To successfully start your own business you need a good idea and that idea must be a “fit” for you.

Many people come to the Enterprise Agency when they are still at the “idea and fit” stage.

At this stage the key question is “is this idea sufficiently attractive to warrant the effort and expense involved in trying to clear the next hurdle, “research and planning".

There are several aspects you need to have clear in your mind.

Essence of your idea - the product/service you plan to offer, how you will set your prices, who your customers will be?

Essence of your vision of the business once it is operational - how big do you want the business to be after one and three years, how will you sell/market the business, how will you operate and how you will raise and repay any funding you are likely to require?

Essence of you - are you really the sort of person who is suited to operating your own business - are you self confident - do you have vision, energy/enthusiasm and commitment - do you “make things happen” - can you innovate and solve problems - are you comfortable taking sensible risks?

Right place, time and people? - you may have a good idea but why Guernsey, why whatever location you have in mind for your business base, why now, why you and why any other key people you plan to involve?

Right start-up approach? - do you have the right approach in mind to starting your business - start-up, franchise, buy, buyout, network marketing?

Essence of your belief in opportunity - challenge yourself as to why you believe you will generate the volume/returns you anticipate, will survive competition/downturn - and ask yourself, if the business fails can I “survive” failure?