Thinking of being your own boss?
TAKING the first steps toward becoming your own boss can be daunting and it's often difficult to know where to start. In truth there is no fixed procedure in doing so as circumstances, personal or otherwise, constantly change.
It may be that you've always wanted to be your own boss but you don't have an idea of what business you'd like to start up.
Try to take the time to identify what your hobbies, interests and skills are.
Once you have a good grasp of what you love to do and what you're good at, you've found your starting point and you can take the next step towards developing your skill into a money-making venture.
Using your idea as a starting point you can explore a huge choice of opportunities available to make money from it - these can include anything from trading online in your spare time to taking the plunge into full-time self employment.
In the initial stages of start-up there a number of questions you should answer before you can reach the next stage of start up, consider the following: What's special or unique about my business and how best can I exploit it? Who are my main competitors? What are their strengths and weaknesses? How do they market their products and services? Will I need a special licence to operate my business? Do I need any special insurance for my business? Eg Professional Liability Will I operate locally, regionally, nationally or internationally? Should I franchise? You can see that setting up a business gives you a lot to think about and involves a great deal of hard work.
It's extremely important to do your market research so that you know what you'll be up against should you decide to set up a business and work for yourself.
If you would like more advice on starting your own business, then TEDCO's friendly impartial team of coaches and advisers can guide you through the start-up maze and help you to avoid the pitfalls. With tailored support, they will advise you on the best route to take for yourself and your business.
The teams at TEDCO in North and South Tyneside frequently put on workshops that can help you identify and develop money making ideas into your very own enterprise.
If you require any further support or advice, please call TEDCO on 0191 428 3535, email firstname.lastname@example.org or visit us at www.tedco.org Carole White, business support manager, TEDCO