If you have the right character and you’ve got a great idea, maybe you should consider starting your own business.
Starting your own business would be exciting and also challenging. Have you got what it takes to make a success of it?
The first thing to do is to think hard about whether you have the sort of attitude that will lead to success. Running your own business can be hard and you might face tough times, particularly when you are starting out. You will need to be resilient.
Is your business idea really great?
You will need to develop your idea. Once you have a clear idea of what service or product your business would provide you need to test how plausible it is. This means doing some research to find out whether anybody would want your product and importantly whether they would pay for it.
Next you will need to think about your target market, how much it will cost you to set up and run the business and how much money you expect to make. This will tell you whether your business idea is viable. If you don’t have the money to set up the business yourself, you will need to find an investor or secure a start-up loan.
What kind of business will you have?
All businesses need to be registered. Here are some options:
Registered sole trader — this means that you will be personally responsible for any debts.
Registered limited company — this means that the business finances will be separate from your personal finances.
Registered partnership — this means that you will share the responsibility for any debts.
If you run your own business you will have responsibilities. You’ll have to sort out any licences or permits that you need for trading, either in a shop or online. You’ll need to sort out insurance and you may need to meet legal requirements for storing and using customers’ personal information. If you take on employees you’ll also have to sort out things like health and safety, payroll, employer national insurance and pensions.
Start-up loans and support
Start-up loans are between £500 and £25,000. You need to be over 18 years old and will need to submit a business plan and a financial forecast as part of the application. To find out more visit: www.startuploans.co.uk/ and to find out about support for 18 – 30 year olds take a look at www.princes-trust.org.uk