PEOPLE IN BUSINESS

Published by 'People in Business' Magazine - Written by Robert Buckland

Most people, at some time, dream of going it alone and starting their own business. An estimated 300,00 every year turn the dream into reality and take the plunge. But for many the dream turns into a nightmare and the statistics show that the majority of small firms fail within three years of start up. So why do some new firms swim while others sink?

Colin Duguid, managing director of Sheffield-based online business portal bizhelp24, which provides advice and free software to start-ups, says: "Knowing your market, your competitors and the potential demand for your product or services is the key to successful planning".

"Before taking the plunge, or even before starting your business plan, it is imperative to conduct some form of market research. Market research is basically the process of assessing how large the potential market for your particular product or service is and how much of that market you can expect to attain".

Mr Duguid further adds: "It's not sufficient, however, to simply say that the market for product X is £5 million per annum and that you will corner 20 per cent of the market - you will need facts and figures, and you must consider the competition and be realistic".

"There is no shortage of advice for the business start-up and these days, even the Inland Revenue and the Government, is on your side. Having established a good idea of the market potential for the business, start-ups next need to draw up a business plan. Unfortunately, this is a hurdle that many would-be entrepreneurs stumble at on their quest for global fame and fortune".

 

DEBT CRISIS HITS HARD FREE ONLINE ADVICE INTERNET FIRM GIVES ONLINE HELP TO BUSINESS START UPS PEOPLE IN BUSINESS BUSINESS MADE EASY WITH LAUNCH OF NEW WEBSITE STARTING A BUSINESS