Top 5 Start-Up Questions

  1. What Kind of person makes a successful entrepreneur
    If you take a cross section of successful entrepreneurs you will see certain characteristics they have in common, whilst not a guarantee to success it is worth asking yourself if you have any of these attributes.
  • A strong desire to work for themselves and do things their way
  • A history of making good decisions
  • An ability to see the whole picture of where the business is and where it needs to be
  • A high energy level for the inevitable long hours
  • A thorough knowledge of the area that the business is positioned in
  • Ability to persevere when things become more challenging

Whilst it is not essential to tick all the boxes straight away, more crosses than ticks would certainly highlight a cause for concern; however, it may be that further training or investigation would go some way to turning crosses into ticks.

  1. Should I have a business plan?
    A business plan is necessary because it not only summarises both your vision of the future but gives a roadmap to follow towards ensuring your success.

The plan should include (but not limited to) initial start-up details, future direction, who is who, and projected profit and loss, cash flows and assets, the plan should include as a minimum:

  • A table of contents
  • A page identifying the company
  • An ‘Executive Page’ giving an overview of who you are, where you are and where you intend to be.
  • The background of where you and the business came from and skills possessed.
  • A Marketing plan summarising how you will promote your business and products
  • Financial forecasts and statements showing expected performance
  1. How do I estimate start-up costs and expenses?
    You need to know up front what your start-up expenses are going to be, without that information you have no way of knowing how much capital you need to get the business off the ground and running even if you are intending to be self financing you need to know whether you are going to hit cash flow problems. You need to find the costs of business premises (unless you are working from home) , rent, rates, telephones etc.
  1. Analysis of Monthly Cash Flow.
    Your projected financial figures may differ substantially from ‘Actual’ income, ongoing analysis will highlight whether you are accumulating enough cash to cover operating expenses as well as showing hopefully when there is an excess of cash to make purchases or expand your operation.
  1. The Competition.
    All businesses have competition, it is vital that you know who your competition are their prime concern is to get the business that you are now hoping to get, analyse how they get their business, their products their ‘uniqueness’ (the reason the customers chose them in the first place) their prices, their strengths and weaknesses.

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At CodeSpinnewe have over 25 years experience of producing custom software.

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Tell me and I’ll forget, show me and I will remember, involve me and I will understand (old chinese proverb).

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