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Starting a New Business?

It can be daunting starting a new business especially after being employed for a number of years, there are many decisions to make.

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Do you have a good business idea?

This is obviously the most important, without this you cannot proceed further. It can be a service or a physical product you are providing, but either way it must offer a tangible benefit to the consumer. To understand whether an idea can progress you must ask the following:-

Is there a demand for the service ?

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A great idea without a market cannot succeed, however if no market exists now this does not necessarily mean there may not be a market in the future. You may be able to create demand by explaining it's benefits to possible consumers.

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Can the service / product generate a return?

This is not simply "is there a market for the service / product", for instance if you can generate an interest in what you are offering then this can generate income via advertising (e.g. YouTube channels)

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How can I turn this idea into a business?

To make the transition from an idea to a business you must have a business plan. There are many scenarios to examine and these will determine your ultimate success - the plan will turn your ideas into a concrete proposal, it will calculate your sales numbers, prices, effort required and finally how much funding will be needed.

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Business Plans will be needed by:-

You the owner - to understand your business

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The UK Government  - if you are requesting grants like the New Enterprise Allowance

The UK Government  - if you are not a UK national and need a Start-up Visa

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Local Government  - if you are requesting local funding - such as the Forward Enterprise Fund

The Banks - If you are requesting bank funding

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Regulatory Bodies - if you are entering a regulated industry - e.g. the Financial Conduct Authority

You can write the business plan yourself or get a professional such as www.businessplanneruk.com to write it for you, the next section details the Business Viability Calculations

Business Planner UK can help you grow your ideas into a viable business - visit us at www.businessplanneruk.com to find out

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