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Robert WarlowSmall Business Success
 
Steps to Setting Up a Successful Small Business
2
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Robert Warlow and Small Business Success 2007All rights reservedE-Mail:warlow@smallbusinesssuccess.biz 
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Steps to Setting Up a Successful Small Business
3
Index
 
Introduction......................................................................................................................................5So You Want To Be An Entrepreneur?...........................................................................................6Which Budding Entrepreneur Are You?......................................................................................6The Key Motivators.....................................................................................................................7Are You Up To It?......................................................................................................................10Self Motivation...........................................................................................................................10Decision Making........................................................................................................................11Self Confidence.........................................................................................................................11Discipline...................................................................................................................................12A Good Motivator......................................................................................................................12Dogged Determination..............................................................................................................13Ability to Learn from Mistakes and Failures..............................................................................13Skills for Success...........................................................................................................................14Communication.........................................................................................................................14Sales and Marketing..................................................................................................................15Organising Your Life..................................................................................................................16Keeping an Eye on the Cash....................................................................................................16Finding and Coping With Staff..................................................................................................17Got An Idea?..................................................................................................................................18Turn Your Job into Your Business............................................................................................18Turn Your Hobby into Your Business........................................................................................18Look For a Gap and Fill It..........................................................................................................19Research the Possibilities.........................................................................................................19Copy Success...........................................................................................................................20Are You a Budding Inventor?....................................................................................................20Buy a Business or Franchise....................................................................................................21How Deep Is Your Pocket: The Keys to Establishing Your Start Up Costs..................................22Why Estimate Your Costs?.......................................................................................................22Where Can You Go For Help?..................................................................................................23Examples of Start Up Costs......................................................................................................24Who Said It Was Going To Be Easy?.......................................................................................25Is There Anyone Out There?.........................................................................................................26Identify Your Geographical Market............................................................................................26Identify Your Market Place........................................................................................................26Identify Your Potential Customers.............................................................................................27Your Questionnaire...................................................................................................................28Survey Options..........................................................................................................................29Your Pricing Policy........................................................................................................................32Step One – Work Out Your Costs.............................................................................................32Step Two – Decide Your Pricing Strategy.................................................................................34Step Three – Research the Market...........................................................................................35Step Four – Set Your Price.......................................................................................................36Step Five – Creatively Display Your Price and Offering...........................................................36Your Legal Status..........................................................................................................................38Sole Trader................................................................................................................................38Partnership................................................................................................................................39Limited Liability Partnership......................................................................................................40Limited Company......................................................................................................................41Choosing a Bank and Opening an Account..................................................................................43How to Choose a Bank..............................................................................................................43Opening an Account..................................................................................................................45
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