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Starting a Business
Are you suited to run a start up
Before you go investing time and money into a business idea your need to know whether you are suited to run a start up by asking your self some important questions and answering honestly.
Is Your Business idea feasible
The most successful businesses are often the ones built on the simplest idea. The idea is so simple it could be explained to a child in one or two sentences. In the world of business this simple one sentence idea would be known as the Unique Selling Point or the Elevator pitch. So is your business idea feasible, its vital than you research this otherwise the business will never get off the ground.
Market Research
Without customers no business can get off the ground. Some people belive that the customers will come to you the moment you open the doors. You need to know in advance who your customers are were they are and how you will get them. This is where market research comes in!
Writing a Business Plan
You may not be convinced that the time and effort needed in preparing a plan is essential; if this is the case then the following are the main benefits to you and your business. A Business Plan forces you to put your ideas down in writing and in an orderly manner.
Financing Your Business
A Business Plan will guide you as to how much money is needed to make an idea work. In your mind you may have a rough figure of what you’ll have to commit. Now that you have that plan you can approach various organisations who may be prepared to fund your business.
Promoting your business
Once your business is up and running and you have all the administration systems in place its time to start marketing your business. Promoting your business takes all the knowledge you have gathered up to this point
Choosing a Business Structure
There are three main business structures in the United Kingdom, all of which trade to make a profit. Each business type has different tax treatments and rues so choosing the one that fits with your business plan and needs is crucial for success.
