View Full Version : implement my business idea
26-07-2005, 10:56 PM
i have a viable business idea and the location is promising how do i go about starting up and implement this idea
27-07-2005, 09:45 AM
Wow! This is such a huge question, its almost impossible to answer. Its a bit like saying you've learnt how to read, so what book should you read first...
1) Produce a spreadsheet - visit local banks for a template - showing income and expenditure for 24 months. Calculate break even point. Decide if you need to borrow money, and if so, how much.
2) Know and understand your competition. Obtain all literature and pricing etc.
3) Decide what makes you better than your competition, and design your marketing campaign around this. Decide on your trading name. Decide on your pricing policy.
4) Decide where you are going to work from - these costs should be in your spreadsheet.
5) Decide if you will trade as a sole trader or a Ltd Co. Regester with Inland Revenue if sole trader, and Companies House if a Ltd Co.
6) Start Trading.
Probably your best idea would be to visit a few High Street Banks and say you are thinking of starting a business, so could you have some literature. They'll give you a thick folder to read through with heaps of vital information.
Hope this helps!
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