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Business Ideas - Top 5 Business Tips

We asked our contributors what tips they would pass on to people starting out in business. The tips that they wished they had been given. This is what they said:

• 1) Company Name
  "This is the most important thing you will need to come up with. Changing it will be an expensive and difficult task. Simple as it may seem, choosing a company name that begins with the letter 'A' will appear nearer the front of alphabetical listings so thats worth thinking about. Also, a name you don't have to spell out over the phone, or think about how to pronounce will be much more memorable. There are also legal requirements about certain words you can't use in a company name."   more on business names
• 2) Employ Professionals
  "You may be the cheapest/best/quickest at making widgets, but what do you know about the Tax laws of the UK? Don't even think about starting a business until you have seen an accountant. Most will give a free first interview and may even tell you to come back in a years time, but their advice is invaluable"
• 3) Plan for Growth
  "Everyone will tell you to do a business plan. Thats fine and dandy, but you know as well as I do that you'll stick it in a draw and never look at it again. What you can do, is think about your premises. Get a non-geographical telephone number so that you can point it to any land line."
• 4) Don't be Shy
  "Make a list of everyone you know and let them know what you are doing. Word of mouth is the best and the cheapest way of marketing your business. The vast majority of people will be supportive (and a little bit jealous!) and try to help where they can."
• 5) Prepare for "J" Day
  "The day when you 'Jack it in' or give up your job should have been planned well in advance. You will have saved up 3 to 6 months subsistance money, so if the business is a little slow to take off, you are not under pressure to give it all up and get another job."