starting up

Starting Up Your Own Business: Overview and First Steps

Planning and organisation are crucial in the early stages of setting up a new business. You have a far higher chance of success if you take the time to prepare. This section will guide you through: The first steps of business planning Who you need to inform about your new venture How to make your mark The first steps of business planning Before you contemplate putting time, money and effort into a new enterprise, weigh up the pros and cons on a personal level. Be clear about your goals, your strengths and weaknesses, and why you’d rather set up your own business than work for someone else. Ask yourself: Self-employment: is it right for you? Do the market research Successful businesses rely on knowledge of the market. Within your chosen field, consider what the market needs, then look... »

Starting a Business: Why Do People Take the Plunge?

People choose to take the plunge and start their own business for various reasons. Be it financial gain, frustration in their current role, lack of job opportunities, or the big business idea – perhaps they have designed the next best thing to a bread slicer. In addition to people’s inner drive or motivations, the UK government is also trying to encourage more of us to go into business. One example is George Osborne increasing the bank levy by £800 million for 2011 to persuade lenders to finance small businesses. To better understand why people start their own business, professional indemnity insurer, Hiscox ran an online poll asking entrepreneurs what motivated them to turn their idea into reality. Possibly surprisingly, the main reason wasn’t financial gain. Rather, Hiscox found 32... »

A Third of Brits Want to be Boss

35% percent of UK workers aspire to being their own boss. Research from Business Link indicates that more than a third of British workers interviewed have considered starting up their own small business and 20% of them plan to make their plans reallity with the next year. Key among reasons for setting up on their own was the work-life balance with many workers believing they can better manage their family, domestic and business roles if they are working from home. Other factors for wanting to run their own business range from wanting to make more money (37%) to a simple lack of job satisfaction (15%) As many as 25% of the budding entrepreneurs said they wished to turn their home hobbies into valid commercial enterprises. Other figures show that nearly as many women as men are keen to take ... »