what do i need to know and do when startin up a new business?

Question

i just would like to know any proceses i need to follow, how to do a business plan, market research, who to approach about different aspects of starting a new business, tax, etc etc etc. i have the idea, im just unsure about going forward.
if anyone knows of any good web sites that would be good too.
thanks

Answer 1

some of these answers are for people starting a business in the US, so if you are in the UK (as this Q is in the UK section) here's some info...
first take lots of time to research, not just your market, but potential customers, business advice organisations etc
perhaps consider seeing a business adviser/mentor - most business enterprise organisations offer this for free
it may also be wise to consider a business planning course to introduce you to basic business running principles - it's one thing having a business idea and being good at what you do, but you need to be aware of laws affecting your business, keeping accounting records, forecasting your finances, marketing, advertising, customer service etc
a good business plan should give a summary at the beginning so the reader knows what it's all about, then issues such as your experience/skills, the product or service, pricing, financial forecasts, estimated sales, market research findings, a brief marketing plan of how you will promote your business, health & saftey isues etc should all be discussed - as well as anything specific to you sector of business
i have selected some links which may help you with all these things
http://www.businesslink.gov.uk/bdotg/action/home?r.s=l
http://www.starttalkingideas.org/
http://www.startups.co.uk/Start_up_guides.cy4fI_NoS63Ijg.html
http://www.hmrc.gov.uk/pdfs/sabk4.htm
http://www.rebecca-swift.co.uk/courses.aspx
http://www.smallbusinessadvice.org.uk/sbas.asp
an if you happen to be aged 16-30 then order the start a business toolkit from this site, it's really useful http://www.shell-livewire.org/
Best of luck with your venture

Answer 2

The answer can vary depending on which type of buisness you want to start. First though you need a buisness plan. There are coaches who help people start a buisness but the reality is the leg work is up to you. First find out if the buisness is a viable idea. Ask your friends and family what they think. Then if there are some experts in the field ask them what they think of your idea. Does anyone else have the same type of buisness in another city that you could contact? How do you plan on financing your venture. There are excellent books on almost every type of buisness at the local library. I've started 3 businesses myself and just know that it isn't easy. You have to be unique. You'll be wearing lots of different hats as the owner.

Answer 3

First of all Poppy, if you are starting from scratch, research how much money it will take to get you through the first 3 months.
Will you need employees?
If yes, where will their wages come from!
If not, will you be able to make enough money to survive!

The reason i am saying this is simple, if you have not got the amount required up front, you will require a business loan and this will be further expense.
It is great that you have an idea but have you worked out the financial cost of starting up?

Answer 4

You will hopefully have a local Chamber of Commerce Talk to their local office about the creation of new and small businesses. Contact them for free advice.
Failing this talk to Citizen's Advice who will point you in the right direction in your area.
From your question you have the right approach but need "a little flesh on the bones" as it were.
Good luck!

Answer 5

I think the American Small Business Administration has one of the best resources on this:
http://www.sba.gov/smallbusinessplanner/index.html

Another all comprehensive link is below:
http://www.inc.com/guides/start_biz/

As proper accounting is integral to a well managed business you may want to try this link as well:
http://www.irs.gov/businesses/small/article/0,,id=99336,00.html

If you are in Canada the relevant links are:
http://strategis.ic.gc.ca/sc_x/engdoc/starting_business.html?guides=e_sta
and
http://www.cra-arc.gc.ca/tax/business/sme/menu-e.html


Based on having managed a small business before and setting up another one right now, I say that it is very important to know the ins and outs before. That way the future is much smoother and you can make informed decisions.

Answer 6

That's a HUGE question. Start by visiting the Small Business Administration website. There are lots of educatoinal resources there that will help you to understand the challenges of starting a business, and proper planning practices, etc.

www.sba.gov

Answer 7

I have a good article here that may help you:


Starting a New Business – Your Business Framework – What Scaffolding Do You Need?

http://www.articleshut.com/index.php?page=article&article_id=26990

It will get you started. There are some more articles there that I have written - just search on Lee Lister

Also http://www.StartMyNewBusiness.com will help the budding entrepreneur.

Answer 8

If you are asking this type of question on a site like this I would say you need to know Everything about starting a business, I recommend you speak to your Bank for start up advice they after all will probably be where you look for financial help
Roger

Answer 9

I'm in the process myself...

www.businesslink.gov.uk

is really good, as is the HSBC bank site... lots of info on Biz plans etc.

www.hsbc.co.uk under business accounts.

Best of luck

Answer 10

you have to kow that the first year(s) you may not get a lot of money but after you are going o see the results
Good luck!!