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[email protected] www.howtobooks.co.uk How To Books greatly reduce the carbon footprint of their books by sourcing their typesetting and printing in the UK. All rights reserved. No part of this work may be reproduced or stored in an information retrieval system (other than for purposes of review) without the express permission of the publisher given in writing. The right of Paul Power to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. First published in 2006 Second edition 2009 First published in electronic form 2009 © 2009 Paul Power British Library Cataloguing in Publication Data. A catalogue record for this book is available from the British Library. ISBN 978 1 84803 338 2 Produced for How To Books by Deer Park Productions, Tavistock Typeset by PDQ Typesetting, Newcastle-under-Lyme, Staffordshire NOTE: The material contained in this book is set out in good faith for general guidance and no liability can be accepted for loss or expense incurred as a result of relying in particular circumstances on statements made in the book. The laws and regulations are complex and liable to change, and readers should check the current position with the relevant authorities before making personal arrangements. For Brian v This page intentionally left blank CONTENTS Preface xi 1 So You Want to Start Your Own Business? My story Prepare yourself for some difficult times ahead The five secrets of being a successful entrepreneur Before we go any further, have you got what it takes? So – have you got what it takes? To do list 1 1 2 3 8 9 11 2 Great Business Ideas Start at Home 12 Why do so many businesses start from home? 13 Are all the best ideas already taken? 13 Where to get great ideas 13 Keeping a notebook 18 Evaluating your ideas 18 Your resources 19 Your lifestyle 20 Feasibility 20 Hobby business ideas 23 Don’t limit your ideas to your hobbies or what interests you 26 A great idea should be at the core of your business 28 Summary 29 3 What’s Involved in Starting Your Business Deciding on a name for your business Opening a business bank account Creating a business identity Your insurance company Local authority Where to base your business Complying with the law Health and safety Data Protection Act Summary 30 30 34 37 42 42 43 45 46 46 48 4 Resea