Starting a Business Step 1 - Have An Idea
Whether your idea is for a product or service, you should ask yourself the following questions
- What makes you idea different?
- Is your idea unique?
- How would your idea be an improvement on what is available already? For example: when Dyson introduced their vacuum cleaner up against Hoover, they stated it was different because it didn't use a bag, it didn't lose suction and every part could be recycled. In doing so, they created a whole new product category: bagless vacuum cleaners.
- Who would buy your idea?
- Why would someone buy your idea?
- How would your idea make someone's life easier or better?
- Is your ideas easily explained to others. For example, the Trunkie is a small, brightly coloured, novelty suitcase on wheels that children can ride around on. The easier it is to describe your idea, the easier it will be to turn it into a reality.
Gather your thoughts together and write them down. Discuss your ideas with friends and family and get their input. Refine your idea until your happy with it.
Growth Hub providers – help with starting a business.
Open University – The OU runs a free, 15 hour course aimed at anyone looking to start their own business.
Business is GREAT Britain - a good starting place whether you’re looking to set up a business or you need help in making your business grow.
SETsquared - a partnership between the universities of Bath, Bristol, Exeter, Southampton and Surrey specialising in growing high-tech start-ups.
Institute of Chartered Accountants in England and Wales - provide a series of free downloadable documents aimed specifically at start-ups.
Her Majesty’s Revenue and Customs - have compiled a useful guide packed with information and advice for those in the pre-start up or start-up phase of business.
GOV.UK - provides online information and guidance on starting a business.
Business Finance Guide – a useful guide covering all aspects of business including advice on starting a business and funding.
Start Up Loans - offer government backed funding to enable you to get your business idea off the ground.
Business West Virgin Start Up Loans - Your business may be eligible for Business West’s start up loan scheme in partnership with Virgin Start Up.
British Business Bank - publishes a useful guide to finance options for start ups, SMEs and growing mid-sized companies.
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