Once you have your idea, what do you have to do next, to turn it into a reality?
- Research the present marketplace to see if and where your business would fit in
- Begin to estimate the costs of setting up
- Do you have the resources, or will you have to raise the cash from somewhere else?
- Can we help you?
Outline your objectives
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You've got an idea and you've got what it takes to run a business. Next you need to form some clear objectives, the key steps to success.
Try to be clear in your mind why you want to do this and, realistically, what you want to achieve; money, security, time for family, travel and interests?
And
the likely time-scale,to achieve in the short
and medium term (1-3 years) |
Write
down the answers, with some key dates to try and
work to.This will improve the feeling of making
progress towards your goals.
Understand the pitfalls and
avoid them
Many
new businesses fail. There are 12 common reasons
for this, and by understanding them, and planning solutions
to them, you can avoid failure.
12 common reasons why new businesses fail:
- Inadequate
market research
- Insufficient
funding
- No business plan
- Lack
of experience
- Wrong location
- Poor
or slack management
- Un-planned
expansion
- Poor
credit control
- Staff
problems
- Overspend
on capital purchases
- Red
tape
- Over-estimating sales
Now you're ready to check out the demand......
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