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Many people have great ideas and dream of starting up their own small businesses. Do you have what it takes to join them?
Start by asking yourself the following questions:
- Is there a need or market for my product, service or idea?
- Do other companies offer what I plan to offer?
- Where will I position my business in the market?
Before you make any other moves, you need to:
- Get clear on what you want your business to be
- Find a mentor or invest in a coach
- Make a commitment and take the plunge
- Create a business plan
Why is a business plan so important?
- You can present it to investors, and it will help you raise money
- It will help you identify the weaknesses in your ideas
- It will enable you to make sound decisions
- It communicates your ideas to stakeholders
Determine if you want to be a:
- Sole Trader
- Public Limited Company
- Private Limited Company
- Company Limited by Guarantee
- Unlimited Company
- Limited Liability Partnership
After you decide this, register your business and get set up on Companies House.
Start thinking about Marketing
Marketing can make or break your business. You need to think about both online and offline marketing strategies, and determine how they can work together to help you gain business.
You need to create a digital marketing strategy and an offline marketing strategy to have the best chance at success.