FACING redundancy or reduced hours is a stressful experience but it’s important to know that there is always some way to move forward.

Your career will always continue to develop and grow when you want it to, it just might have to change direction on occasion. For those whose jobs are at risk, looking for another job is not your only option.

Entrepreneurialism depends on the development of an idea that can be transformed into a viable business. People who have become accustomed to being an employee may not necessarily be an entrepreneur but they more than likely will possess the skills and experience needed to run a business.

Consider the following statements: Never be made redundant again, create your own security, determine your own income, work the hours that suit you, do a job you really enjoy. Taking the first steps to being your own boss can be daunting and it’s often difficult to know where to start. All businesses are different and we discuss below examples of some of the questions that you should be asking yourself:

What type of business am I starting and why?

What’s special or unique about my business and how best can I exploit it?

What name will I give my company and have I checked that the name would cause no problems?

What type of company will I form? Sole proprietor? Partnership? Limited company?

Can I patent my product?

Is the market for my product or service growing or shrinking?

Who are my main competitors? What are their strengths and weaknesses? How do they market their products/services? What is their pricing strategy?

You can see that this is not easy. Starting and running a business can be very challenging but extremely rewarding.

It may be one of the biggest decisions that you take in your life.

So it really is worth taking the time to find out as much as you can about starting up and developing your business idea.

Tedco offers start-up businesses the opportunity to get their business ready for success through proper investment.

A bespoke package of services supports the development of a structured business plan to act as a springboard for your business success as well as improve the chances of loan funding being secured.

:: Carole White is business support manager at Tedco. If you would like further advice from Tedco to start your own business, contact us on 0191 428 3300 or email starting@tedco.org  Visit us at www.tedco.org