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5 Must Haves to Start-Up Your Own Business

Christian Mancier, a Corporate – Commercial Solicitor at Gorvins Solicitors shares his top 5 must haves when it comes to starting up a business.

We’ve all had a thought at least once in our lives along the lines of: ‘I could do that’, ‘if this business did this, it would be so much better’ or started a sentence with, ‘you know what would be a good idea?’ Every business there has ever been started from a thought which manifested itself into an idea which then turned into something tangible.

Micro and small businesses represent more than 95% of all UK companies and here are my 5 necessities to be an entrepreneur and start-up your own business.

  • An Entrepreneurial Mind-set

To start a business however, you need to have that all-important idea. What do you want to do? What expert service can you provide? How can you do it better than someone else? What product do you want to bring to market?

  • Know Your Market

Your market consists broadly of three main constituents: your customers, your competitors and your suppliers. It goes without saying that your customers are the ones who are going to give you an income so you need to know exactly what they want, what they like and how much they’ll spend to give you an insight.

  • Desire & Motivation

If you really want to start your own business and become the entrepreneur you’ve been dreaming about then you’re probably on to a winner, but if you think it may just be a fad or hobby that will fizzle out then it may be best to reconsider your thoughts and actions.

  • Belief in your Business

As your business grows and you start to expand a time may come when you bring other people on board and have employees working for you.

  • Adapt Quickly

Without the ability to adapt quickly you may find yourself falling behind and becoming over-awed with the vision of how you thought things were going to play out.

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