Does the thought of starting a new business feel a bit daunting?
5 Jun 2015 | Category: SME's
When exploring the possibility of self-employment, what starts out as a positive mental attitude, driven by a passion or hobby, can quickly be crushed by websites that give the impression that starting up and running a new business is more complicated than it really is!
When staring a new business, there are a number of aspects that need to be considered carefully to help increase the success potential of your venture. These include:
• Potential start up finance (You can apply for a start-up loan with Virgin StartUp)
• Would there be a demand or need for your product or service and would a sufficient number of people be prepared to pay for it?
• What would it cost to start your business, and if you don’t have enough savings to pay for this, do you know where you can find reputable lenders who can assist you?
• Business advice and guidance
Ultimately, could the potential business sell sufficient numbers of services or products to cover the outgoing costs of the business plus your wages to cover your personal monthly bills?
The template for these areas is the same for every business start-up, but the information required to assess the potential viability of the business will vary dramatically depending on the business. For example needing premises, large investment of stock or additional staff will require more financial commitment than an entrepreneur wishing to work for themselves selling their services.
Many people consider self-employment and dream of being their own boss but, in many cases, they decide against it because of the potential personal barriers outside the business model.
Some examples of those who did not let their personal barriers halt their business dream –
Bill Hewlett (Dyslexia) – Co founder of Hewlett Packard
Steve Jobs (Dyslexia) – Founder of Apple
Tommy Hilfiger (Dyslexia) – Founder of Hilfiger
Ingvar Kamprad (Dyslexia) – Founder of Ikea
Richard Branson (Dyslexia) – CEO of Virgin
Remember, fail to plan and you are planning to fail!
Be sure to seek advice from a professional who is qualified in business support and who can also continue to mentor after the business has started trading.
If the thought of starting a new business feels a bit like this…
… Contact Enterprise First for free business advice and support, via email [email protected] or telephone 0800 652 6254 / 01252 319 272
Grant Baker – Business Adviser
To contact Business Adviser Grant Baker, email [email protected]