Optimisim is now slowly spreading

Feb 1 2010 by Carole White, The Journal

SO we've finally made it out of the recession, albeit by only 0.1% but it's a marked improvement causing optimism in the business world.

The recession may have been difficult for many but as a result the economy is laden with new opportunities for entrepreneurs.

The Government has promised to cut regulation costs, technology is lowering the cost of marketing and communications – as well as being mobile – and is making working from home a viable option while staying in contact with the rest of the working world. This further lowers outgoings such as rent and travel expenses.

Hundreds of skilled people who have been made redundant may be in a position to seek self-employment, or small business owners who have weathered the financial storm could be in a strong position to focus on the growth of their business or product.

Start-ups can give a better chance of surviving if they take on external, objective and professional advice.

Consider the following:

Knowing your product

Who will buy my product?

Is the market for my product(s) or service(s) 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?

What will new technology present?

Marketing

How to tell people.

Will I operate locally, regionally, nationally or internationally?

Will being online be beneficial?

What name will I give my company and checked its legality?

Can I patent my product?

Will environmental changes affect my business?

Will I need a special licence?

Do I need any special insurance?

Planning

How many staff will I need?

How can I raise the capital?

Do I want to plan for growth?

UK entrepreneurs and small firms can greatly influence the economy’s growth in 2010, the key is good planning, sound advice and courage to take the next step – good luck.

If you need support on setting up in business, call TEDCO on 0191 428 3535, email bussupport@tedco.org  or visit us at www.tedco.org

Carole White is business support manager, Tedco