by MCM

Created on: May 30, 2009

So you have had enough of being employed. Or maybe you are sick of being unemployed. Either way, you want to be your own boss, and you are thinking of starting up your own business. Now comes the tricky bit - how do you get from this position of THINKING about starting up a business, to actually DOING it? The following are ten useful tips to help you on your way.

1. Find your niche

Maybe you already have an idea for a fantastic product or service that is perfect for you, but maybe not. Think about where your particular talents lie. Remember, do not wholly focus on your qualifications in the same way that you would when applying for a job. This is different; you will be your own boss. It is up to you to make sure that you will the boss of yourself doing what you do best. Make a list of your strengths, skills, qualifications, and business areas where you have contacts. Think about experience you have gained in the workplace, through hobbies, and generally throughout the course of your life.

Now sit back and look at your list. What area of business do your skills lend themselves to the most? Even if you have already decided upon a business area, it is useful to sit down and look at your skill set and how it fits in with your idea. I once got very excited about an idea to start a business specialising in the hire of video booths. When I sat down and looked at my list of skills and contacts I realised the business idea was not right for me.

2. Research, research, research

Now that you have your idea, it is time to do some research. Check out your competition and try to establish what they are charging for the goods or services. If they are a registered company request a look at their filed accounts at the companies registration office of your jurisdiction (www.cro.ie in Ireland or www.companieshouse.gov.uk in the United Kingdom). This will give you a better idea of how much of a market is out there for your idea. Spend some time on the telephone contacting suppliers that you intend to use in the course of your business. This may reveal issues, such as exclusivity deals, which are additional obstacles for your business to hurdle prior to commencing trade.

3. Decide on the structure

Do you intend to operate as a sole trader, will you be working in a partnership, or is there a group of people prepared to enter into business together? Will you be trading under your own name? Will you be operating as a franchise

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