FSB: Research required for new businesses ventures

Posted on 30 May 2008

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Start-up businesses must be planned "well in advance" with plenty of research, experts have claimed.

A spokesperson for the Federation of Small Businesses (FSB) said business owners must have an understanding of the market they intend to work within, looking closely at potential competitors to consider how they target the consumer.

He also advised start-ups to make sure they had "plenty of support", "a lot of leeway if things don’t go to plan"– and "a healthy financial margin for error".

"If you don’t make as many sales as you thought you might in your first year then you need to have something to fall back on," he added.

The FSB campaigns to promote and protect the interests of self-employed workers and the owners of small businesses.

National statistics from August 2007 indicated there were around 4.5 million businesses in the UK at the start of 2006, up 2.9 per cent (125,000) from 2005.

Some 99.3 per cent of this total were classed as small businesses employing between zero and 49 employees.

 

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