Starting a Business
Thinking of going it alone?
Many people aspire to "being their own boss" and running your
own business can be a satisfying and rewarding alternative to a
salaried job.
However, self-employment is not for everyone - it may be the
biggest single step you are likely to take in your career. In these
circumstances, it is worth sitting back and making sure that
starting a business is really what you want to do and whether your
idea is actually viable.
Thankfully, there is a wide range of assistance available in
South Lakeland to help you make the right decision and plan for a
successful business launch. Good quality business advice, support
and training (both at the start-up stage and as your business
grows) will significantly improve the chances of your business
succeeding and is available from.
Business Ideas -
Refining and focusing your initial ideas and testing
their viability
You may have several ideas for a new
business, but essentially they will come down to either utilising
an existing skill, product or knowledge OR identifying a market
which looks ripe for development and acquiring the necessary
techniques and knowledge.
Whatever your situation, there are some very basic stages
which can help to define and develop your ideas into a workable
business proposition.
Time devoted to this initial research is well spent and any
serious Business Plan will need to include the following
points:-
- A description of the product or service; an indication of why
it will sell;
- A description of the intended market; your estimate of
approximate price for the goods or service;
- How you intend to sell, e.g. shops, sales people, distributors,
internet, etc;
- An initial estimate of amount of sales per year;
- How goods will be made, if a product; cost of production;
- A rough estimate of cashflow and profit/loss.
Deciding on the right business idea is not an exact science
and there is help available to develop one or more initial ideas,
guide you through the basics of Market Research and Business
Planning
Business Link Northwest.
Business planning
Your Business Plan is the essential tool for yourself and
potential funders helping to:-
- focus your ideas;
- describe your product/service;
- explore the likely demand for your product/service;
- determine your pricing policy;
- decide on the most appropriate business structure [e.g. sole
trader, partnership, limited company etc];
- whether the business needs premises or can be based from
home;
- provide detailed cashflow, profit & loss forecasts and
essential Break-Even point,
- as well as funding requirements [what money needs to be raised
and where this may be obtained].
Our two local Enterprise Agencies can provide free Basic
Business Training, to guide you through the process.
Or, via