Are you thinking of starting a business?
There are so many things to think about when starting a new business from the beginning.
Do you need premises? Do you need staff? How about equipment?
Before you do all of this it is best to sit down and develop a business plan. Although it may seem a waste of time and all the ideas are in your head and valid, this really will show you how many sales you need to make and at what margin.
Your product or service
Why on earth will people buy from you and what is your unique selling proposition (USP?). This in the end will be the reason customers will purchase your product or service today and in the future. Pricing is almost secondary because if you don’t have a good product it doesn’t matter if you give it away as no one will want it!
Time is critical
At first you will need to put a lot of effort into your new business and probably draw a very low salary until it takes off. But once it does the rewards will be worth it.
Stay in employment?
It might be best to start a business whilst you are still in full time employment. Most businesses take months to get going and you’ll need all the finance you can get whilst this happens.
Start up finance
Once you have clarified your ideas and written your business plan you can approach banks for funding. Alternatively you may re-mortgage (but be careful). See the companies below for financing options and good luck.
Tips before you start your business
There are other things to look at before you start your business see them at start up business tips