Q: I am thinking about starting my own business. I have £10k spare and qualifications in business and accounting. I consider myself to be commercially aware and am passionate about it. The only problem is I don't have many serious ideas of what line of business to invest in. I live in Lincolnshire. Any ideas?
Aug 23 2006
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Answered by: Adam Wayland Ask a question
Never start a business without a clear idea or plan. Of course initial ideas can evolve and change but without a focus at the start you’re already in trouble.
When deciding what sort of business you would like to set up, think about your experience and skills, and about your hobbies and interests. Setting up a business based around one or all of these will give you more credibility. Make sure whatever you do is something you enjoy as it will invariably take longer to grow than you hope!
Opportunities can come from looking at everyday things that frustrate you – perhaps other people think the same. If you can find a solution this might prove to be a viable business. Otherwise try doing new things like that get your mind working. You’d be surprised how much more open to ideas you in a different environment.
Whatever you come up with be aware that £10,000 will not go far so avoid businesses with a high start-up cost.
If ideas are simply not forthcoming you could look at taking somebody else’s idea and running with that. For example you could look at partnering up with someone who has an idea and could benefit from your skills. Another option is franchising which is a lower risk way of running and growing your own business. Look at Making Money magazine or search for franchise exhibitions.
For further guidance to the above in your area visit your local Business Link or Chamber of Commerce.
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