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Small Business Start Ups: Advice for Those New to Running Their Own Small Business



What Would You Enjoy Doing?

So you've decided that you'd like to be your own boss - what next?

You need to decide what you are going to do. Whether it's producing a product for sale or providing a service, ideally it should be something that you enjoy. Not many of us go through life having always known what we'd like to do and only the lucky few actually discover what their dream job really is. Often it's a case of 'if you haven't tried it you don't know if it's for you'! The problem is that you do need to know before you begin on this journey of self employment. And you need to give yourself a few options - not just one.

Think of what you enjoy. Think of careers you would hate. Make lists. Note the pros and cons of each option. Dismiss those that would be awful and keep those that just may be fun. Hopefully you will be able to create a short list of maybe three or four different types of work that you would enjoy and then you can consider them each more closely.

Step by step you are getting closer to owning your own business.



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Can You Do It?

Once you have your list you then need to check that you really have the skills to be successful in these chosen options. Even if you don't know how to do something there is a way forward through training but you do need to have the right kind of skills before embarking on training. There is absolutely no point in deciding that you'd like to write computer software if you couldn't even pass your Maths GCSE.

Be realistic and honest with yourself. Can you really do it? Will you need training? Will there be a huge start up investment? Make more lists and put down all that would be needed to start each of your chosen types of business. You will probably need to research to find out more.

Costing is a high priority. Can you afford your business - can you actually purchase the products needed or the components necessary to make the products? There are grants available for small businesses but there aren't very many and this is certainly an area that you should investigate - just remember that if you go for a loan you will need to pay it back! Finance is one of the major reasons that businesses fold early on. Make sure that you can afford to pay back what you borrow.


Home
Know Your Market
Price it Right
The Internet is Your Best Friend
Risk Management
Get Started
Useful Links