To successfully start your own business in Guernsey you need a good idea and an idea that is a “fit” for you.

We might all want to be racing drivers, pilots or doctors, but if you can’t drive, hate flying and can’t stand the sight of blood then perhaps it is time to rethink your plans.

We have all heard of successful city financial experts who have given it all up to run a guest house in the country, but often those people have resources well beyond the average individual and can afford to “play” or indulge their interest in cooking, while their substantial portfolios continue to enhance the meagre income they may achieve from their new business.

In the real world the decision to start a new business can be born from frustration for working for someone else, a desire to do things better and dreams of being your own boss and having more time to yourself. Other people may feel they have a skill or talent which they can use to their benefit if they start their own business.

Whatever it is that has kindled the entrepreneurial flame, you need to curb that initial enthusiasm, just for the moment, and ask yourself some serious questions.

The very fact that you have had the idea means that you have thought about it and believe you know something of the market you are planning to work in. However there will be a lot more research and planning to do before you can be confident that the business can be a success. You need to decide if the opportunity is attractive enough to warrant all that hard work.

You also need to ask yourself, are you the type of person that is suited to running their own business. Can you handle the responsibility of accounts, tax, social security, finding customers, marketing your new idea and talking to suppliers. You need a certain type of self confidence that will get you through all of that and help you solve the problems and accept the risks that will inevitably accrue as the business grows.

As you are based in Guernsey, a small Island of some 65,000 people, you need also to ask yourself if the market here is big enough to provide you with the customers you need to make the business a success. If your business is aimed off Island as well this is not such an issue but you need to take account of the extra costs involved in reaching a wider audience.

Finally you have had the idea but now you need to capture it and write it down. This is the start of the business plan, your route map to business success.

We would hope that right from the start you will have recognised that you are not alone on the path to starting a new business. The Guernsey Enterprise Agency is a free and impartial service which is specifically in place to help you get your new business off the ground. Make no mistake if we don’t think the business is a good idea, we will tell you. It is just as important to us to try and prevent you from wasting money on an enterprise that is doomed to failure as it is to spot those businesses that have great potential and are worthy of the investment of time and effort.

So call us on 710043 now or email us at info@gea.gg and we can start talking about your ideas and help you along the road to your new business.