| Before you start your own business it is important to | | | | prediction. Decide how much finance you will need to |
| make a proper business plan. This will be essential for | | | | run your business - most start up businesses have to |
| getting professional support, including financial backing. | | | | establish a workplace, purchase equipment and fund |
| A business plan will help you to identify the strengths | | | | marketing costs before they even make their first sale. |
| and weaknesses in your business proposal, and | | | | If your business is likely to experience peaks and |
| pinpoint where you may need professional help. | | | | troughs in its cashflow you should discuss this with |
| Business plan | | | | your bank, as they may be able to arrange a flexible |
| Product/Service - decide the product or service that | | | | overdraft account to suit your needs. When you are |
| are you offering, and whether there is there a market | | | | looking for support or finance it is important to have |
| and customers who will pay for it.What makes your | | | | plans for any possible business problems - setting up |
| product/service better than those already on the | | | | an emergency fund is a good form of insurance. |
| market? Having a 'unique selling point' (USP) can be | | | | Consider your long-term business plan and how you |
| important for success. You need to investigate your | | | | can enable your business to grow, such as future |
| particular market and especially your business | | | | expansion and updating your product or service. |
| competitors - market research from your customers | | | | Becoming your own boss is exciting and challenging. |
| and using data and information from business | | | | There is a lot of information and advice available on |
| organisations and government agencies can help. | | | | starting up a new business, and your local enterprise |
| Consider the future development of your product. | | | | agency can offer free professional help. Check the |
| Marketing | | | | government support and grants that you may be |
| Focus on your customer profile and why they will | | | | entitled to apply for. Being your own boss may bring |
| want to buy your product. How do you plan to sell | | | | greater responsibility, but it can bring personal |
| your service - from a shop, by telephone, online or | | | | satisfaction and job satisfaction. |
| other means? Decide on the marketing campaign. You | | | | Whether you are already running your own business, |
| also need to take into account the location and timing | | | | trying to get started or are just considering becoming |
| of the advertising - for instance, seasonal effects on | | | | your own boss, you're very likely to need extra cash |
| the market can be vital. | | | | to invest in your business at some stage. Find the right |
| Finance | | | | finance for your business needs - a competitive, low |
| Calculate your expected monthly income and | | | | APR business loan or franchise loan from a top |
| outgoings, and realistically predict the profit you hope to | | | | specialist lender. |
| achieve - don't be over-optimistic about your sales | | | | |