Before commencing a small business it would be useful to ask yourself the following questions.

PERSONAL 

• Why do you want to start in business?
• Have you the expertise?
• Can you manage people effectively, or do you need business management training? 

FINANCIAL 

• Have you estimated the cost of setting up your business? 
• Do you know what tax you will have to pay?
• Is your proposed book-keeping system efficient and accessible?
• Employee & Public Liability Insurance 

LEGAL

• Have you decided what form of ownership is best?
• Do you know what personal liability you must accept for the debts of your business?

LOCATION

• Do you know the preferred location and type of premises for your business? 
• Have you discussed the provisions of any lease with a solicitor? 

MARKETING

• Do you really have a product that people will want to buy?
• Will that product be competing for a share of the established market?
• Will the success of your business depend on one or two major clients or a wide area of the market place?
• Will you be able to make a profit and when? If not in the first year how long can you afford to wait?
• Do you know how much it will cost you if you offer credit?
• What alternative marketing strategies such as direct marketing, franchising, sales prospecting or telemarketing have you considered?
• Do you know why some businesses fail whilst others succeed?
• Do you know what factors beyond your control affect your business success?
• Where do you think your business will be in five years' time?

Whether or not you require finance to start up your business, JBV would always recommend creating a Business Plan.  This will allow you to focus your thoughts by taking you through the above areas to consider and will help you to turn your ideas into a proposal.  Once you have drafted your plan, JBV can review it with you, assist with cash flow forcasts etc. and as always offer an independant, impartial 'sounding board.'