Originally written by Timothy Adler on Small Business
With redundancies expected to soar when businesses eventually emerge from lockdown and those on furlough lose their jobs, many of us are thinking of going into business for ourselves.
Last year saw a record number of companies created, with an extra 84,758 businesses setting up in 2020 compared with 2019.
Indeed the number of firms incorporated in Britain during the four weeks to mid-December was over one third higher than during the same period last year.
The year-on-year growth rate for new company registrations has been in double digits since June 2019.
If you have worked for an employer all your life, the idea of setting up on your own can seem daunting. Here is a free start-up checklist to take you through every step of creating your own business.
#1 – What’s your business idea?
First, you need to have a great business idea.
British entrepreneurs have always been good on capitalising on the emerging business trends that could boom in the near future and beyond.
What’s the problem that you’re addressing?
How can you help solve it?
What is the need in your local area?
Who is the competition?
How big is the potential market?
Ground-breaking digital business ideas have found their beginnings in