You have a new idea for a business, you think there is potential in it but have no business qualifications or major experience. Just where do you begin in investigating the reality of your idea and whether it could happen??

You have a new idea for a business, you think there is potential in it but have no business qualifications or major experience. Just where do you begin in investigating the reality of your idea and whether it could happen??

First, do a survey. How many other businesses are doing the same thing? Can you do it more efficiently than they can, and can you make it more profitable by your efficiency. If your idea involves selling, can you buy cheaper than other businesses. If it’s a service, can you conduct it better that they can.

If your business does not have any competitors, what is your intended market. Is it general, is it for females, is it for males or is it for children.

In any or all instances, is the business legal, do you need a licence and what size and type of business premises will you require. More to the point, will that business make enough profit not only to give you a living but also to pay exhorbitant business rates, public liability insurance and all those other incidentals — even to electric light — that need to be thought about.

Will you be employing staff. If so, remember you’ll have to allow for their holiday entitlements, pay their wages and make tax returns, and generally ensure their welfare and wellbeing.

How much will you have to spend on Capital Assets i.e. machinery and/or office equipment. Will voluntary registration with VAT help you.

I could go on, but by now you’ll be getting my drift. The main things are: Do you have the money to set up this business, because if it’s to be borrowed it’s a liability you don’t really want. Can you afford to lose that money if you fail. Do you have enough faith in the business (and the product) to make it a success and finally GOOD LUCK!

I you are under 30 you could try the Princes Trust they provide startup grants and advice, they helped me when I set my business up in Birmingham.

www.princes-trust.org.uk

Try www.hmrc.gov.uk

Try www.businesslink.org

They have lots of information to guide you through starting up a business.

You have a new idea for a business, you think there is potential in it but have no business qualifications or major experience. Just where do you begin in investigating the reality of your idea and whether it could happen??Have plenty of backing make sure it will make money and expect lots of hardwork. :thumbsup: