Business Set Up Support

The Determine if you are ready for going into business for yourself for the first time will change you’re personally and professionally lifestyle and can involve a significant financial commitment. The only way you can know if your business idea is going to work is by undertaking market research. This could involve researching information on the industry, undertaking competitor analysis and surveying potential customers. Determine the strengths, weaknesses, opportunities and threats (SWOT analysis) of your business idea.

Although initially it may seem like a lot of work, a well prepared business plan can save time and money in the long run and help you secure funding and major contracts. Once you have established the viability of your business idea, you will need to decide on the structure that best suits your business and its particular circumstances.

There are legal obligations associated with starting a business including licences, registrations, taxation and insurance. It is advisable to surround yourself with trusted and reliable advisers who can help you with start-up issues and then assist you as your business develops. Many small businesses come up with a great business idea and then fail to market it successfully. You need to get out and spread the word about your product or service to the right people to generate business. Advertising and selling are part of the process but there is much more involved.