Small businesses are the mainstay of the UK economy. Forget the large companies – small businesses are where it is at!
The UK is a nation of entrepreneurs and we brits are great at taking the plunge into business ownership – whether it is a self employed professionals or as small business owners employing staff.
However, for many entrepreneurs taking the plunge is not the hardest part – it is running a successful company in the longer term that provides the stress.
The problem here is that the prospective entrepreneur has often not done their homework.
- They have an idea they are sure is going to work, but have not done a full business plan to explore whether it can be converted into a successful business.
- They have not consulted appropriate professionals to ensure their company is set up in the best way.
- They don’t align their personal and business goals. They soon find their business running their lives rather than them running their businesses.
- They don’t finance their business sufficiently from the outset, which means they can never afford to do jobs properly. Marketing in particular often suffers in this scenario.
- Because they haven’t planned properly they don’t fully appreciate the risks involved in setting up their business until it is too late.
Starting your own business is a BIG step. If it fails you may not just lose your livelihood but also your house (and your family if you have had to work very long hours).
It makes sense to give your business the best possible chance of succeeding.
To help I have written a guide on starting your own business which can be downloaded for free from my website www.fionabevanfinancialmanagement.co.uk
I have tried to cover all the issues you will need to think about before taking the plunge as well as some of the things which might trip you up.