Have you researched the market for your potential business?

I'm thinking about working for myself

You need to find out as much as possible about other businesses in your area of work or geographical area to assess your likely chances of success - for instance:

there may not be room for another delicatessen in the town
the only possible premises for the café may be too far off the main pedestrian routes
perhaps disposable paintbrushes are too expensive for the consumer, so that is why nobody has produced them
larger businesses may be able to offer lower prices through economies of scale or increased bargaining power and you may not be able to compete with them
your product may be hand-made and use better ingredients, but will the customer be willing to pay extra?
is e-commerce an appropriate way of doing business? Shell Livewire produce an information sheet about e-commerce

Check out trade magazines, the business press and ask local enterprise agencies for their opinion.

Have you considered a franchise?

This is a way of setting up a supported business with backing - particularly for publicity and a brand name. You run your own entirely separate business, but you pay money towards the branding and central publicity. Your risk is reduced as the business idea is known to work - although there is no guarantee that it will work for you in your area. Well-known franchises include The Body Shop, McDonalds, Prontaprint and Dyno-Rod. See Information resources for links to Franchise Associations.

Remember that you must take professional advice before setting up your own business.

>> Next >>