Start Up & Run Your Own Business: The Essential Guide to Planning, Funding and Growing Your New Enterprise

321 Pages·2008·2.01 MB·English

by  Jonathan Reuvid

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START UP & RUN
YOUR OWN
BUSINESS
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THIS PAGE IS INTENTIONALL LEFT BLANK
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START UP & RUN
YOUR OWN
BUSINESS
THE ESSENTIAL GUIDE TO PLANNING, FUNDING
AND GROWING YOUR NEW ENTERPRISE
SEVENTH EDITION
JONATHAN REUVID
Do you need free legal
advice on starting up or
running a small business?
Legal pitfalls have been the downfall of many
Lawyers For
promising businesses. Through the
Your Business
scheme the Law Society offers you:
• access to business-related legal advice
• a free half-hour initial consultation with a solicitor
in your area
Lawyers For Your Business
Call a member for advice on
a range of legal issues, including:
• Finance • Franchising
• Taxes • Employment
• Insurance • Business premises
• Cash flow • Contracts
• Company structure • Health & safety
For a list of solicitors in your area who are members of
Lawyers For Your Business
call: 020 7405 9075
e-mail: [email protected]
www.lawsociety.org.uk/lfyb
legal
advice
Lawyers For Your Business
Setting up in business should be an exciting process, but without the
right advice it can also be a minefield, particularly where legal issues
are concerned.
Often businesses do not consult with a solicitor for fear of large legal
bills, by which time any remedy still available is likely to be expensive.
Early consultation is advisable if there is legislation to be complied with
or important legal documents, such as contracts, to be signed.
Lawyers For Your Businessis a network of 1,000 solicitor firms in
England and Wales offering specialist advice to small and medium-
sized businesses.
To help firms access business-related legal advice, Lawyers For Your
Businessoffers a free half-hour initial consultation with a solicitor in
your area who is a member of the scheme. Advice could be sought
on a range of legal issues including finance, taxes, employment law,
contracts, company structure and health & safety.
The initial Lawyers For Your Businessconsultation is free, however,
it is important that you clarify estimated costs at the outset before you
decide to proceed. You should ask for a forecast of how costs will
change in various eventualities, for example, if a matter goes to court.
For a list of solicitors in your area who are members of Lawyers For
Your Business.
call: 020 7405 9075
e-mail: [email protected]
www.lawsociety.org.uk/lfyb
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In the light of this uncomfortable fact, it’s no surprise that the
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wellbeing at work – or ‘wellworking’as it’s known, provides a
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Why are small businesses so at risk?
Start-up businesses often don’t invest in the right office
furniture. These same businesses require huge amounts of
work to get them up and running, and all those long hours
and late nights hunched in front of the computer on the
wrong chair can quickly lead to back problems.
Also, most small businesses rely heavily on a few people. If
one or two of these key individuals develops back or neck
problems making them unable to work, the effect on the
business can be sudden and dramatic. To put it simply,
investing in an ergonomic working environment makes
complete business sense.
How to create an ergonomic working environment.
A huge array of wellworking products is now available, from
brilliantly designed ergonomic furniture (such as the famous
Aeron chair), through to sophisticated efficiency software
that helps prevent Repetitive Strain Injury and other back and
upper limb disorders.
Choosing the right furniture and ergonomic accessories will
help keep you and your business healthy, productive and
profitable.
Luke Munro is Managing Director of Wellworking, the leading specialists in
ergonomic working solutions – from office furniture and accessories to
software and consultancy. See www.wellworking.co.ukfor more details.
*UK Health and Safety Executive figures for 2006-7
advertisement feature
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Publisher’s note
Every possible effort has been made to ensure that the information contained
in this book is accurate at the time of going to press, and the publishers and
authors cannot accept responsibility for any errors or omissions, however
caused. No responsibility for loss or damage occasioned to any person acting,
or refraining from action, as a result of the material in this publication can be
accepted by the editor, the publisher or any of the authors.
First published in Great Britain in 2003
Second edition 2003
Third edition 2004
Fourth edition 2006
Fifth edition 2007
Sixth edition 2007
Reprinted 2008
Seventh edition 2009
Apart from any fair dealing for the purposes of research or private study, or
criticism or review, as permitted under the Copyright, Designs and Patents
Act 1988, this publication may only be reproduced, stored or transmitted, in
any form or by any means, with the prior permission in writing of the
publishers, or in the case of reprographic reproduction in accordance with the
terms and licences issued by the CLA. Enquiries concerning reproduction
outside these terms should be sent to the publishers at the undermentioned
addresses:
120 Pentonville Road 525 South 4th Street #241
London N1 9JN Philadelphia PA 19147
United Kingdom USA
www.koganpage.com
© Kogan Page Limited, Jonathan Reuvid and individual contributors, 2003,
2004, 2006, 2007, 2009
ISBN 978 0 7494 5415 9
The right of Jonathan Reuvid and the individual contributors to be identified
as the authors of this work has been asserted by them in accordance with the
Copyright, Designs and Patents Act 1988.
British Library Cataloguing in Publication Data
A CIP record for this book is available from the British Library.
Typeset by Saxon Graphics Ltd, Derby
Printed and bound in Great Britain by Bell & Bain Ltd, Glasgow
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Contents
Introduction 1
Part One: Planning Your Business 5
1 Defining and Analysing Your Business 7
Business start-up experience in the UK 8;
Profiling business start-up entrepreneurs 12;
Using business support organizations 15; Defining
your business 17; Analysing your business needs 19;
How others started 22; Case study: Legend Press 22;
Case study: Crave Maternity 25; Case study: Deliberate
PR 29; Your first SWOT analysis 33; Inherent
weaknesses and threats 34; Facing up to
entrepreneurship 35; Checklist 36
2 Researching Your Market and Business Environment 38
Different types of research 39; Research objectives 39;
Carrying out desk research 40; Engaging in field
research 41; Using your market research findings 44;
Checklist 45
3 Developing Your Formal Business Plan 46
Kevin R Smith and Jonathan Reuvid
Writing the business plan 47; External weaknesses
and threats 50; Taking advice 57; Checklist 58