Starting a small business

theDon876

Can I just start a business without checking the marketplace for demand.

What will the likely problems be if I do this?

Dox

If you want to. The most likely problem is you'll lose any cash you've put into the business - and wasted your time - but if that doesn't deter you, go ahead. 

You might want to read this first to check you comply with HMRC rules etc https://www.gov.uk/browse/business/setting-up

Middlestitch

If there's no demand, the business will fail because you'll run out of cash. Even so, given how clueless you are, it might be a very valuable learning curve provided you don't invest too much cash (and that includes racking up debts - you'll almost certainly have to pay them personally if you incur them).

theDon876

Obviously but how do you know if there is demand or the market is saturated?

an9i77

Can I just flush some £20 notes down the loo?
What will the likely problems be if I do this? 

[Deleted User]

You're clearly not business-minded, if you were you would be working very hard, carrying out proper due diligence.
You won't succeed.
Come back with an intelligent post and there are a lot of members who will give you advice on being a self employed trader.

motorguy

theDon876 said:

Can I just start a business without checking the marketplace for demand.

What will the likely problems be if I do this?

Yes!

Starting your own business without checking the marketplace for demand is a great way to make a small fortune!  Out of a large one.

Save yourself the hassle and flush wads of £20 notes down the toilet for the same effect and outcome.

theDon876

Catsacor said:

You're clearly not business-minded, if you were you would be working very hard, carrying out proper due diligence.
You won't succeed.
Come back with an intelligent post and there are a lot of members who will give you advice on being a self employed trader.

This post is hilarious. Ofc I'm not business trained. That's what I'm trying to learn. 

Dox

theDon876 said:

Obviously but how do you know if there is demand or the market is saturated?

Research it. Who else is selling whatever service or product you intend to provide? Local, national, international or doesn't that matter? Where is it being sold? By whom and what do they charge? How will you promote your business to not just compete with your competitors, but beat them to the business at a good price?

Plenty of reading online. Use the gov.uk link above, do some googling, see what your local library has to offer (they may be closed to personal visitors, but most are running telephone enquiry lines and offering digital loans).

Tealblue

theDon876 said:

Can I just start a business without checking the marketplace for demand.

What will the likely problems be if I do this?

Looks like a school homework question!

lincroft1710

For heaven's sake, don't give up your day job!