Thinking of Setting up a Business?

Does the thought of setting up a business and being your own boss entice you? Setting up a business can be a daunting task for some, and easy for others. There are many points that you need to consider prior to entering into self-employment.

Essentially you should be able to describe your idea clearly and how you plan to run the business. It is crucial that you understand your market in order for you to stay ahead of your competitors. When thinking of setting up your business remember to focus on your customer needs and not what you want. It is vital that you know who your customers are and how to attract potential customers. Be practical about what you can deliver.

Some important points for you to consider:

• Where your business will be and why you have chosen that particular location.
• You should be able to demonstrate that you have the skills to run your business successfully.
• What is it that makes your business different from your competitors, thus you should be able to recognise your businesses Unique Selling Point?
• You need to be aware of laws that will affect your business.
• How much will it cost to set up your business and how will you finance the business.
• You need to be able to work out how much you can charge customers to cover your break-even point.

Other issues you would need to take into consideration would be:

• The legal structure of the business, i.e. would you trade as sole trader, partnership or limited.
• Types of insurances you would require.
• Does the business require a licence to operate?
• Once you're trading you need to inform the Inland Revenue.

For further information regarding setting up a business please contact Ethnic Minority Business Support (EMBS) based at KYP. Tel: (01706) 630 140