In an economic downturn, overall economic activity decreases. As a result, businesses could experience falling sales, cashflow problems, employment freezes or redundancies.
However, potential business owners can make good use of the knowledge-based opportunities created by an economic downturn. Add these opportunities to the level of advice and support available from Business Link and other relevant organisations and you have a recipe for potential business success.
This guide tells you about the key factors that can help you successfully start up and run a business during a period of economic volatility. It shows you how a well-thought out business idea, the right support and advice, good business planning and proper sourcing of finance can drive your business to succeed.
Subjects covered in this guide
- Introduction
- Work on your business idea
- Your business structure and business plan
- Access to sources of starting-up finance
- Develop an effective survival strategy
- Minimise costs and maximise efficiency
- Sources and contacts to help you start a business
- Checklist: starting up a business
From: www.businesslink.gov.uk
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