M14 Setting up in business

Micro EnterpriseDebt
  • Micro-enterprises which supply goods or services that local people need and that have an easily available market, are more likely to be successful. Ideas should be new rather than setting up in competition with existing enterprises.
  • Consider what facilities, equipment and labour will be needed. While it is sensible to start small, it is also useful to allow some space to be able to grow and increase production without needing to move immediately.
  • In addition to obtaining a loan or credit, what other legal structures may be required? Will the enterprise need to be registered officially? What is the situation regarding tax? If food products are involved, will the enterprise need a hygiene inspection? Is the equipment reliable and safe for workers?

  • How can new ideas be developed? What household products are always needed but could be produced slightly differently? These could include bags, mats, brooms, food products, cooking equipment or lights.
  • Who else is making such products? How could you vary what is produced? Consider new ideas, variations, colours and different uses even for everyday things.
  • It is usually better to start with making products which use locally available materials and tools so that you don’t need too much money to start with.
  • Is there any useful training available? Are there skilled individuals you could learn from? Are there courses available?