smallbusiness.co.uk: Helping your business think big

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Q: I'm a mum of two and want to purchase a retail shop to run with a friend. Where do I start?

Feb 21 2007

Answered by: Philip Wilkinson Ask a question

Before you start, consider what you want from the enterprise, and how this will affect your work–life balance in terms of time, commitment, cash flow, relationships and so on. It’s a good idea to think in terms of setting a “vision” for yourself in the business, short, medium and long term.

The next step is to write a robust business plan which will enable you to consider and cover all the aspects of setting up and running the business, including finances, marketing, and running the shop, such as staff, purchasing and stock. Contact Business Link London for advice by calling 0845 6000 787

Read an article on business planning.

Click for a piece on the pros and cons of starting a business.

Or visit the Business Link London website: www.businesslink4london.com (From April 2007 - www.bllondon.co.uk) for more information.

Comments [1]

Comment by Sara Williams

Wednesday 23rd May 2007

Buying businesses, or going into business, with a friend can be tricky. You could fall out forever. Make sure that you and your friend have complementary skills - and that your skills together cover all that you need, e.g. finance, marketing, product knowledge etc. Get a proper written agreement between the two of you, because it could all end in tears.

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