Starting Your Own Business

Is it right for you? And how do you begin?

 

Starting Your Own Business: Is it right for you? And how do you begin? [Burgh House:Starting Your Own Business]

Whatever your reason for starting a new business, and wherever you are in the process, Burgh House can help.

Not sure if starting a business is really right for you? Not clear on how to go about it? Stuck with a particular problem? Looking for someone independent to review your plans and help you finalise them? Talking through your thoughts with an independent and confidential third-party can help you move forward, and we can also help you with all the necessary paperwork and forms.

To learn more about Starting a Business see below.

For an initial (free) discussion of your needs and how we can help please contact us.


About Starting a Business

Should I Start a Business?

Owning and running a business isn’t for everybody. Before you start one, you need to be sure that you are suited to being a business owner. Not everyone enjoys being independent and reliant upon themselves.

You also need to be sure that you can actually make your idea work, and that people will buy the product or service you propose to deliver, and in the quantity you need. And you must be clear on how much investment the new business will need and where you might get it (which is why planning is so important, as explained below).

Still want to start a business? Then read on…

How do I begin?

Before you do anything else, you need a business plan. You wouldn’t build a house without a plan, so how could you expect to build a business without one? You can learn more about business planning here.

Writing your business plan will drive you to answer all the important questions about your business: how it will work; who your customers will be; what the market will be for your product or service; how much people will pay; and (the interesting bit) how much you can expect to earn.

It will also address basic practical issues (where to locate; what staff to employ) and more technical issues, such as legal form (limited company? Sole trader? Partnership?).

You probably already have an idea on all of these things, but does your idea stand up to objective analysis? Writing a formal business plan document will cause you to identify and question your assumptions, to make sure they are realistic.

Your business plan will also help you address the next question: where is the money coming from?

Where is the money coming from?

Very few businesses can be started without some form of investment. It may be that you need to buy premises, equipment and tools, or pay for training, or maybe the investment is simply that you will stop earning a wage while you are getting the business started. Either way the business will need investment.

There are only two places investment can come from: you or somebody else. Unless you have the cash to start your business without involving anybody else you need to persuade someone to invest in your business.

Whether that investment is in the form of a loan (from a bank or a friend), or whether your investors become part of your business (as partners or shareholders), you will need to convince them that your business idea is sound and their investment will not be wasted. This is another use of your business plan: to show potential investors that your idea is sound; that you have researched it thoroughly; and that you will be able to afford to pay them back their investment and any interest/profit share you promise them.

OK; done that. What now?

Just do it! Follow your carefully thought out and well researched business plan and realise your dream. And if you need any further help along the way, Burgh House will be happy to help.

 


I’m interested. What do I do now?

If you want to know more, please contact us for an initial discussion. We will meet with you and discuss your requirements and how we would go about meeting them. This initial meeting is free, and at the end we will write to you to explain how we can help you and what it would cost. If you decide not to proceed you pay nothing; but we are confident that you will see the benefits of working with Burgh House.

Please note that you can download a handy summary of our business services from our Documents page. Our full terms and conditions of business are available on this website.

Burgh House does not provide any services that require regulation under the Financial Services Ordinance 2008.

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