FOR those whose jobs are at risk, looking for another job is not your only option. If you have ever considered running your own business, but don't know where to start or feel that you don't have the 'right' skills, there is more than one way to become your own boss.
Entrepreneurialism depends on the development of an idea that can be transformed into a viable business and, as a practice, it is inherently risky. People who have become accustomed to being an employee may not necessarily be an entrepreneur, but they more than likely will possess the skills and experience needed to run a business.
Starting a business with a proven business model and established brand can be one way to launch a business. Franchised businesses have weathered the recessional storm extremely well, which is hardly surprising when we consider how easy it is to quickly recall five popular franchises when asked.
Perhaps you are looking to buy a business or feel you have a strong product or service with a clear marketplace.
The most important thing to consider is laying down firm foundations for your business. If you cut corners at the start-up stage you will be forever catching up and could cause significant difficulties for yourself. A sound business plan really is your route map on the road to success.
It pays dividends to talk to other people who have gone through a similar experience and are prepared to share their wisdom about not only the pitfalls but the positives, what helped them to achieve success. In addition there is an excellent range of business support available to help you with:
Becoming ready for investment.
Finding routes to market.
Making the right connections.
Putting together a business plan.
Knowing who to turn to when things are difficult.
Give your new business the competitive edge by getting ready to launch your new business properly.
For more information about TEDCO's Ready for Business support please contact ReadyforBusiness@tedco.org or telephone 01915197203.
:: Carole White is business development manager at Tedco.