Paying for Professional Advice can save you money!
The Guernsey Enterprise Agency is a free and confidential service. When you come to see us we can brainstorm your ideas, think outside the box, give you advice on actions you will need to take and give you useful information to help you start your business. As a free service many people might think that they can also save themselves the cost of an accountant or an advocate by coming to see us. However the Agency does operate under a simple mantra which states: “We are not a substitute for Paid Professional advice”.
Research – the Key to Success!
Research is a key element of starting a business, but all too often it is either forgotten or ignored. Research is without doubt the key to making a success of a business but it has to be done properly and needs to be relevant to what you are setting up. It also has to be realistic.
For many people who believe there is a need or a niche for their new business idea, that belief is sufficient for them to make the decision to go ahead and start their business. In reality their belief should be just the first step to then proving there is a need for that business.
In Guernsey in particular you also need to be aware of the potential for new businesses, particularly in leisure or creative areas to have a short life. Once we have all tried the latest new thing, we don’t necessarily want to do it again. This can skew first year takings in the business and then lead to downward spirals in income and increased expenditure in marketing as you try to maintain income levels.
Starting a new Business – the Big Question!
In my last article I finished on what I always believe to be the big question, that is can you afford to fail?
There are many reasons for asking yourself that question and a quick risk assessment exercise can help you quantify the answer and help alleviate any fears you might have about taking your ideas forward.
In the worst case scenario, our budding entrepreneur decides to give up his job, re-mortgages the house to fund the business, has a wife with young children at home and has no savings. If the business fails he could lose his house and perhaps even his family as the stress of working all hours to try and make ends meet destroys his home life.
Spring is a great time to start a new Business
Spring is traditionally a time for new beginnings, the garden starts to bloom, blossom is on the trees and those treasured seeds are just about ready to be planted out.
For the many the winter has germinated the seed of a business idea and spring feels like the right time to turn that dream into reality. But what is needed to make it happen, what will those first steps be, what do you need to do? Well the answer to all of those questions is come and see a business advisor at the Guernsey Enterprise Agency.
