Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.
In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.
If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.
More detailed information in our article here about the following:
Testing your idea – market research, look at competitors, identify ideal customers
Selecting a business structure – sole trader, partnerships, lip’s, limited companies
Writing a business plan – detailing structure, plans and forecasts
Naming your business – things to consider
Managing your business – goals, feedback, cashflow, tax
We can help advise you on all business matters – get in touch with our team