Are you ready to start up?
|
|
Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated.
The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues - your knowledge, your financial status and the personal qualities that you can bring to your new business.
Commitment, drive, perseverance and support from family and friends will go a long way towards transforming your business idea into reality and will be especially important during the early days.
This guide will help you decide whether you have what it takes to set up a new business.
It also provides a look at the day-to-day reality of starting a business and outlines the skills and qualities that you will need.
Factors to consider
Many small businesses do not survive the first two years so you need to be confident that your ideas are marketable and that you have the business skills and backing to make a success of your plans. Your income may be more irregular, especially in the short term, and you will probably have to work long hours. You can feel isolated if working on your own and it can be difficult to manage your work/life balance if you are based at home all the time.
Skills needed
You will need to be totally committed, energetic and dedicated and prepared to struggle financially for a while. You have to have a high level of time management, planning and communication skills. You should be able to keep methodical records - to keep the tax inspector at bay. You also need self-belief / confidence and have, or be able to develop, excellent networking skills.
How to start
You need to have a clear idea about the product or service you want to offer and you will have to do thorough research to find out about your prospective market. Talk to people and get their views and do a realistic audit of your skills and attributes. Appraise your needs for the first year and think about what is the minimum amount that you need to live on each month. You need to include costs of premises and transport, living expenses, professional fees, bank charges, insurance, VAT, tax and equipment.
It is essential to get professional advice and there is plenty on offer from your bank, the Business Link network or from other organisations such as the Princes Youth Business Trust. There may also be short courses offered locally, at further Education Colleges for example, where you can learn the basic skills that you need to set up your business. There is lots of useful information about how to get started on the University of Southampton Student Enterprise website.
For more information:
|
“To be successful you've got to be focused and you've got to have passion.”
Levi Roots, founder of Reggae Reggae Sauce
|