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Setting up Your own Business: What Should Budding Entrepreneurs Consider?

Are you setting up your own business? Whatever the challenges may be in the initial stages of trading, for many people, starting a new enterprise can be very exciting. From planning marketing campaigns to selling for the first time, there’s plenty for new entrepreneurs to get their teeth into. However, there are a few things which all people setting up a business should take into consideration, but what are they?

A good sense of timing

Before getting off the ground, it’s important to know when trading conditions in general are good. A survey conducted among workers, owners and managers of SMEs in the UK revealed that 82% felt optimistic about their prospects for growth in 2014. 88% said they expected to experience growth at some point this year.

Key issues

Every fledgling business will experience a few problems in the early stages, with some proving more tricky than most. The same survey showed that 38.8% of businesses felt promoting their business was the biggest one of all. 30.1% said that securing initial funding was a big obstacle in the near future. Funding is an absolute must for any business hoping to take off straight away.

Making networking pay off

Networking with everyone from suppliers to the general public is a must for every business. For new businesses, this could mean attending start-up events, meeting successful entrepreneurs and asking for tips and investing more time and resources in talking. Getting advice from fellow business owners in particular at events or in meetings can prove particularly valuable.

Meticulous planning

Sometimes, it takes a lot of time to make sure everything is in place, from the funding through to the premises. Drawing up a comprehensive business plan is something every budding small business owner should do, no matter how long it may take to do. Get a mentor to help you if there’s a possibility that you might struggle.

Make sure your idea is watertight

Every business, irrespective of size, starts off with an idea. The best ones tend to lead to great success, which is why aspiring business owners should make sure that their idea is up to scratch. This means working out any kinks, looking at any potential competitors in the market and, if possible, analysing consumer demand.

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