Here are a few tips to help you in the first stages of setting up your business.

1. What's your idea?

Starting your own business can be rewarding and challenging. However, poor planning and management can lead to failure.

You can overcome many problems and have a greater chance of success if you:

• do what you know (use your skills and knowledge effectively)
• do what you're good at (find suitable partners, get help, or start a business with someone who has complementary skills to you)
• go into a business where you already have industry or management experience.

2. Test your idea

Assess the merit of your business idea by asking people whether they'd be willing to buy your product or service. This is called an 'opportunity analysis' or 'feasibility study'. Find out what this is on the Ideas2Market website. Refer to the Links section of the Toolbox for a link to the website.

3. Know your market

Learn as much as you can about the needs of your customers and how to communicate to them. You need customers for your business to survive.

4. Check out your competition

Keep tabs on what your competitors are doing. It will help you maintain your competitive advantage.

5. Stay in touch with your industry

Be aware of industry trends and keep up to date with economic information. Make these factors work for your business, rather than affect its chances of success.

6. Focus on your finances

Always keep accurate, up-to-date financial records and manage your cash flow. This lets you address any problems straight away.

7. Budget for start-up costs

Make sure you have enough money to launch your business – to cover all start-up costs. If your budget is not realistic from the start, you may have problems later on.