Different approaches to starting your own business

A good business idea

A good business idea could be an invention, a new product or service, or an original idea or solution to an everyday problem. It might also be:

• a gap in the market that you can fill
• a business related to the work you do already
• an interest or hobby that you can turn into a business

Whatever your idea is, you need to be sure that it fits with your needs as an individual, as well as being a viable business proposition.

Questions to ask yourself

• What is it that you will personally bring to the business in terms of relevant experience and expertise?
• Is there a market - a need for the idea, and customers who will pay for it?
• How big is the market, and how will you reach it?
• Who will be your main competitors?
• What is special about your idea, making it different from similar products or services already out there?
• How will you fund your idea?
• What might go wrong?

For information on turning your answers to these questions into key documents for your business, see our guides on how to prepare a business plan and write a marketing plan.

Other sources of help

• You can get free professional help from your local enterprise agency - find your local enterprise agency on the National Federation of Enterprise Agencies (NFEA) website - Opens in a new window.
• Discuss your ideas with friends and colleagues, particularly those who know about the business.

Help for people under 30

• Help with setting up your own business is available from the Shell LiveWIRE scheme. Find out about the Shell LiveWIRE scheme on the Shell LiveWIRE website - Opens in a new window.
• If you have a good idea for a business but can't get funding, the Prince's Trust scheme could help you by offering a low interest loan, a grant or a mentor. Find out about the Prince's Trust scheme on the Prince's Trust website - Opens in a new window.

Subjects covered in this guide

• Introduction
• A good business idea
• A tried and tested business model
• A specific business opportunity
• A business with social aims
• A change in circumstances
• Taking control and changing your lifestyle
• Going into business full time
• Going into business part time
• Here's how a Business Link adviser showed me different approaches to starting a business

Print options - What are my print options - Opens in a new window

• Add guide to my print portfolio (print later as PDF)

Email options - What are my email options - Opens in a new window

• Tell a friend about this page
• Send me an email alert when this guide changes