Early Stage Planning

Knowing When to Start Up

The worry about losing the security of a regular income may be a big factor when making your decision about starting in business. Therefore it is important to know exactly where you stand before committing yourself to anything. You should be making general enquiries at the places where you are claiming benefit, to see where you stand and how your benefits could be affected.

If you have identified any weaknesses in your skills, you should have plans in place to overcome or compensate for any which you've identified.  Additionally, you should have completed your market research/homework on your chosen business sector and have assessed whether your proposed business is viable on paper.

For your own benefit and to demonstrate to others that the business is viable, you should have produced a Business Plan and secured the necessary Finance. You will have your initial customers and suppliers identified on day one of trading as well as your support network (e.g. bank, accountant, solicitor, Business Link etc).