I was reading the Hartlepool Mail and stumbled upon an interesting article about starting up in business. As someone just beginning myself I found it helpful. Apparently too many of us go diving in without a thought for planning and preparation. This article stated that about fifty per cent of new businesses fail within three years. What do we need to do to succeed? What are these failing business doing or not doing that they should?
According to the article, when setting up your business there are a few things to take into account, which in the end could be your saving force.
What are the golden rules in business? We need to know what they are to succeed. The article mentioned the best thing to do before starting was to prepare by seeking business advice and that this would be best heard from reputed organizations like Business Link and Business Gateway. These places would be able to recommend to practicalities of a business plan.
Right at the beginning you need to look at your personal qualities and how far you are willing to push yourself to make your new business a success. If you need to work day and night to get it off the ground, are you willing to do this? Are you happy to go out and find out if people really would buy your product? It is incredible how many new entrepreneurs believe they can work round the whole market research area. Without research preparation, you will not know your target market. Without knowing who your customers are, how will know how to reach them to sell your product? Will anybody even be interested in your product? It is a ‘Catch 22’ situation. You have got to do your market research!
Make sure you mug up on taxation too. Will you be registering for VAT and PAYE? What business insurance cover are you going to require? Get it all planned out at the beginning and there will be no scary surprises later on.
The message is clear, save yourself sleepless nights later on by being prepared and ready for whatever comes your way.
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Tags: business insurance, Liability Insurance
This entry was posted
on Monday, July 7th, 2008 at 4:24 pm and is filed under Liability Insurance.
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