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If there is something you love doing like decorating, DIY, gardening, photography or organising events and parties, have you ever thought it turning it into a little money maker? Lots of people consider the exciting prospect of starting up their own business, but then often dismiss it as fantasy.
But you shouldn’t be put off by perceived barriers or thoughts of potential risks. In 2017, one in ten Brits intended to start their own business within the year, and various studies have indicated that the UK is becoming a nation of entrepreneurs. As one of the main reasons things don’t work out is failure to maintain a healthy cash flow, a detailed business plan along with monitoring your finances is crucial.
With so many people wishing to be their own boss, what are the important things to think about before getting down to the real nitty gritty. Have a go at constructing a business plan and writing it all down, with an emphasis on keeping costs low, and a view to testing your ideas first.
- Define your idea – what will be the nature of your business
- Decide on your goals – basically what do you want to achieve
- Do your research – is there a need for your product or service
- Outline your plan – step by step how do you plan to achieve your objectives
- Get it down – write out your ideas and proposals for starting and running your businesses
These simple tasks will help you to concentrate on the desired results and how to get them, of course it also helps if you have something people want to buy in the form of a product or service. For instance anybody can take a picture, but it takes a certain artistic eye to turn it into a work of art that people will pay for and hang in their home. John S Culwick is a chartered accountant, qualified to advise on all aspects of business, including start ups, finance, tax and VAT, call to talk about starting and running your own business on 01268 680702.