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Creating the Business of your dreams

Creating the Business of your dreams

Starting your own business requires careful planning, research and preparation. This section will guide you to where you can find help and advice on starting and setting up a business. There is information on how to set up and register a company, and on the steps that you will need to take to turn your idea into a business.

Write a business plan is a vital first step when starting a business, in order to set out your proposition, your market, customers and competitors. The business planning process will give you a feel for the various elements that will determine your success, from cash flow, to sales forecasting to your personnel structure. A good business plan will let you structure your finances efficiently, show potential investors the strength of your business, and focus your efforts on developing your business. A business plan isn’t written once; it’s a living document that you return to periodically to help you spot potential pitfalls before they happen.

 

You can get plenty of free advice and guidance on how to write a business plan.

 

Decide on your Business Structure

 

Sole Trader

Limited

‘Ordinary’Business Partnership

Limited Partnership & Limited Liability Partnership

Unincorporated Association

 

You will need to decide on which business structure you decide on as they each have different types of legal responsibilities

Get yourself a Business mentor

Starting a business takes careful preparation and research. Take good advice at this planning stage, and you may well avoid costly mistakes later on. A business mentor can give you honest and constructive feedback, as well as provide useful contacts and pass on valuable experience. There are mentorship programmes to suit all kinds of businesses, including startups.

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