5 questions to ask yourself before starting a business

5 questions to ask yourself before starting a business

Many people believe they’re not ready to start a business, so they put it off for as long as possible. More than likely you’ll question everything you thought about your business idea and consider whether it is worth making the jump or not. However, you shouldn’t miss out on what could be a life-changing opportunity because you’re scared of the risk; there are just a few questions you should ask yourself before you start your business and the rest will fall into place over time.

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costs involved in starting a business

What are the costs involved in starting a business?

The process of starting a business can be daunting to some entrepreneurs, especially when there’s a lack of clarity about how much going it alone could cost. It’s important to sit down and properly look through any potential expenses you might have, and determine whether or not you have enough capital to cover everything.

One of the main reasons startup businesses fail is because they run out of money after underestimating their cash flow requirements. If you’re looking to turn your idea into a profitable business, make sure you consider all costs involved to give yourself the best chance of success.

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How to write a one-page business plan

How to write a one-page business plan

Have you been putting off writing your business plan? Well, more than likely you’re not the only one. Most entrepreneurs believe it to be an intimidating job, so they delay working on it for as long as possible. Although it seems daunting, it can actually be quite easy, especially if you stick to a one-page business plan.

There’s no longer any need to have a 30-page business plan when you can easily simplify your business concept into one page. Investors don’t have a lot of time to read over a lot of information, so if you’re seeking funding for your product or service, potential backers need to be able to see everything on one page.

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benefits of starting a business

Benefits of starting your own business

Are you an entrepreneur hoping to start your own business? If so, you might be familiar with the wide variety of reasons why you shouldn’t do it: it’s too expensive, it’s a major risk, most startups fail in the first year. Despite all the risks, there are great rewards for the entrepreneurs lucky and tenacious enough to build a successful business.

If you’re like me and like to create lists for everything, you’ve more than likely already got a list of pros and cons for starting your business; just to make sure the advantages weigh out the disadvantages, here are a few reasons why you should take the leap and start your own business.

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small business up and running

4 tips for getting your small business up and running

By now you’re ready to start your journey as a business owner and work towards building your enterprise. The only thing stopping is you is, well, you; it’s more than likely that you’re stalling because you doubt your own ability to do this alone. It may be because you’re afraid of failure, or perhaps you just have no idea where you are meant to begin. No matter what the issue is, it’s stopping you from starting your business and realising your dream.

If you’re feeling overwhelmed and have no clue where to begin, don’t worry: all entrepreneurs have been there. Let’s take a look at 4 tips that will help you get your business up and running in no time at all.

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branding

What’s in a brand?

Your company has a name, a logo and perhaps a slogan. But does it have a brand? Branding is one of the most important concepts in marketing, and it goes beyond legal definitions such as trademarks.

As you build your business, being aware of its brand identity will be critical in steering its path. Even if you’re a sole trader, your own personal brand could be key to building a solid reputation.

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cash flow is critical

Why cash flow is critical in your first year of trading

In 2012, 400,000 new businesses were set up, according to the BIS. Unfortunately, two thirds won’t survive their first year. For entrepreneurs in the UK, these statistics are daunting, and they prove how difficult it is to build something from nothing.

There are many reasons for failure. Arguably, many businesses are built on poor ideas, or fail to do adequate research. Some entrepreneurs take on too much, and run out of steam.

But the biggest reason for failure is a lack of funding, and that can happen despite a healthy profit. If expenditure is high, credit control sloppy, and clients less than diligent with their payments, entrepreneurs may fall foul of cash flow problems that will whip the rug from under their feet.

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