Many of us have had these moments – you think of an industry-changing business idea or an app you really wish existed. But how do we make these become a reality and not just remain pipe dreams? Well we’ve put together a list of handy tips for you:
1. When you’ve finished doing your research, do some more research.
There’s no such thing as being too prepared or knowing too much about your industry. Having a broad base of knowledge around your industry will help you focus your marketing, copy and position yourself within the market.
2. Get some good advice.
No-one ever started a business without talking to people who knew lots about business and that specific industry (probably). this isn’t something you should miss out on – the more perspectives and tips you can collate, the more resilient and informed you’ll be as an entrepreneur.
3. Funding
Have you got the funding you need? Do you know where to find it if you don’t? Make sure you have a good idea of your funding structure before you start your business.
4. Map everything
One of our favourite tools is the Business Model Canvas. It’s a one-page wonder, showing your whole business plan at a glance. Clarity over your business plan is really important when you’re getting into the nitty gritty of decision making in your first few months of trading.
5. Stress test your business idea
Consider stress testing your business idea before you get started. This is a great article on how to analyse and review your business model before you launch, making it more likely to survive as a start-up. It may help you to see pitfalls you hadn’t thought of.
6. Patience & Contingency
Be flexible with your business. Your core ethos and vision shouldn’t change, but elements of your business model may change over time due to demand, suppliers or the economy. Be prepared for changes that might alter the way you run your business.
With these tools, you should be all set to interrogate your business idea, find any gaps or problems, model it and start. If you want some help with getting started or modelling your business, get in touch, it’s what we do best.