To Those That Have Their Own Business

[Sovereign]

I want to start my own business so am just doing a bit of basic research at the minute but I was wondering if anyone had some pearls of wisdom they wanted to share with me! I'm scared!

 

[Seraphim]

Only to look very closely at what everybody else is doing (in that sector/location)

Most people start with an idea they WANT to work, rather than one which they logically have REASON to think will work.

Keeping your investment low will give you more opportunity/time to exercise trial and error.

Being self employed is a large commitment. Having a contingency plan(s) will give you what my father likes to call 'Power to your elbow' and see you through sticky patches.

It really depends on the line of business you're looking at, how scalable/expandable it is, how modestly you can start off.

The most successful people are people who ask lots of questions, observe people who do well, and plan for a number of eventualities.

Good luck!

 

[mama2b]

Do a business plan first.

It really is an invaluable tool for starting a business up. You will more than likely need one if you need to borrow any money from the bank.

Oh and keep on top of your records, I am appalling and at keeping an eye on my income and expenditure !!