Day to start a business 'almost impossible task'

THE Guernsey Enterprise Agency offers free advice to budding entrepreneurs on the lengthy process of researching and establishing their own business. But in tonight's episode of The Apprentice, the two teams of candidates have only a day to start a service and make as much money as possible.

Peter Walters, the agency's development manager, said that was a tall order.

Billed as the world's hardest job interview, the BBC reality TV show scrutinises the candidates' abilities in a range of weekly tasks in their bid to secure a job with business tycoon Sir Alan Sugar. Each week, he fires the worst performer.

The third weekly task had been designed to test the candidates' entrepreneurial skills.

Mr Walters said they would have had to spot the demand for something that was not being fulfilled by anyone else.

With a bit more time to play with, he suggested two potentially lucrative ideas for aspiring Guernsey entrepreneurs.

'We have a need for fund lawyers in the island and you could be proactive in sourcing them by contacting them directly and acting as a consultant,' he said.

His other idea was to target local retailers with the offer of setting up an online store for them.

'Guernsey shops are finding it harder and harder to compete with online shopping, so they need to join in. This is a real opportunity for web designers.'

He said there was a lot to think about when starting a business.

'You have to consider what legal regulations you are working under, your finances, staffing, marketing and premises, to name just a few.'

But with the candidates having to turn around a business venture so quickly, Mr Walters said they had to be extremely confident there was a demand for their service.

'To get a return in one day requires very effective target marketing,' he said.

One idea he thought might work was a one-day shop.

'Perhaps they could approach a landlord with an empty premises in a prime location and strike a deal to rent it for a day. They could then buy in some profitable goods, such as flat-screen TVs, and flog them.'

Last year the GEA saw 300 clients.

Of these, 87 were existing business and the remainder were a combination of hobby businessmen wishing to expand or start-ups.

'We help them to hit the ground running,' said Mr Walters.

He is one of four advisers alongside John Stares, Tony Brassel and Tina James.

'We offer a confidential and impartial service and if we don't know the answer, we'll know someone who will. In terms of a facility for entrepreneurialism, we are second to none.'

It offers advice on every aspect of starting a business such as tax, marketing, PR, financing, legal matters and equipment.

'Our role is to evaluate a business idea and advise on its commerciality.'