| 1) Why are you starting up a business? | | | | enough money to live on for 6 to 12 months before |
| Setting up a business is a time intensive task - you | | | | committing yourself to self-employment. Alternatives |
| need to be dedicated and focused in order to be | | | | include approaching the bank or an investor. Both |
| successful. The rewards of starting up your own | | | | these options will require a solid business plan. |
| business can be great, but think carefully if you have | | | | 5) Competition |
| the attributes and right sort of personality to cope with | | | | Thoroughly research all your competitors. Identify |
| going it alone. What is your goal for starting a | | | | weaknesses they may have and try to ensure your |
| business? Is it financial reward or the freedom that | | | | product or service is better. Competition is a very |
| comes from being your own boss? What is your | | | | healthy thing, but you need to do constant research |
| motivation? | | | | and never be complacent. |
| 2) Skills | | | | 6) Marketplace |
| Identify your skills and particularly your weaknesses. Be | | | | Make sure that there is a market for your product or |
| honest and ask others for input. If you are less hot in | | | | service. Do plenty of market research and take notice |
| certain areas, outsource these areas of the business | | | | of what your potential customers tell you. You can get |
| or seek professional advice when you need it. Spend | | | | very useful feedback that will improve your product or |
| your time doing what you are good at. | | | | service. |
| 3) Company Structure | | | | 7) Marketing |
| You will need to decide what business structure you | | | | How are you going to reach you target market? The |
| will trade under (sole trader, limited company, or | | | | best product in the world will fail if it has no route to |
| partnership) and what obligations and responsibilities | | | | market. Think about your ideal customer - what do |
| you will have as the owner of a new business. | | | | they do? What do they read? Where do they go? If |
| 4) Funding | | | | you can answer these questions you will begin to |
| Even if you have the best idea in the world, you are | | | | identify the best places to advertise. |
| unlikely to make a killing instantly. Make sure you have | | | | |