So you've got a brilliant business idea, Now What?
Providing a service or product to fit a need is only half the battle of starting a new business. Your title is not just business owner, you now become chief of marketing, the HR department and the financial adviser.
Jim Duffy founder and CEO of Entrepreneurial Spark comments, "Most entrepreneurs I have worked with will start out with one idea which then pivots into something else, and most likely pivots and changes a few times more until they get something that truly works for them and is something that their customers want." The top issues you should put your focus on when starting a new business are:
- Pinpoint who your target audience will be: i.e. who are your customers/clients
- Think about the solution you provide for their needs/problems
The Guardian offers additional information on how to find a business partner, how to protect your idea and when to seek investments.
Is a business partner right for you?
Find a community of like minded individuals; they are more likely to give you an honest opinion on your idea. Networking always helps; you can find out where others have failed and succeeded. You will most likely find someone you can work close with and trust and that's when you can begin the conversation about a partnership.
How do you protect your idea?
Make sure you register all trademarks and domain names as soon as possible. If you will be applying for a patent, make sure you have an IP lawyer to give you advice.
When do you seek investment?
Once your confident that your business idea can upscale you can being seeking investments. Also, keep in mind that you may not need to go the investment route if a loan can suffice.
"There are now more options for funding than ever before and your choice will depend on what you need at the time. For example crowdfunding is great to raise finance, but also to raise further validation from large groups that your business idea is a good one," said David Pirie, head of entrepreneur development at NatWest.
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