New business checklist

You'll find no shortage of advice on starting a new business. It seems that everyone from the government to that bloke you met in the pub knows exactly what you should do to start and grow a successful business. And that's before you trawl the Internet!

Here's some brief advice you may not receive from other sources - from people who've been there and done it (several times) before.

DO:

• write a comprehensive business plan: it will help focus your thoughts, act as a reminder and reference when you start to become overwhelmed with the magnitude of what you've taken on - and you'll need it to persuade banks and grant agencies to help you.
• give some thought to the stress you'll be subjected to: getting any new venture off the ground takes enormous effort, long working hours and associated disruption to family and social life; things WILL go wrong and at times your bank, your customers, your staff, your suppliers and HM Government WILL behave as if they're out to get you - normally all at the same time!
• make time for friends, family, sporting activities etc. - in short, don't let the business take over your life.

DON'T:

• use your home as security for loans to fund your new business - fact: new businesses are extremely risky and you don't want to find yourself homeless at the same time as losing all your savings and your prime source of income.
• think you're on to a sure-fired winner because the bank doesn't lend money to losers - banks operate secure lending policies that get their money back even if your business fails - in truth, they care little about your prospects of success and, if your business shows signs of failing, your bank is the most likely candidate to "pull the plug" on you.

We have a helpful check-list of do's and don'ts for budding entrepreneurs.