Tops tips for starting your business
3rd April 2009
Chwarae Teg's enterprise and entrepreneurship expert Beverley Pold gives some recession-friendly tips for women interested in starting their own business and maximising their business potential.
Know your market
Even in this economic climate, there are opportunities. Investigate - just because it's a new idea for you, somebody else may be out there but if you have a passion for the new venture, go for it.
Be realistic
Don't over estimate your sales and underestimate your expenses. Far better to err on side of caution and if you have limited start up capital, make sure you use it as carefully as possible. Don't buy equipment if you can hire in the initial start up period - wait until you have tried the market and you know that you can afford to purchase.
Financing your new business
Check out all the banks. What are they offering new business starts? Is there a "honeymoon period". Negotiate an overdraft facility - even if you don't need one. Check out the rate of interest. Better to do it before you start when you are in a strong negotiating position.
Manage your time
How much time can you put into your new business? Have you made arrangements for care? If you are working from home - the best way for start up - do you have a dedicated corner which can be your "business hub"? Most women choose self-employment for the flexibility and independence it provides, but a new business comes with responsibilities and excitement!
Start as you mean to go on
A business plan doesn't have to be over-complicated, but it must be realistic. How did you calculate your anticipated sales? What sort of profit margin are you working to? Will your business be cash or credit sales? If selling on credit, when will the cash come in?
Review the business plan regularly
Compare your actual sales/income against your projected sales. The more you do this, the more control you will have and the more confident you will be as your business grows.