Peterborough Enterprise Agency - starting your own business

Cambridge Enterprise Agency
Unit 29,St John's Innovation Centre

Cowley Road
Cambridge
CB4 0WS

T: 01223 421775
F: 01223 421774
E: cea@cambsenterprise.co.uk

Huntingdonshire Enterprise Agency
Centenary House
St. Mary's Street
Huntingdon
PE29 3PE

T: 01480 450028
F: 01480 455710
E: hea@cambsenterprise.co.uk

Have you ever thought about starting your own business?

According to a recent study, 94% of people have considered packing in their day jobs and starting their own business. Have you?

Starting your own business can be a very positive experience, from which many people benefit. For example:

You can organise your own working hours around any other commitments you have
You will experience a great sense of achievement
You are in control of your own destiny
You may learn many new skills and deal with a greater variety of situations
You will be admired and respected by others

However, it is not a decision that should be entered into lightly. Not everything about running your own business will always be positive. It can have a significant effect on your family, your finances and yourself. So what are the things that you need to know before you make your decision?

Have you got a business idea? Do you know what product or service you are going to be selling? Most importantly of all, what do you know about your customers? Who will they be? Will they actually pay for what you are proposing to offer? If so, how much will they pay? The more you find out about the market you are going to be in, the greater the chance of your business succeeding when you do start it up. So invest time before you start, because once you do start trading, time will be something you won't have much of!

Next you need to take a long, hard look at yourself. Are you the sort of person who can run your own business? Do you have all of the knowledge and skills that will be required? You will have to be the IT department, the Marketing department, Customer Services and the Finance department. Do you know enough about keeping the accounts for the company, or what your Tax liabilities will be? What about VAT do you need to register or not?

So many questions. It is no wonder that many people are put off starting their own business. But you do not need to face all of this alone. Talk to people who will be able to help or advise you. Friends and family will need to support you, but talk to people who are experts at this sort of thing, people who have done it themselves. They will help you to write a business plan, advise you on whether you should be a limited company, a partnership or a sole trader. Although your business idea may be novel, the processes that you will need to go through will not be.

For more information on how Peterborough Enterprise Programme can help you turn your good idea into a business - call 01733 426500.

Or follow this link to their Website Peterborough Enterprise Programme or check out some of the other nearby agencies, below and to the left.

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