Start-up checklist
There are lots of things to try to remember when starting your own enterprise. Signing up to a business start-up programme can help you keep organised and give you access to people who can give you expert advice and support.
This checklist will also help you keep on top of things.
- No sales = no business.
- Talk to 10 small business owners who have been in business for varying lengths of time, and try to learn from their mistakes.
- Market research is best conducted using a pen, paper and your legs. When calling potential buyers for their views, take this opportunity to make contacts.
- Few new business owners escape stress. Learn to handle it by planning ahead and maintaining your drive to develop your business.
- One person in the business must know basic business finance and should be familiar with concepts like cash flow, profit and loss, and return on investment.
- A franchised business is one of the safest routes to starting a new business, but if you or anyone else hasn’t heard of the franchise, it probably isn't worth bothering.
- If you are thinking of buying an existing business be totally satisfied with the owners’ reasons to sell.
- Do not 'gloss over' business areas that you do not understand. Read books, advice and training materials to expand your knowledge.
- Don't expect your business competitors to make things easy for you.
- If you need a bank loan to start your business do not cut corners with the loan. Ask for what you need. You might not get it, but it will be easier to go back to the bank in future.
Our favourite links
businesslink.gov.uk The Business Link start-up organiser helps you to manage your personal list of start-up tasks.
sabp.co.uk The free Start a Business Programme is available across Northern Ireland and provides a package of support to anyone interested in starting a business.