How to start a Business

Decide on what business you want to start.

Visit shops, or organisations with similar business.  Don't discuss you aims,  just visit as a customer and observe.

Do some market research.   Ask anybody whether they would consider going to a shop such as yours.     Start with family and friends, and move on to complete strangers.   A questionnaire is a good tool.

Can you start your business from home first.   Advantages,  feel out the market before any major expenditure.

Can you start your business while you are still in your present job?   Advantages some guaranteed income while you test out the market.

Jot down initial ideas, and expansion opportunities.

If a premises will be needed,  look at a few empty premises in your chosen area.    Find out rates.

Do draft costings for your proposed business.   How much will you need to set up?   How much will you expect to make.

Write a Business Plan.   

This is the most vital document required prior to the setup of a professional business.   A well written and original Business Plan will actually enable you to get funds for your business.   Another benefit of the Business Plan is that it helps you to organise your ideas for the venture.     It should:

• fully describe what you want to do

• set out the strategy and action plan, 

• identify priorities

• identify requirements, both financially and otherwise.

The Business Plan  should not be too long,   nor should it be too short if you intend to make an impression, and require a substantial amount of money.    Even if you do not intend to borrow money,  banks still insist on seeing a business plan before they will let you open a business account.    It is possible to run a small business from a personal account,  but banks are not too keen on this.   They want to know about your business.

The original Business Plan will be  a benchmark for identifying the performance of your business, after one year.   The business should  then be analysed, and a new business plan formulated. 

Raise finance

Open a business account.

Acquire premises.   Work with builders, shop fitters, Decorators, Electricians....... to set up business to your requirements. Acquire fixtures, fittings, equipment and furniture.   

(Have some reserve source of finance, because if you've ever watched the Trouble at the Top Series on television,  you will see that budgets always over run at this stage.)

Meanwhile.....   Organise publicity and advertising.  Order professional stationary.

Open with a bang.

 (C) D. Grant April 2002