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Win a copy of a new Business Guide

Bdaily is giving away a free copy of The Good Small Business Guide 2013. For your chance to win, simply email enquiries@bdaily.co.uk with the subject heading ’Business Guide 2013’. Entry closes on Friday 1st Febuary at 5pm, when a winner will be selected and contacted via email.

Below are some of the questions that the Guide attempts to answer.

Is Starting a Business For You?

Being your own boss can be one of the most rewarding things on earth, but there are pressures involved- not least the effects of the current economic downturn- which you’d be unwise to ignore. It’s not enough just to have a good, viable idea- you also need the right skills and temperament to make the opportunity succeed.

Before you go any further, be honest with yourself. It’s time to find out as much as you can about who you are. Be honest and objective, and discuss your project with friends, colleagues and relatives to get their honest feedback. When wondering about your possible responses to difficult new situations, think about how you have dealt with past challenges. This checklist from The Good Small Business Guide is an ideal place to start asking these questions.

Do I have the right personality to start a business?

There is no single type of self-employed person, but experience has shown that there are some characteristics which successful self-employed people often have in common. They tend to be logical, perceptive, organised, reliable and able to communicate, as well as sociable and persistent.

What kind of skills will I need?

If you have qualifications relevant to your business activity, this will obviously be helpful. Additionally, certain businesses require exceptional ability, for example design, artistic or technical skills. It is important to understand the principles of business, including marketing, strategic planning, accounts and personnel management.

How do I get to grips with the risks?

You need to ask yourself several questions first. Do you have the financial resources, and can you afford to risk them? For example, you might take a secured loan based on the value of your home; what are your plans if the business fails and you are forced to sell your house? Are you familiar enough with the market? Do you have the discipline to see through hard times when cash will be short and demands will be heavy (from customers, bankers, staff, and, crucially, your family)?

Why do you want to start your own business?

Here are some of the positive reasons people often give, and a few notes of caution:

Independence: Yes, it can be a pain working for someone else, but you still need to be disciplined and get on with others when you work for yourself. If you feel that won’t be a problem, go for it.

Greater job satisfaction: It is very satisfying when you try your own way of doing things, and it is shown to work. You do, of course, also have to take responsibility when it doesn’t!

Achievement and success: There can be some prestige attached to the idea of running your own business, but make sure that you are not trying to prove you’re something you’re not.

More money: While the thought of being better off and more self-reliant is naturally attractive to us all, wealth is by no means guaranteed.

Only option: Beware of starting a business when you have no other choice. That puts you under more pressure, but if it’s impossible to avoid, just try to be pragmatic and avoid unnecessary stress.

What should my first steps be?

If you assess yourself early on and identify the areas in which you need training, it will save you a lot of time and money down the line. There are many sources of training available to small businesses, and several courses are run by local colleges and universities. Also bear in mind Trade Associations and Sector Skills Councils, which may run industry-specific courses, and check out the Skills Funding Agency, Business Link, and Chambers of Commerce and Enterprise Agencies.

Finally, it will take a lot of effort, but you can do it - The Good Small Business Guide 2013 will help you find out how.

(The Good Small Business Guide 2013, £19.99, is available from www.bloomsbury.com).

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