smallbusiness.co.uk: Helping your business think big

Yes. Training will definitely improve your chances of success. One strong indicator of success is that you have experience in your chosen business and, from the sound of it, you are moving from employment to self-employment within the same trade. So that’s a positive sign.

However, there is a huge difference between employment and self employment or running a company. You may have had retail experience and know how to stock an outlet and deal with customers. But what do you know about finance and cash flows, debtors and creditors, health and safety issues, marketing, employment matters? Many of these will have been handled by others.

Training courses can give you guidance on all these areas - and this will make it more likely that your business is still up and running three years hence. There may be evening courses, short courses lasting a few weeks or weekend courses. Your local Business Link (0845 600 9006, www.businesslink.org) will be able to tell you about courses in your area.

A growing trend amongst people who want to start a company which will grow to a substantial size (as opposed to those who want to start a business to create an income) is to attend a formal business degree or diploma. A recent survey by accountants BDO Stoy Hayward found that nearly half of the 200 owner managers of growing businesses contacted had some formal business qualification.