Your Business Proposition

Business Proposition

Before you start your own business you should ask yourself the following question:

Why do you want to start your own business?

There are advantages and disadvantages of running your own business. Some of the disadvantages include:

  • Irregular income
  • Unexpected setbacks
  • Longer working hours
  • You will be responsible for any losses

Some of the advantages:

  • Making your own decisions
  • You profit from the success of the enterprise
  • Flexible working hours
  • You can do all the work you like and pay others to do the work you don’t like

Some additional questions you should ask yourself include;

  • What product or service are you providing?
  • What is your market for this product or service?
  • Have you carried out market research?
  • Who will your competitors be?
  • How will you provide your product or service?
  • Does your product need to be manufactured? If so then you will need premises.
  • Do you need equipment?
  • Will you need staff?
  • Will you need finance for your business?
  • Who will be your suppliers and customers?

Once you have considered thoroughly the reasons for embarking on your new venture then you will need to prepare a formal business plan, which sets out the detail of your business idea and is normally required by financial providers.