Starting Your Own Business - 10 Steps To Take

1. Know yourself

  • Can you work alone?
  • Can you take responsibility?
  • Are you of a positive disposition?

2. Are you prepared to take a risk?

  • Starting a business will involve risking your savings
  • Are you prepared for this?

3. Research your market

  • What is the extent of the market for your product/service?
  • Who are your customers?
  • Who are your competitors?

4. Look at your production requirements - premises, machinery and labour

  • Where will the enterprise be located?
  • What considerations are important in the choice of premises?
  • What machinery is required?
  • Will employees require additional training prior to commencing work?

5. Work out your total costs

  • What costs are involved in the purchase of capital equipment/premises?
  • What are your labour costs?
  • What is the cost involved in production?

6. Estimate your selling price and plan how you will achieve sales

  • Taking the above factors into consideration estimate your selling price.
  • Who/where is your target market (local/national)?
  • How will you promote your enterprise?
  • What channels of distribution will be used?

7. Decide the legal framework of your business/check out any legislation that might affect you

  • What business structure will the enterprise use - sole trader, partnership, limited company?
  • Have you registered your business name with the register of business names? (
  • Have you registered as self employed?
  • Are you familiar with your obligations as an employer?
  • Are you familiar with your tax obligations (Income & VAT)

8. Check out your sources of materials/supplies, their availability and cost

  • Where can the raw materials be purchased?
  • Have you received quotations from a number of potential suppliers?

9. What are your total financial/investment requirements?

  • How will you fund the project (personal investment, grant aid, loan)?

10. Produce a Business Plan

  • Using our template or other, commit all relevant information to paper - be realistic and set targets based on the research carried out. ?