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
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