You have an idea but what to do next?
This stage is sometimes called ‘the lightbulb moment’ when your idea of starting your own business proves too strong to resist!
Typically you will have lots of information and questions needing answers.
- What do I need to actually start up my own business?
- How do I raise the money to start my own business?
- Who will help me understand the numbers involved and whether the idea could be profitable?
- Should I set up as a company or a sole trader?
- Do my restrictive covenants prevent me from starting a business in competition with my existing employer and approaching customers?
- What legal documentation do I need and what are the legal risks and requirements involved?
Undertaking even basic research will be invaluable at this point and there is an almost limitless supply of start up information that can be obtained online and for free.