DON’TS and DO’s of STARTING A BUSINESS

DON’T – Spend money on the things listed below  before you’ve established through your market research that you have a viable idea.

  • Accountancy – You can do the early stages of finance on your own
  • Promotional Materials – How do you know the most effective form of promotion until you’ve undertaken your market research?
  • Company Formation; Does your business really need to be a Limited Company? Think carefully about this and the cost implications. If you feel it must be a Limited Company,  you can register it yourself for £40 – You do not need an accountant or solicitor to do this
  • Premises – research costs yes, but don’t commit to anything
  • Website – build a very basic site at first – you can tune it later in accordance with the results of your market research. 

DON’T listen to people who say your idea won’t work – Your target market will decide that – Opinions of others are not valid

DON’T fall into the trap of believing a business can be started in a day or a week, whatever anyone says to the contrary. Starting a business is a process, not an event, and it takes as long as it needs

DON’T underrate your abilities, skills and experience

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DO collect as much evidence from your target market that proves you’ll have a successful and sustainable business, so you can

WRITE a Business Plan that confirms the business idea

DO obtain as much training as you need – you don’t have to become an expert overnight – you just need to have some basic awareness  of marketing, finance and other management tools

DO ensure you pay yourself what you’re worth 

DO get yourself a trustworthy and proven Business Counsellor, Mentor or Advisor

DO believe in yourself

 

 

 

 

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