1. Consider why you want to start a small business.

2. List your assets and liabilities. Can you afford it?

3. What will you get out of running your own business?

4. Be clear and focused about what product or service you will be offering.

5. Investigate the market. Who will want your product/service?

6. Decide on the status of your business, for instance Sole Trader, Limited Company.

7. Assess your ability to cope with the pressures of running your own business.

8. Complete your business plan and approach the bank.

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Do's and Don'ts

Do:

Talk to others who have succeeded but made mistakes before you.

Look at what start-up help is available.

Consult an accountant and lawyer before committing yourself irrevocably.

Prepare a business plan in consultation with your bank.

Don't:

Make any important decisions until you have talked them through with family, friends, advisers, and those who have 'been there already'.

Try to set up a business just because it 'looks like a good idea'.

Overstretch your financial resources - borrowed money has to be repaid, usually with interest.

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Information supplied by Business Insight Central Library, Chamberlain Square, Birmingham. B3 3HQ Tel: 0121 303 4531 Email: business.library@birmingham.gov.uk www. birmingham.gov.uk/businessinsight www.bestforbusiness.com

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