I’m thinking about setting up an aquatic shop, but don’t really know where to start? I need step by step type of advice, for what I should be looking into.

Setting up a new business and becoming your own boss are very exciting prospects, but before you steam into starting up, you need to make sure that you have the qualities to make it a success.

Research has shown that to be successful in business you will have the following qualities:

Self-confidence – you will have the enthusiasm and confidence to persuade other people that your plans for the will work well.

Open minded – be prepared to listen to advice and be big enough to take it even if it means changing. You can’t hope to know it all so ask the relevant experts.

Commitment – running your own business is not necessarily easy. The change in lifestyle you want may not happen immediately. If it means a reduction in your standard of living, and possibly longer working hours, in the short term will you stick with it?

Self-determination – you shape your own future and luck, and are not deflected by outside events such as economic downturns or bad weather.

Being a self-starter – being your own boss means it really is down to you to make it happen. If you don’t take the initiative nobody else will.

On top of this you will need the basic skills to actually run the business which include:

Financial management – it is vital that you understand about cash flow planning, credit-management and maintaining good relationships with your bank and accountant.

Business planning – you will need to effectively plan how you will run the shop to see whether the idea is truly viable.

Marketing and sales skills – you will need to attract customers to your site, how will you do this and what will it cost?

Managing your suppliers – these could range from the water company to your fish tank supplier. How will you get the best deals from them and ensure top quality for your own customers.

People management – if you are going to need to employ staff then you have to be able to handle recruitment, resolving disputes, motivating staff and managing training.