Although there are probably more small companies and sole traders out there than at any other time in history, it can sometimes be baffling as to where to start. So what to do . . . Firstly, once you have hit upon that brilliant idea of what to make/sell or what service you wish to provide, make a thorough and workable business plan. By this we mean make a very clear case for your business; how do you propose to make money out of your idea. Make an outline plan of how you imagine it progressing and what your goal for say three, five and seven years hence. Will you be running the business yourself as a sole trader or as a small business – ensure you know the difference by taking solid advice. Do market research so that you know who your target market should be. Identify your main competition and look into how you can easily recognise and act on business trends. Your financial projections need to incude a very clear and sensible budget. The revenue you forecast must be backed up by suggestions of how this income is to be achieved. What will be your likely outgoings and have you considered every means of raising revenue to start you off or will you be looking and applying for business funding. A business plan will most certainly be needed to accoampany any application for funding, from whichever source.
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