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These days, starting a business online can be a low risk entry point. You don’t even have to build your own website any more as third-party sites such as eBay™ and Etsy have created direct-to-market opportunities for people with products ready to ship. Starting online could be a good option if you’re selling popular consumer items such as fashion or homeware. It’s especially good if you need to test out how your market works and what people are willing to pay for, all without expensive overheads. There are a number of online business success stories, from Net-a-Porter to Notonthehighstreet.com and the global giant Amazon.

Location, location, location

Thinking about your location and business base isn’t something that should be left to the last minute as it can make all the difference to your business thriving or even getting off the ground. If your clients or the industry you’re working in are based in a different town or city to you, it’s worth considering having an address or virtual office in the same area as this helps with credibility.

Here are a few things you should also consider.

 Global versus localWill your business sell its products or services internationally or more locally in your neighbourhood or community? You might do both, which will take more effort and money, so think carefully before you decide upon world domination.

 Footfall on the high streetIf you’re setting up a physical shop, where’s the best location for what you do? Do you need passing trade or do you work by appointment? If empty premises catch your eye, spend a few days counting how many people pass by at different times during the day as this will be your footfall if you had that space.

 CostsIf you have premises, you’ll incur a number of costs, such as business rates, and you’ll need public liability insurance (see here). Factor all of this in when planning as it adds up. Some areas have business incentive schemes; speak to the local Chamber of Commerce wherever you end up.

Networks and support

You know the old adage: ‘It’s not what you know, it’s who you know’? Well, here’s an updated version: ‘It’s not what you know, how much money you have or how brilliant you think your idea is, it’s who you know that will be the difference between success and a hard old slog’. While that’s a bit of a mouthful, in business it’s true, and you’ll find over time that networks and making connections might be even more important to your business than money.

Although in the UK the Government-backed business support environment has shrunk somewhat over the last few years during the economic recession, there are still organizations out there that can help you to get your business idea off the ground. In the UK, look at organizations such as the National Enterprise Network, UK Trade and Investment, and Chambers of Commerce. Most of these will have local branches and some offer access to finance alongside advice.