There are many reasons why you might wish to set up your own business. One of the primary factors could be that you want to have more control over the way you work, your working environment and your hours.
Other major reasons for going into business could be that you have identified a particular gap in the market or you may wish to supplement your existing income by setting up your own part-time business,
Skills and abilities
Some of the characteristics associated with small business owners are listed below to help you identify your own abilities and training needs:
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Entrepreneurial
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Self-motivated, self-disciplined and hardworking
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Committed to achieving results
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Highly organised
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Able to communicate effectively - ability to sell products and services
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Responsible, able to take calculated risks and cope with failure
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Creative, innovative and imaginative in coming up with new ideas
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Leadership skills
Developing your business ideas
There are some common steps that need to be taken whatever the reasons behind setting up your own business. It is vital that you conduct assessment and research to judge how viable your idea is, considering the following areas:
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Conduct market research to discover whether your idea fills a gap in the market
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Do your products or services meet customer requirements and what about pricing and quality issues?
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Do you know how to forecast your cashflow? What assistance will you need in bookkeeping and tax affairs?
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Consider the implications for your social and domestic life
Preparing a business plan
It is important that you produce a realistic working business plan. It can help you spot potential pitfalls before they happen, structure the financial side of your business efficiently, focus your development efforts and also work as a measure of your success. In addition, if you do not have a working business plan you will not be able to secure any funding.
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Executive summary - this is an overview of the business you want to start.
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Business opportunity - who you are, your skills, experience and relevant training, what you plan to sell or offer, why and to whom.
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Marketing and sales strategy - why you think people will buy what you. want to sell and how you plan to sell to them, who your key competitors are and how you plan to beat the competition.
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Management team and personnel - your credentials and the people you plan to recruit to work with you.
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Operations - your premises, production facilities, your management information systems and IT.
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Financial forecasts - this section translates everything you have said in the previous sections into numbers.
You should also try to think about how your sight problem might impact on your business. Organisations like Action for Blind People, with their network of Self-employment Advisers, can help you assess this.