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Top 10 things to consider before taking the plunge

  1. Why are you starting up a business? – You need to be dedicated and focused.
  2. Company structure (sole trader, limited company or partnership) – consider your responsibilities and obligations as the owner of a new business.
  3. Skills – Identify your skills and weaknesses; seek professional advice when you need it.
  4. Funding – you are unlikely to instantly make your millions so plan ahead, budget accordingly, and seek sufficient funding.
  5. Market – ensure that the marketplace for your sector is strong enough to support your business venture.
  6. Competition – never underestimate the competition. Research well and don’t get complacent.
  7. Business Plan – necessary when seeking funding and will also help you to focus on your goals.
  8. Seek professional advice – whether it’s an accountant, solicitor or business adviser, but always value our own judgment.
  9. Staff – as your business expands hire people with the right skills and attitude to compliment yours.
  10. Remember the common causes of failure – unrealistic targets, lack of research, inadequate staff, careless financial planning. Be wary of these pitfalls at all times.

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