Thinking of starting your own business?

Thursday January 14, 2016

Business expert Nettie Bunn advises readers in her new weekly column #TheSafetyNet
Thursday Jan 14, 2016

Dear Nettie,

I have always wanted to start my own business and I think I have a really good idea – but who will know if I have? Who should I ask? Most people I know have not had a business of their own and do I know enough to be running a business. Please help me!

Look forward to hearing from you,

Laura
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Dear Laura,

Thank you for your email – always great to hear from ambitious thinkers. I think your real questions are; have I really got a business idea and am I really going to be running a business?

We’ve all heard the great ideas that people have and the story usually ends with an excuse as to why they didn’t create it, market it, make it…….or the other classic lines such as, ‘If only I’d thought of that…’ or ‘If they had done it like this, it would have worked better because…’.

These are so often the people who would never actually run a business but always have an opinion on where everyone else went wrong! I have a friend who is regularly excited about their latest idea  and it’s always about to make them their fortune, but usually after a very short chat, often with those mentioned above, which entails a few probing questions – they go quiet and don’t give their dream a go!

Very often simple business ideas can turn into excellent journeys, but often the distance between the great idea and a successful start-up business can be overwhelming, especially when you consider ALL the advice available, it can be a minefield!

So what is the best advice – well go back to the question:

  • Have I really got a business idea?
  • Time for some research – is the idea already in the marketplace?
  • What does it look like?
  • How much does the competitor’s product cost?
  • Can I afford to deliver it for that?
  • Where will I work from?
  • Can I work from home or do I need business premises?
  • What will my costs be?
  • How will it all be funded and how much will be needed?
  • Who will my customers be?

Answering these questions and many others that will naturally follow on, you will soon find will start to form that all important business plan, and the analysis completed will be forming your unique due diligence. Importantly though, what this exercise will start to tell you is whether you really do have a business idea, and it should then naturally answer the next question; am I really going to be running a business? Well – based on the knowledge and information you have now gathered you should now be closer to making that decision.

Good luck Laura and remember we are here at RIFT Accounting to help.

Nettie 

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