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Is my business idea viable?

Starting a company in the UK is relatively easy, with millions of people doing so each year.

Some do it full time, whilst others, such as many busy mums, run their business at the weekends and evenings as a way to earn a second income.

Here are a few tips to help you to start your own enterprise:

Understanding your responsibilities

The first thing you need to do is some research, so it is a good idea to set aside a couple of hours and read up about setting up a business in Britain. For example, you need to understand your tax responsibilities.

If you already have an idea for a company, check whether you will need any qualifications or licences to work in that field. This type or research will help you to determine if running your own business is right for you.

Is there a market?

Next, you need to determine if your idea is a profitable one. Do some commercial research about the product or service to establish whether there is a market and how much you will be able to charge.

Once you know how much you can charge, you need to work out the cost of production. This way, you will be able to work out if your product or service will actually be profitable enough to focus on.

Understand start-up costs

If you need to buy equipment, raw materials or get training, you will be required to pay for that up front. The first step is to understand how much that will be, then you need to work out if you can raise the cash.

The above may sound complicated, but please do not be put off. If you find out that one idea is not viable, just choose another and see where that takes you.

Posted by Susan
November 9, 2014

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