Well, it takes a brave soul to consider starting a business these days.
While that shouldn’t deter you, think seriously about the implications of the sector you want to operate in – anything consumer facing, such as restaurants, pubs etc is going to be tougher than usual. If it’s niche, specialist service, such as gardening, then be sure you gauge interest in what it is you plan to do.
Either way – test the water and work out how you’re going to stand out from others offering the same service.
Here are some tips to get your bearings:
– Write a business plan (don’t expect to stick to it, but again, it’s a map to work to) highlighting the attractions of your business
a) What is the business?
b) What is the market?
c) Potential for business
d) Forecast profit figures
e) How much money is needed?
Then look at the future:
a) The prospects
b) Your objectives – short-term, long-term.
c) The finance needed and what it is needed for.
d) Shareholdings suggested (if appropriate).
e) Prospects for the investor or lender (if appropriate, including possible value of business if floated on the stock market or sold, so investors may cash in
Most important of all, don’t be conservative on how much you will need and talk properly to people about whether your idea is any good – not just family and friends