engage magazine issue 002 \\\\\\\'06 - Page 19

BUSINESS LINK 19 Special Feature Top Tips When Starting A Business Alison White, Acting Chief Executive, Business Link for London comments: “ 1. 5 Black and Asian men and women make an invaluable contribution to London’s economy and it’s positive that they are finding new ways to achieve business success. It is important however that they are aware of the support services available to them. Amongst other things, Business Link for London can assist with their business plans at both the initial and growth stage, provide financial advice and support and assist them with building strong networking relationships. We are here to help all London businesses to thrive and contribute to the economy. Carry out as much market research as possible. Find out all there is to know about your market place before taking the huge step of implementing your business idea. There are three things you seriously need to consider – your competitors, the size of the market and the demand. Always look for and take advice, guidance and support in all aspects of your business – from the initial concept and business planning, to ongoing development and beyond. Plan and write a viable and detailed business plan with measurable goals, expectations and financial requirements. Get outside advice to ensure you write the business plan that people will buy in to. Your business plan is a key route to finance. Make sure you understand the legal intricacies of starting and running a business before you start. This should include the type of business (sole trader, limited, partnership), partnership contracts and key employment law issues. Take advice on the best and safest way to finance your business dream. Shop around for the best solution to gaining finance for your business proposition. For further details of the services offered by Business Link for London, please call 0845 6000 787 or visit www.businesslink4london.com 2. 3. volution Business Link for London offers expert and impartial advice to small business owners and entrepreneurs across London. ” 4. 5. ISSUE TWO 2006 engage