How To Start Your Own Business Successfully

Moving into business can offer you an incredibly exciting challenge. The pay-offs can be high and job satisfaction is enormous, it take one wonder why everyone isn't doing it. Perhaps what frightens people is the risk element. Being employed by someone else appears to avoid that and has more secured working life. But, we should ask a question: Which is more risky, being in a job where you may find yourself out of work next week, or becoming self-employed where you manage and minimize the risks yourself?

A frequently quote figure is that 90 per cent of businesses fail within the five years of trading. What they don't tell you is that 80 per cent of those people who become self-employed stay successfully self-employed. In the USA they back this up and say that you are not a true entrepreneur until you have had three business failures! But the possibility of failure can be minimized. A successful business depends largely on good planning and thorough ground work.

There are many sources of help available to assist you in starting your own business. Begin by taking a trip to your local library and find out:


  • Name and address of relevant trade associations.
  • Your local Business Link addresses - a one-stop shop for business help and advice.
  • Address of your local Chamber of Commerce
  • Books about setting up and running your own business.




  • Visit branches of as many different banks as possible. Most have free information packs about setting up in business.
  • You may be eligible for financial assistance from the government, for example, you are currently unemployed.


The above have touched only lightly on some of the aspects which you need to consider in detail before going into business. By finding out more, researching and planning well, you can avoid many of the pitfalls which assail other new enterprises. Yours needn't be one of them.

So, what's your dream business going to be?

As an example, let us review the accommodation business.

Are you a home owner? If so, you could already have a potential business to hand. Your house is an asset, but it could also be providing you with an income.

There are many different ways in which to let rooms: short term, bed and breakfast, long term or lodging (i.e. providing meals).

And, of course, there are different markets to tap into: travelers, students, holiday makers, foreign students as well as people on business.

But before making a final decision, think carefully about your location. It will be useless targeting the business market if you live in a small backwater. Are you close to a tourist area, business complex, college/university, or are you on a thorough route for travelers?

All this research will help you make the best decision about where to rent. It will also help you to work out how best to advertise by word of mouth, in news agent's windows, college notice boards, in local papers, through your Chamber of Commerce or through your local tourist board.

This will appeal if:


  • You enjoy meeting people.
  • You like housework.
  • You're organized.


Advantages (depending on the type of letting)


  • A regular income for relatively little work.
  • Free time to follow other pursuits (even restart another business).
  • You can choose your customers.


Disadvantages (again, depending on the type of letting)


  • Loss of privacy
  • Intermittent business with bed and breakfast accommodation.
  • You may be affected by peak and off-peak seasons.


Future possibilities


  • Build extensions to accommodate more guests.
  • Move out of the property and rent it out as a whole or convert it into flats.
  • Buy other properties or ongoing businesses.


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