| 1/ Write a Business Plan | | | | company - each has respective pro's and con's and |
| The first thing that you should do when starting off on | | | | this requires careful consideration - seek some advice |
| your own - is to write a business plan - this should set | | | | and research your options before starting out. |
| out the way in which you intend to operate your | | | | 6/ Choose a business name |
| business, your financial forecast and your plans for | | | | Ensure that your business name is unique, make sure |
| success. Get your plan checked out by your local | | | | that you cant' be confused easily with other |
| business advisor or Chamber of commerce - following | | | | companies, make sure an internet domain name is |
| a well thought out business plan will help you avoid | | | | available that matches your choice. |
| pitfalls. | | | | 7/ Check out your competitors |
| 2/ Get yourself an accountant or financial adviser | | | | Researching your market is vital - knowing what your |
| Having the right financial support is vital - running a | | | | competitors are offering, their pricing - their sales |
| business is a difficult at the best of times and trying to | | | | techniques will help you pitch your products correctly - |
| get a handle on complex financial issues and | | | | spend time to check out their websites - visit them at |
| mandatory business returns is nigh on impossible | | | | trade shows. Where you lose sales - try and follow up |
| without the right people behind you - Don't try and do | | | | by asking why - what did your competitor offer or |
| all of this yourself. | | | | provide that you didn't - getting a good understanding |
| 3/ Organize yourself | | | | will help you win that next sale. |
| Sounds simple but generally when your starting a | | | | 8/ Open a business bank account |
| business you'll be all things to all men from Managing | | | | Ensure that you separate your personal finances from |
| director - salesman - secretary - by making sure you | | | | your business finances - get the mixed up and you'll |
| set time aside for all your tasks and prioritizing what's | | | | get yourself into trouble! - make sure you set up a |
| important you will ensure that you don't sink under a | | | | business bank account and has a suitable filing system |
| mountain of paperwork | | | | to manage your business accounts. |
| 4/ Join your local business advice center or trade | | | | 9/ Develop a marketing plan |
| organization | | | | A marketing plan is a key step for any business. |
| Joining your local business advice center when starting | | | | Including your market research, your competitor |
| out will give you two things - firstly being part of a peer | | | | analysis and your pricing plans - this document lays out |
| group will provide the support that you'll need - share | | | | your approach and gives you a plan to follow. |
| concerns and advice with other business people who | | | | 10/ Understand your customers |
| are going through similar challenges - secondly local | | | | It may sound obvious but spend time with your |
| business groups offer an excellent opportunity to | | | | potential clients - understand what their problems are |
| network and find sales for your business | | | | and how your business and products will help solve |
| 5/ Get the right legal structure | | | | them - understanding the needs of your customers will |
| There are a variety of ways that you can setup your | | | | give you the crucial edge. |