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What? When? Why? How?


What?
 | When? | Why?  How?



What?
If you absolutely love what the business you want to start does, you're going to work far harder - which you'll need to if you want to make it a success.

You need to do incredibly thorough market research before deciding what type of business to start.

Every product or service has to fill a market gap and have a number of clear USPs (unique selling points). Make sure yours does. This will make you different from the competition. These are some of the questions you will need to ask yourself:

 Is there a need? How significant is the need?
 How much competition currently exists in this space?
 How large is your potential customer base?
 Do you have a unique ability to provide this product/service?
 Do you have experience/passion in this area?
 Are there trends in the marketplace/industry that might make my produce/service more or less attractive going forward?

Carry out research and make sure there is a real market for the products and services you will offer. You need to calculate that the product or service is not too difficult or expensive to actually manufacture and retail. Answer the following questions:

 What is your cost structure? What are your expenses?
 How much does it “cost” to gain a client?
 What is the anticipated demand (quantified)?

If you're going to start up in the industry you're currently working, you could make things easier for yourself as you'll already have the market knowledge and contacts necessary to make your business work.

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When?
You might want to get your business up and running quickly, but you need to address key start-up tasks first. Some of the tasks are:

 Choose the right name
 Carry out market research
 Quantify costs and anticipated sales
 Identify capital requirements
 Write your Business Plan


When to start a business depends much on the nature of your business. The economic environment should certainly play a role in your decision. In a downturn when unemployment is high and people fear for their jobs, there will be less demand for discretionary items that people can do without.

If you need capital to start, once again this might be easier when the economy is growing and banks are more willing to lend.

Timing is important, so start your business when demand for your product or service is at its strongest.
Many entrepreneurs start pursuing a venture in the evenings and on weekends. Some examples are designers, marketers and software consultants whose products and services develop a following large enough to justify their full-time attention after a few months. This also enables them to carry out valuable market research.

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Why?
There are many reasons why people start a business. These include:

 Freedom
 Redundancy
 Dissatisfaction 
 Financial rewards 
 Flexibility 
 No limits 
 Inspiration
 Hunger
 Making a difference
 Business idea, the list is endless. 

Whatever the reason may be it is important, especially for those individuals who are starting up for the first time top have access to:

 The right expertise
 Relevant resources 
 Funding options
 Network of like minding individuals

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How?
Starting up in business can be daunting and exciting at the same time. 1 Business Enterprise is here to ensure that with the right advice and support we can help you avoid the pitfalls and failures and use your passion and enthusiasm to achieve success. 

There are a lot of resources, articles and material that talks a lot about how to start up in business. Whilst we believe in simplicity, it is important to be aware of the complexities in starting up in business. For example:

 Should my business be registered as a Sole Trader, Partnership or a Limited Company? 
 What is a Company number?
 What is a VAT (Value Added Tax) number?
 Do I need a business bank account?
 Do I need Professional Indemnity insurance? 
 What is a business plan?
 What is a cashflow forecast?
 Do I need a business premises or can I work from home?
 What are business rates?
 Is there any financial support/advice avaialble?

These are just some of the questions which are daunting yet, at 1BE we can make it simple.

Below is a list of some key questions (in no relevant order) you need to ask yourself when starting up in business. The list is not exhaustive but will provide a good framework to taking practical steps for moving forward:

 Company name
 Business plan
 Legal status
 Borrowing money
 Market research 
 Customers
 Cash flow forecast 
 Contacts – Banks, Accountants, Solicitors, Insurance
 Working from home or premises 

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