Resources for Starting Up

GUIDES

Will Your Business Idea Work?

Will Your Business Idea Work?

Coming up with a new idea is exciting, and you probably want to jump straight in and make it happen. But before you invest too much time and money, you need ensure your idea is feasible and likely to give you a reasonable return on investment. Obviously, there are never any guarantees that a business will succeed but thorough planning and market research is your best start.

How to Complete a SWOT Analysis

How to Complete a SWOT Analysis

A SWOT analysis is used to help fine-tune your business strategy by examining internal and external factors that may help or hinder your business. Identifying and understanding the strengths, weaknesses, opportunities, and threats – that’s what SWOT stands for – allows you to address them and make smarter decisions moving forward.
A SWOT analysis will help you to identify each of these characteristics for your business so that you can better understand what you’re doing well, what you could improve, and which external factors could affect your business.

Starting a Small Business: FAQs

Starting a Small Business: FAQs

Here are some of the questions about starting a business that come up frequently.
Q: I’m thinking about turning my hobby into a business. Do I have to form a corporation?
A: No, you don’t have to form a corporation to start a business. There are three basic business structures: sole proprietorship, partnership, and limited liability company (LLC). Most businesses start as sole proprietors, and then progress to becoming a partnership or LLC later.

7 Ways to Tell if Your Business Idea Will Succeed

7 Ways to Tell if Your Business Idea Will Succeed

Document the positives in your business plan to persuade both yourself (the most important person) and stakeholders such as lenders, investors, suppliers and potential customers that your business idea is sound.
1. Your idea has a strong point of difference
To survive in business, you need a compelling point of difference. Period.

7 Revenue Priorities When You Start Your Business

7 Revenue Priorities When You Start Your Business

1. Generate sales as quickly as possible
Your first priority when you launch your business is to gain some traction in the market as quickly as possible. Some tips:
• Ensure you have a compelling point of difference
• Build and promote your credibility
• Work for free or less than the normal rate in return for endorsements
• Feature customer feedback in all your marketing
• Actively ask for referrals.

Break Even Analysis

Break Even Analysis

The break-even point is the point at which your company makes enough money to cover its costs. Past this point, the company starts to make profit. Finding the break-even point through the analysis of costs is one of the most useful processes an entrepreneur can undertake. It helps you answer questions such as:

Starting a Small Business: FAQs

Here are some of the questions about starting a business that come up frequently.
Q: I’m thinking about turning my hobby into a business. Do I have to form a corporation?
A: No, you don’t have to form a corporation to start a business. There are three basic business structures: sole proprietorship, partnership, and limited liability company (LLC). Most businesses start as sole proprietors, and then progress to becoming a partnership or LLC later.

How Much Money Do You Need to Start a Business?

Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at all.
What you need to do is prepare an estimate of capital costs you will incur on start up. These may include land, buildings, plant, machinery, general equipment, office equipment, furniture and signage. Do this conservatively

Buying a Business: How Much Should You Invest?

It can be easy for your heart to rule your head when you find a business you want to buy. However, if you don’t do thorough research before signing on the dotted line, you may regret it. Before buying a business, you need to establish its worth and whether the returns...

Will Your Business Idea Work?

Coming up with a new idea is exciting, and you probably want to jump straight in and make it happen. But before you invest too much time and money, you need ensure your idea is feasible and likely to give you a reasonable return on investment. Obviously, there are never any guarantees that a business will succeed but thorough planning and market research is your best start.

Calculating Your Break-Even Point

Before you start a business, and perhaps leave a job, try working out if your idea will be worth the risk.
If you’re confident there’s a genuine demand for your potential product or service (and at the price you want), the next step is to work out how much you need to sell each month to make a profit.

Understanding Intellectual Property

An idea can be a business’s most valuable asset. Whether it’s a business name, an original product or a portfolio of designs, your business will have intellectual property (IP) that needs to be protected.
It’s also important to understand how intellectual property rights work. Otherwise, you could find yourself in a lengthy and potentially expensive conflict with a competitor.

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