Where Do I Start If I Want To Open a Business?

If you want to open a business but you don’tvknow where to start I would suggest that the considerations before starting your business and actions to consider are summed up by the acronym D.R.A.W


Decide on the buisness that you want to open. Think about the type of business that you may want to open, in my experience people are more successful in a new business open a business in an industry that they have prior working knowledge in or in an industry that they have a personal interest such as a hobby.

Research your ideas. You must carry out adequate market research into your business idea, don’t simply ask friend or family they are most likely to tell you what they think you want to hear rather than being truly objective.

Assess the market. Consider what is your competition when doing this look at all businesses that might want the money that your customers have to spend so for example if you want to open a coffee shop, local pubs sell coffee, snack bars, takeaways, petrol stations, church halls that offer coffee mornings, supermarket cafes and other businesses that may sell hot beverages could all be competition, not just other coffee shops. So think of the wider angle to assess your competition. The internet is a good resource to start this and also research the demographics of potential customers in your area. If you are opening a shop do a survey of customer footfall past your shop to assess if it meets your need for example if you want a pound shop it’s no good if you get a couple of customers and hour but that might be sufficient if you are selling designer kitchens at several thousand pounds per sale.

Write a business plan. Use the information from the areas above to formulate your business plan and cashflow forecast to evaluate the viability of your idea

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