Planning your business
So you've unearthed your golden business idea, but what do you
do next? Easy, start planning! Not quite as exciting but no matter
how great your idea is, unless you've set out exactly how you
intend to implement it, it's unlikely to ever surface as a real
business. This guide shows you how to plot your route to
starting-up and develop a business plan:
- Develop and test your idea
- Market research
- Write a business plan
Develop and test your idea
It's time to flesh out your idea. Where will the money come
from? Where will it be based? Are there any similar businesses out
there? How are they doing? How will you differentiate yourself? The
more detail you go into, the more you will be able to work out
whether your proposition is a viable one - and the more likely it
is that potential investors will be convinced when it comes to
getting funding.
- Go into as much detail as possible
- Look at the competition - how are they doing?
- Decide how you will differentiate your business
Market research
Doing extensive market research will help you to work out
whether there is a niche for your business - and will help you to
convince potential investors. You can find government statistics on
the Office of National Statistics (ONS) website or at your local
library, or, for more specific research, you may have to pay for a
report from a company such as Mintel or Experian. You could also do
your own research, either by speaking to friends and family or
going out on the street to speak to strangers.
- Work out whether there is a gap in the market for your
idea
- Use statistics from the government or reports
- Do research on the street
Write a business plan
Your business plan is your outlines what your business will do,
how it will do it - and that must include how it will make money.
Your plan will sum up all the research you have done, proving the
need for your business; forecast costs and revenues to show it is
viable; and plot how you intend to execute the plan and reach
customers/clients.
- Use a plan to prove your business is viable
- Include research
- Be clear about revenues and strategy
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