Planning & Research

How do I know if I am the right person to run my own business?
You have to take a hard look at yourself and whether you can cope with the pressures of self-employment.

• Can you face risks and challenges without undue worry?
• Are you self-motivated and capable of the hard work that starting a business entails?
• Are you disciplined and well organised?
• Do you enjoy good health and have the strength to cope with long hours and other demands that a new business may put on you?
• Do you have the support of your family?

If the answers are yes and you think that you have a good business idea, now is the time to think about more detailed planning and research

Contact your local Enterprise Agency as they will advise you on the next steps to take in running your own business. Tel: 023 8078 8088

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Where can I get information and help with starting a business?
For someone who is starting a business for the first time, there are many sources of information to choose from. Banks, accountants, solicitors, local colleges, business support agencies and government departments can all provide you with information and supply books, websites, training courses etc to help you. The local business support agencies, Business Link Wessex and South West Hampshire Enterprise Agencies, have experienced advisers who will provide you with objective and confidential advice. Ultimately, the choice is up to you but by seeing an experienced adviser at the initial stages of the business planning process you may save valuable time and money.

The Business Information Centre at the Central Library, Civic Centre, Southampton runs free business information clinics to introduce you to key information sources of relevance to your business. Now would be a good time to familiarise yourself with what they have to offer in terms of research facilities and expertise.

Visit specialist topic area: Young Entrepreneurs, Women in Business, Self Employment for Disabled People, Ethnic Businesses.

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Will I need a business plan?
Producing a business plan is very important and demonstrates that you have thought your business ideas through carefully. It needs to be written so that your ideas can be assessed and you can communicate the plan's feasibility. It will also help you check progress against targets which you have set yourself and assess how well you are doing.

Most importantly it will determine whether the business is worthwhile. It will give you greater understanding of how the business will work and enable you to explain it to others. In particular you may need the support of a bank, other lenders or from organisations offering grant support. A good business plan will show that you have covered all aspects of running your business and that your plan for the future is viable and realistic.

Your local Enterprise Agency will be able to assist you with assessing your business plan needs with one to one confidential advice.

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How do I write a business plan?
Having decided that you have a product or service to offer, you must be convinced that there is a market for what you are offering and that you have the ability to sell it. There are certain areas you will need to consider when writing a business plan. These will require investigation and taking a detailed look at such things as:

• the size and location of the market
• competition
• sales and marketing
• availability of premises
• financial requirements
• employees
• regulations and licensing etc

Sample business plans are available from many sources or alternatively there is reading material available at your local business library. The Business Information Centre at the Central Library, Civic Centre, Southampton can provide you with access to valuable market research information covering many of the topic areas mentioned above.

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Where can I learn the skills to run a business?
Learning is a life long experience and we are continually developing new skills. There are many ways of trying to fill gaps in your knowledge and information on training is available from your local enterprise agency, Business Link, local business library and colleges. Business advisers will help you assess your training needs and put you in touch with the right training course for you.

If you visit Training and Events you will also find information on local training opportunities.

The Southampton Enterprise Agency runs self employment awareness days which again you can find details of by visiting Training and Events.

 

Need more information?

Get the best advice Training & events Be your own boss - self-assessment questionnaire