Becoming your own boss and setting up a small business can be rewarding, exciting and fulfilling especially if you have the right business idea and the skills to get it off the ground. However, it can also be challenging, frustrating and stressful if you haven't prepared properly or done all the right research.
Things to consider when starting a small business
Your initial business idea is only the very start of the process and bringing it into fruition will take months of dedication, hard work and planning. There’s no single type of person that is best suited to running their own business but you will require perseverance, commitment, some sales skills, an understanding of figures, determination and a 'can do' attitude.
You need to think very carefully before taking the plunge and be sure that:
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Your idea stands a good chance of success;
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There is a market for your product or service;
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You are committed to making the business work;
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You can attract enough funds to get off the ground;
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It is really what you want to do;
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You are prepared to work long hours.
How can we help?
The Economic Development Service can help you consider all these factors and provide advice on the best way to get started, choose the right legal format, complete the registration process and comply with all the rules. We will:
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Talk through your ideas and assess your needs;
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Look in detail at your business idea or help you find ways to become self employed;
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Plan what you want to do, and how you will do it;
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Identify possible competitors;
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Help calculate how much money you will need.
We will also help you look into finance and planning as well as providing ongoing support through the research phase and into the start of you business life.
The first step is to arrange an informal meeting where we can talk about your idea and look at the next step to get it off the ground.