
A long-term analysis of the opportunities and threats that the market faces will ensure you are well equipped to start your business with a sound understanding of the challenges ahead, and with plans in place to deal with them effectively.
Where possible, time should be taken to test the market. This can be achieved through formal research techniques, or simply by speaking to friends or family to gauge interest.
A successful business depends entirely on the suitability of its product or service for the market in which it operates, so the importance of market testing cannot be underestimated.
Owning your own company is ultimately a lifestyle decision. With planning preparation and hard work, the result can be a thriving venture that has real longevity.
Business Link has a team of expert brokers who can support and guide you through your business start-up and beyond. For further information about Business Link, visit www.businesslink.gov.uk/northeast or call 0845 600-9006.
Jill Lee, Business Link
