Thousands of people set up their own businesses every year. Some do it because they want to work for themselves, others because they have a great idea and have spotted a gap in the market. And of course there are those that think they can make lots of money.
These are all valid reasons for starting a business. Commitment and motivation are vital and whatever it is that drives you to make it a success good.
Although enthusiasm is important, good planning is a must. Without a good business plan you could struggle to make a go of it.
First things first: What you need to think about
- What will the business do?
- Where can it operate?
- Will I need premises?
- Do I need people to make it happen, or will I be flying solo for some time?
- Can I fund the business myself, or do I need financial support?
- How long will it take to get the business into profit?
- Have I got what it takes to make it work?
There is no right or wrong type of person to run a business. If you are determined to make it succeed, and are prepared to work long hours, then you have the ingredients for success.
Start with an idea
If you’re thinking of starting up a business, you’ll first need to come up with a realistic idea that you can turn into a product or service. Find local support, including help with developing business ideas, on the National Enterprise Network website. Or Browse This is Money for a business to buy.
Register your idea
You might have already come up with an idea for a business you think there’s a market for, or invented something you think people will want to buy.