Alison MacDonald's Business Guide

Thinking Of Starting A New Business? A Few Points To Consider

The best resource you can get whenever you are starting up a new business is  good advice. It can be the difference between success and failure in the first 5 years. Once you have good business advice from business planning experts, half the battle is already won. Obviously you have to be careful who you get advice from as the wrong advice is worse than none at all.

Business Link are a reputable and well- established source of sound business advice and are definitely the best place to start. You can also get excellent business advice with regards planning for tax and various other financial aspects of planning your business from a good accountant. Your accountant, ideally, will need to be familiar with your chosen business  field.

If you are in business whether it's a new venture or you have been in business for years, these same precepts apply; You have to do plenty of research, you have to ask a lot of very searching questions… Is there really a market for my product/service? Can I earn a sustainable living from it? How much do I have to invest and how long will it take before I am in profit?  Who are my customers? Who are my competitors? Who are my suppliers? Where will I be based from? And so on.

It is always crucial to get these questions answered at the beginning while bearing them in mind in the future. Research has to be done and you will need to make a habit of researching and testing to see what works best in your chosen business arena.

Once enough research has been done only then can to start to formulate a plan. This is your business strategy and keeping careful track of your projected and actual financial details can often be the real make or break of any business.