1) Develop a detailed business plan (including financials for 24 months at least. Also consider market, location; branding; staff; etc).
2) Carry out market research.
3) Ask for help from an accountant - tax, company structure, etc.
4) Calculate exactly how much money you will need to fund your business.
5) Think and decide where this money is to come from.
6) Work out how people are going to hear about you? - Plan the marketing strategy, including website.
7) Critically work out what your weaknesses are and ensure that you know where to ask for help if you need it.
8) Ensure you have your friends/family support - Starting a business is extremely stressful.
9) Remember that setting up a business to sell what you are good at doing as a hobby is not a business. You need to think as a business owner and ensure that you can sell, market, communicate effectively, and understand financials, as a minimum...
10) Stay positive!! A positive mental attitude is half the battle!!
For more information, see our Ask the expert, Developing Your Business section.
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