Top 10 tips to starting a business

1. Be clear on your business idea and the reasons why you are setting up in business.
2. Be honest about your skills. If you are a fantastic sales person but lousy on finance then seek advice and get help. Identify your strengths and weaknesses.
3. Take advice on the most appropriate structure of the business - sole trader, partnership or limited company.
4. If you require funding, make sure your business plan and financial projections are well thought out.
5. Research what grants and outside support are available. For example, the business may be suitable for funding under the Small Firms Loans Guarantee Scheme.
6. Always ask for enough finance. If you don't, your business may not succeed. Ask for what you will need, not what you can get.
7. Look at the key people within your organisation. Have you hired the right people? Have they got the right skills?
8. Positioning. Where is your business in the market? Against competitors? Where does your product / service fit? Is there a market for your product?
9. Take time to speak to professionals. If you need specific business advise, then contact a professional, e.g. accountants and solicitors.
10. Prepare for contingencies. Do you need life cover? Key person insurance? What would happen if the key people in your organisation could not work? Do you require stakeholder pensions? Have you satisfied public / employee liability requirements? Get professional advice on all these issues.