Before you even start it's important to have a goal, to have that big dream where you are a successful entrepreneur. You will no doubt face set backs along the way, so having the big dream will give you something to focus on. Initially a dream might be all that it is, but at some point it will be necessary to come up with that all important business idea. Spotting an opportunity be it a gap in the market, a new invention, a new work practice is what being an entrepreneur is all about. You always need to be thinking about where to go next and what could be the next big thing. Being innovative, being the leader in your field will ensure you're always one step ahead of your competitors.

Of course that's when the hard work really starts. Getting any business off the ground takes a lot of dedication, persistance, organisation and money. You have to be prepared for what lies ahead - both good and bad - and the fact that you are going to be putting in a lot of hours. Initially, at least, you might not see much reward, but remember you are not alone. The road to success often requires risk and hard work. You will need to be very disciplined so that you stay on the road you have planned and don't get disheartened or distracted along the way. Far easier said than done when there appears to be no light at the end of the tunnel.

As the latest series of the popular TV show The Apprentice hits our screens this week, it raises the question about the impact these programmes have on today's entreprepreneurs. Do they give the impression that starting a business is easy, do they trivialise what is a very serious subject and are the people we see on the likes of Dragons' Den and The Apprentice a true representation of today's entrepreneurs?

Clearly some of the people we see on these shows haven't got the first clue about business, despite what they might think, plus there's the inevitable fame wannabes just looking for some TV exposure and hoping for the phonecall that will lead them into the entertainment industry rather than business. But then, if they are successful as, say, TV presenters, you could say they are simply marketing themselves into a successful business.

Unfortunately record keeping isn't the most fascinating area of running your own business, but it's a very important one nonetheless. You cannot underestimate the negative effects of poor record keeping on your business including  paying excess tax, something that could potentially spell disaster for your business. At a minimum you have a legal requirement for everyone who pays tax to keep the records they need to fill in a tax return, for VAT registered businesses there are more specific requirements.

Simply put, though, it can be a challenge and frustrating at times, but it just makes good business sense to keep well organised and accurate records. If you can get this right in the early stages by setting up a system and sticking to it you'll find the process is a lot simpler to keep up-to-date.

Franchising can be perfect for those individuals who want to run their own business without worrying about the pressure of starting from scratch and/or coming up with new ideas. It is also suited to people who believe in selling a proven product and like the idea of having the backing of a large organisation.

A recent survey showed that 90% of franchise businesses are profitable and the failure rate is much lower than it is for traditional start-ups. Not surprisingly, then, banks like franchising and will often offer up to 70% of a franchise fee. These are strong reasons why you might consider becoming a franchisee as a less risky route into business, however, as always there are also important factors you need to be aware of that might make it a less attractive proposition.

We've listed a number of the pros and cons below, which will give you something to start thinking about, and if you decide to find out more this month's Franchise Show in London (24-25 February at ExCeL) will provide you with a great opportunity to meet 120 brands, and attend over 100 seminars to receive expert advice on how you can use your experiences to run an extremely profitable franchise. You will also be able to discover franchise opportunities covering a diverse range of industries including some from overseas.

Perhaps you are in the situation where you know you want to start your own business, but have the really tough dilemna of choosing what type of business to open. People using a particular skill or expertise often take it for granted that they will start a business in that area, but the same isn't true for all of us.

Some entrepreneurs are actively trying to leave a previous career behind or have several ideas but need to pinpoint the one that will be most profitable. Finding the next big thing or current hot areas is not easy, otherwise we'd all be millionaires. Plus, once a new trend emerges it's often then flooded with businesses, which means survival of the strongest. So, you've got to get in fast, and be the best. Your choice of business will also depend on your budget. Do you need office space, stock, staff, kit? All this costs money, and so the lower your start up costs the better chance you will have of success.

The best businesses for 2012? Well, according to startups.co.uk these are ten of the best...

We already knew it, but a recent report by the Made Simple Group has shown that the oldest person to become a limited company director in the last three years was 94 and the youngest was 16. This is a fantastic reflection of business in the UK today, and just goes to show that the UK is full of new business ideas from all quarters. The fact that so many young are setting up companies bodes very well for the future of private enterprise, and we can only hope that they are getting the help and support they require to help them succeed in this difficult arena. Sadly, having a good idea simply isn't enough in this day and age. It's about how you get your message out to the masses. Similarly, with older entrepreneurs, if they are setting up their first company then they will probably still require support of some sort even if they have the benefit of business experience. It would be interesting to see the types of businesses these two groups have been setting up and whether there are any clear differences - and also the success rates.

Outsourcing is worth billions of pounds every year and yet there are still businesses that shy away from it due to misconceptions, which we will aim to clear up here:

Outsourcing can be too constricting

In the past it is true that some companies found themselves tied up in long-term deals with outsourcing companies that ultimately proved uneconomical and unflexible for the business. However, this is a thing of the past, and today we see shorter contracts and flexible terms dictated by the customer that result in more productive, successful relationships. Early ‘get-out clauses’ are also common.

Are you a woman who has started her own business? Are you thinking about starting a business? Presently there are about 620,000 majority women-owned UK businesses, and the good news is that more and more women are expected to start their own businesses over the coming ten years. In fact, according to business community network Everywoman, the number should accelerate by 100,000 over the next decade.

Everywoman is working with the Federation of Small Businesses (FSB) in its Real-Life campaign helping businesses overcome the challenges they face. Both organisations are pressing for a target to be given to increase the amount of female entrepreneurs. In addition, Everywoman has started Modern Muse, a project that will see hundreds of Britain’s female leaders inspire the younger female generation. It's hoped that this will encourage more women to become entrepreneurs.

Add Comment | Views: 213 | Read more...