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Advice before Starting a Business

Talk to the group “Experienced Professionals”. They have a process by which they can give you some insight.

  • Is it going to be a business or a hobby?
  • Have you prepared yourself for business?
  • The steps for setting up a business
  • What type of business should I start?
  • Do I need a business name, trading name or legal name?
  • What about “Trade Marks” and “Business Names”
  • How am I going to select a business name?
  • Taxes, guess I have to register, eh?
  • Do I need a licence to run a business?
  • What about insurance?
  • Records and accounting
  • Starting a “Home – based” business versus buying an “Established” business

You have to understand the differences between a hobby and a business for tax, insurance and legal purposes. If you’re working from home or selling handmade goods online for example, you need to decide whether it’s for fun, or to make a few quid.

“Is it a hobby is a pastime or leisure activity, you do in your spare time for recreation or pleasure?” – If you develop your hobby into a business, it may affect your pension payments or some other benefits you get.

How do I know if it’s a business or a hobby? Some key questions to consider:

  • Is the activity being undertaken for monetary reasons?
  • Is it your intention, to make a profit?
  • Are you going to do this repeatedly?
  • Whatever business structure you’re thinking of, now is the time to evaluate yourself and your business idea. Owning a business involves a lifestyle change and financial commitment.

Lastly, analyse your business idea – Is there is a demand for my product or service, who are my competitors and is there enough market to keep me going?

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