Small Business Setup - Frequently Asked Questions

I am setting up a small business, what do I need to do?

Although enthusiasm is important, good planning is essential when starting your own business. Think seriously about the sector you will be operating in, whether its customer facing, restaurants, pubs, gardening or some other niche. Test the water and work out how you will stand out from the crowd. Write a business plan to keep you on the right lines. In your business plan you should describe your business, explain your target market, what finance is required to setup, forecast your profit, describe your short-term and long-term objectives.

You will need good advisers - usually a good accountant and possibly a lawyer - as you will be handling complex issues such as finance, business and taxation law. All businesses require a certain amount of administration. If you tend to ignore detail, you need a good right-hand person who will concentrate on the detail. Not all great business leaders are good at the small print, but all good business people have someone close to them who is.

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