Starting a business in north east England, tips and advice

When you are not happy with your job or your salary, or when you've reached a level where there aren't many things to be learned, then it's time for a change: either you look for another company (or another position within the current one) or you can retrain for another job. 

There is a third solution: start your own business. It takes a lot of courage to go for such a decision, but if you succeed (and you have no reasons not to) all your efforts will have been worth it. Here are seven tips that may help you:

  1. Chose your field of activity (it will be better to go for something which is familiar to you and where you can use your prior experience)
  2. See how much money will be needed and if you have them; if you don't, you may consider taking a partner or going for a bank credit
  3. Search for an adequate location; take your time because it can prove to be a great advantage or disadvantage in the future (for example, a beauty salon cannot be located on an obscure street, hard to reach, while a factory should be placed in an industrial area)
  4. Make your business plan as detailed as you can; set out your goals; the strategies to accomplish them; estimate the needed periods of time for them, calculate the cash flows, etc
  5. According with the type of business you have in mind think if you can manage by yourself or you'll have to hire some personnel. If you have to go for the second option make sure that you will be able to cover all the expenses (especially their salaries for the first six month) because a new business needs time before it becomes profitable.
  6. Think of some marketing strategies to make your business known (radio and TV commercials, ads in the local or national newspaper and magazines, a well designed web site).
  7. Be prepared to work long hours and learn some techniques to relax because you will be dealing with a lot of nerves and efforts. But think optimistic: it is up to you to make it work.