Starting a business requires much planning, expert says

Date: 9th September 2011

Individuals looking start a business should start planning as early as possible.

That is according to Business Link, which said that people "really can't start too early".

Ray Lambe, director of the organisation, said: "Very often people are motivated by something they are very interested in or by a trade skill that they have to set up for themselves, but it is a big step and it's very different to working for somebody else.

"It's a good idea to access resources as part of making the decision to start off in business on your own, and understand the importance of cashflow and the importance of winning new customers. You can't start too early, really."

The comments follow the publication of the latest report by Wickes Tradebuilder, which showed that the main problems encountered by new businesses are poor marketing, lost sales and managing cashflow.

Indeed, more than half of new businesses have lost money through customers not paying them, with 75 per cent of these saying they did not take the matter further.

Posted by Jacob Williams