The first thing you will need to do is check how successful your business idea will be. You do not want to follow an idea that will not be successful. You may:
- want to start your business to sell a specific craft or skill that you have;
- want to start your business because you see a gap in the market;
- have always wanted to work for yourself;
- have been made redundant or not been able to find work; or
- want to buy an existing business or a franchise.
Whatever your reasons, you will need to make sure that you have fully thought through your idea and know that there is a real market for your product or service. Everybody who is starting a business, no matter how big or small, will need to do this.
You need to check your new business idea to see if it will work, and also to see if enough people will want it. You must look at your business idea as a whole in an open-minded way. In particular, you must consider:
- your business idea;
- Money;
- the law;
- the performance you expect;
- market research;
- your customers’ needs; and
- your competitors;
to decide whether you think it’s worth going any further. There are two reasons for this.
1 You need to make sure, in general terms, that your business is likely to succeed.
2 You should decide what you will need to research in more detail so that you can
develop your business plan.
The first thing you should do if you are thinking of setting up your own business is to research if it will work.
The main topics
When you check how likely your business idea is to be successful, you will need to:
- explain your business idea;
- make sure there is a market for your business; and
- decide if your business idea will be a success.
Once you have done this, you should have a clear view of what other research you still
need to do to develop your business plan.
What you can do
When you have checked how successful your business idea will be, you can:
- produce a statement about the main parts of your proposed business;
- develop a clear understanding of your customers’ needs and the market for your
- business products and services; and
- decide whether your business is likely to make you enough money.
- These activities overlap with those in Unit 5 (Marketing and sales) and Unit 7 (Customer service).
What you need to know
To do this properly, you need to know and understand the following points.
- How attractive your business is to your customers. (In other words, do you give them what they want?)
- Your business aims.
- Financial research, planning and forecasting.
- Market research and planning.
- Market and business trends.
- The skills and abilities you and your staff (if you have any) will need.
- Survival budget (the money you will need to take from the business for personal
use).
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