Starting A Business

starting a business

Thousands of people set up their own businesses every year. Some do it because they want to work for themselves, others because they have a great idea and have spotted a gap in the market. And of course there are those that think they can make lots of money.
These are all valid reasons for starting a business. Commitment and motivation are vital and whatever it is that drives you to make it a success good.
Although enthusiasm is important, good planning is a must. Without a good business plan you could struggle to make a go of it.
There are many issues to think about:
- What will the business do?
- Where can it operate?
- Will I need premises?
- Do I need people to make it happen, or will
- I be flying solo for some time?
- Can I fund the business myself, or do I need financial support?
- How long will it take to get the business into profit?
- Have I got what it takes to make it work?
There is no right or wrong type of person to run a business. If you are determined to make it succeed, and are prepared to work long hours, then you have the ingredients for success.
If you look at top business people, the one thing they have in common is determination. They do not give up at the first hurdle and they keep going until they succeed.

Obstacles and setbacks
There will be many of these but how you overcome them will be critical to deciding whether or not you will ultimately succeed. If you are not the sort of person who responds well to setbacks, you ought to ask yourself whether you are the right person to be trying to get a business off the ground.
Finances
You need good advisers - usually an accountant and a lawyer - when you are handling complex issues such as finances, tax and business law. All businesses require a certain amount of administration and you will have to spend time going through paperwork. If you tend to bury your head in the sand and ignore detail, you need a good right-hand person who will concentrate on the detail. Not all great business leaders were good at the small print, but all good business people have someone close to them who is.


Advice

Our guides will help you through most of the process of starting a business. If you need further help, try organisations such as Business Link, the Federation of Small Business and other bodies such as the Institute for Chartered Accountants in England & Wales (ICAEW) and the Association of Certified Chartered Accountants (ACCA).