what do i need to know about starting a business?

whats your product ? whoose your customer? Whats your competition

Didnt there used to be a business bit on here ???
Where you could ask for help ect.

You CANNOT go wrong with these guys - contact them for free business advice and training.

http://www.senta.co.uk/about-senta.php

Didnt there used to be a business bit on here ???
Where you could ask for help ect.
The forum merged business and employment into one section. I was a little critical at first but it does open up some interesting threads.

what do i need to know about starting a business?

In no particular order:

1. What is your competitive advantage (unique service/product or a low cost product/service)?
2. What/who will be your competitors (how many and what is their competitive advantage)?
3. How much cash do you need to set it up (i.e. what is your cash burn rate before you become cash positive)?
4. What are the regulatory issues that affect your ability to trade?
5. How will you find customers and why will they buy from you rather than somebody else?
6. What is the cost of doing what you plan to do and what will be the selling price (and will customers be prepared to pay it)?
7. Do you have the backing and support of your family (running your own business has its risks including times when cash gets tight and you are working every waking hour to recover back that cash position)?
8. Whatever you invest in your idea (money/time); can you afford to lose it?
9. Are you numerate (or do you have access to someone who is), you need to understand about VAT and Tax

Whatever you plan to do, the very best of luck to you.

Business Link would be a good place to start if you haven't already checked them out, they are a government funded organisation whose role is to advise & support small businesses, particularly start-ups. They have free business advisers, seminars, training etc all free for you to plug into and use.

Contact your local Chamber of Commerce. They will have experts in all fields able to help you, from an idea to a business up and running. They are also a great source for networking.

Well for me, after I know what business I want to be in, I do a competitor analysis. Check the competition in my area. Also check what kind of expenses they have and try to judge the amount of working capital required and expected profit. Also competitor analysis will help you differentiate yourself from your competitor which will be helpful while marketing your business.

what do i need to know about starting a business?

The most important think is Customers the second important thing is Customers and the third most important thing is Customers.
Who are they?
Where are they?
Have I got any existing ones?
How am I going to find them?

If you are taking over an existing business things are a little different but people are often will not sell a gold mine but will sell a failing business.

As ever, lot's of good ideas on here! For what it's worth, here's my two penneth!

Choose 'em or lose 'em! Work out who your customers are and what's important to them

Think in 3D - Be 'Dramatically and Demonstrably Different' - Differentiate yourself in the market place - give customers a reason to come to you!

Turnover is vanity - PROFIT is sanity! Work out how you will make profit, not just sales (and by the way, cash is reality!)

Do something you enjoy (or even 'passionate' about!) - Working for yourself is rewarding, but bloody hard work!

Good Luck with it!

Andy

Do something that u enjoy are good at n have a big interest in

The first thing you need to do is to what is in demand products that you think you can earn lots and it is also important to create your own website so that you can easily promote your products.

The most important think is Customers the second important thing is Customers and the third most important thing is Customers.
Who are they?
Where are they?
Have I got any existing ones?
How am I going to find them?

If you are taking over an existing business things are a little different but people are often will not sell a gold mine but will sell a failing business.

Interesting comment this and reminds me of a conversation I had with a new boss many years ago. The business was a manufacturer of graphics cards for computers. We used to sell them, bundled with high performance CRT monitors (which used to weigh a ton!) which we bought from third parties such as Hitachi, iiyama etc.

Over a beer my boss asked me "who is the most important; customers or suppliers?" of which my response, as a salesman, was "customers" to which his response was "Are you sure?".

The point he was making was, you can have all the customers in the world, but without your suppliers supporting you, you have nothing to sell. This only applies to businesses that are, in effect, distributing other people's products but it was a lesson that I've taken on board and used on many occassions. Not only do suppliers supply you with product, if they like you, they will supply you with quality sales leads too.

You also need to be careful how you define a customer, how many of us have had, in effect, our time stolen by customers who change their minds, contradict themselves, blame you when it is they who are at fault and do not pay (or you spend more time chasing them for payment which eats into the profit you thought you were going to make!).

watch this http://www.youtube.com/watch?v=x2h2pESo6HM (the language is quite blue so be careful where you play this!!!)

Get in touch with Business Link. They've got some great, free resources :-)

make sure you get a good accountant.... I can recomend a few pm me for the details.

Be passionate about what you do.