If you are thinking of opening your own shop there are a lot of things to consider. As exciting as it may feel to finally realise your dream of owning a small store, it would be wise to remember that hundreds of thousands of new businesses do not make it past their first year.

However, there are a few things you can do which will help give your business a head start. It is crucial you research your market. Customers are going to determine whether your business venture succeeds or fails. Ensure you know what it is you will offer them, that other competitors can't,

The location of your shop is another important factor. You might be excited by the new empty shop on your local high street, but it is worth considering why there is no business there in the first place. Give the location of your shop a lot of thought, because once you have chosen your premises you are likely to be tied into a long contract that will be difficult and expensive to get out of.

Make sure your budget includes start-up costs. It's easy to forget about the initial costs like equipment, in addition to the cost of any shop fitting design services used. By ensuring you have accounted for everything you eliminate the chance of any nasty surprises.

Be sure not to snub a business plan, many people believe they are a waste of time, but a simple plan of how you expect your business to grow will reveal just how much money you need, especially during the start-up phase.

Where possible start your new business before you leave your previous job. Leaving your current position to develop your business idea can leave you without revenue for as long as six months. There is always something in the process that manages to slow you down and by starting your business whilst earning a regular wage, your idea can be tried and tested before committing fully.