Before choosing self-employment, you will need to consider if it’s the right decision for you, your family, and your finances.
Take time to discuss this idea with your family, friends and those that have set up their own businesses in the past to help you make an informed decision about self-employment. If you decide to go ahead, acknowledging your own strengths and weaknesses will help you develop your business sustainably.
Can you articulate your idea succinctly? It is important to communicate your idea and business concept to others and get consistent feedback early on.
Market Research and Analysis
Research is essential for any business and can give you insights into your market, competitors, and customers. Every industry, business, region and customer group is different. Being able to accurately predict what your business will need to deliver, how much you will trade and whether you can balance the books will rely on in-depth research into every element of your idea:
- Competitor Analysis
- Value Proposition and Unique Selling Proposition (USP)
- Business Identity
- Market Segments
- Marketing Strategy
- Customer Acquisition and Sales
- Strengths, Weaknesses, Opportunities and Threats
- Risk Identification and Mitigation
Understanding your own financial needs and business financial needs is vital to overall financial planning and to managing your money. You may need to apply for funding and use your savings as seed capital. This will be reflected in the cashflow.
- Survival Budget
There are several legal areas to consider when you start your business, from the type of commercial venture you want it to be to compliance areas and the industry you work in. Some of the areas to cover in this section are:
- Company Formation
- Intellectual Property (IP) and Trademarks
- VAT Registration
All the above areas will make up the key components of a Business Plan.
Where can I get help?
X-Forces is a social enterprise supporting ex-Service personnel and their families to start their own business. For more information, advice and support, and to receive templates, examples and case studies, contact: