Nearly 50% of businesses don't reach their 2nd birthday; here are thirteen tips to make sure yours isn't one of them.

• Assess your skills: It may be your passion or hobby but will it appeal to consumers and is it a viable business proposition? Do you have all the necessary skills to turn that hobby into a thriving business?
• Research your market: Carry out as much market research as possible. Find out all there is to know about your market place before taking the huge step of implementing your business idea. There are three things you seriously need to consider - your competitors, the size of the market and the demand.
• Seek advice: Always look for and take advice, guidance and support in all aspects 01 your business – from initial concept and business planning, to ongoing development and beyond.
• Write. A business plan: Plan and write a viable and detailed business plan with measurable goals, expectations and financial requirements. Get outside advice to ensure you write a business plan that people will buy in to. Your business plan is a key route to finance.
• Plan for the future: Do you have a vision for what you want your business to achieve? This vision should always be closely linked to you business objectives. You need to know where you want to go and how you are going to get there.
• Legal issues: Make sure you understand the legal intricacies of starting and running a business before you start. This should include the type of business (sole trader, limited company, partnership), partnership contracts and key employment law issues.
• Finding finance: Take advice on the best and safest way to linance your business dream. Shop around for the best solution to gaining finance for your business proposition. This could include a bank loan, grant, lending from friends and family or even a business angel or venture capitalist.
• Be objective: Make sure that you are able to step back and look at your business ideas objectively. You may need someone to help you achieve this and a coach or mentor will give you support, advice and the listening ear you need.
• Recruiting the right people: When you start to recruit, think about the skills you require. Can you afford people that have the experience you require? Think about how you can enhance your offer to include other benefits, for example a wide breadth of experience, dynamic environment and opportunities to grow with the company.
• Locating your business: Premises and your business address can be key to your success. The decision on where you base yourself needs to be carefully considered, taking into account costs, competition and access.
• Attracting your customers? A sales and marketing plan will help you clarify how you are going to sell to your customers and promote your business. Ensure you reach your target customers whatever channels you choose.
• IT matters: From the number of telephone extensions, printers and PC's through to security and mobility options for employees that are likely to be working remotely, choosing the right IT is crucial. Remember to seek expert advice here. Also don't assume that employees who have used computers before will automatically know how to use your system so training will be important.
• Finally remember to take a break: Even though running your own business will be hard work and often require long hours, don't forget to take breaks and holidays to keep you refreshed throughout the year.

This article from the Greater London Chronicle date issue 28. June 2006