New Year’s Resolution: start your own start-up

A small business owner needs more than just enthusiasm to be successful, so budding entrepreneurs should be aware of a few handy dos and don’ts in the art of starting a business.

What better time to start up a new business than in the New Year? It’s traditionally a time of fresh starts and lots of change, and setting up a new business marks a refreshing and daring break from the norm for a lot of people.

According to Frost, ‘girl power’ was also behind the increasing popularity of self-employment as there was a hike in the number of female-led start-ups.

In fact, the director general of the British Chambers of Commerce, David Frost, reported in the Daily Telegraph last week (4 January) that many new businesses in 2010 were started by those who found themselves out of a job. In a year which saw more new businesses set up than in any of the previous three years (British Bankers’ Association), the continuing rise in unemployment last year resulted in a surge in start-ups.

Ensure you have a thorough business plan and prepare for all eventualities before you start. Even trialling an idea before you dive in can be very useful to gather feedback and iron out any teething problems.

Don’t jump into it too soon... While it can be easy to get carried away with your ingenious idea for a business, this enthusiasm can be many people’s downfall. Ensure you have a thorough business plan and prepare for all eventualities before you start. Even trialling an idea before you dive in can be very useful to gather feedback and iron out any teething problems.

This post is written by the small business team at Intuit UK. QuickBooks accounting software is part of the family of financial software and services from Intuit. QuickBooks UK is the accounting software for all your small business needs.