HOW TO TURN AN IDEA INTO A SUCCESSFUL BUSINESS?
It is reported that 65% of all employees have thoughts about setting up their own business (for a number of reasons !!). Are you one of these ? Whether you are thinking of setting up a ‘one person’ business or a ‘company’ with premises and staff.
But to progress. First, it is essential to ask for advice, is the business idea viable, can it make the money you expect, and is it potentially a long term business? You may think it is a great idea for a business, but you need to check out the ‘real world’ of business. Ask someone with practical business experience.
If you are starting a business, the actual product or service may constitute less than 25% of the elements necessary to make the business successful. The rest includes market research, target setting, financials, marketing, web site, sales, funding, cashflow, HR, etc. This principle is from a theory published by a leading British entrepreneur.
So many people identify a product or service for a potential business, and assume the rest will happen! These days, many people, having worked in the corporate arena for large companies, assume that, with their experience and contacts, they can immediately branch out on their own, and create successful businesses. It is not that easy. This very rarely happens.
Whatever your business Idea, get independent views on the viability from business specialists who have current experience in setting up and running businesses. And the advice may vary, depending on what you are trying to set up and why? And it will usually take experience in specific areas to give you best advice.
Getting early comment and advice could save you lots of time and money and help you set up a successful business. e: ian@startupassist.uk . Webinar this Friday 6th 12.30 on how to Turn an idea into a Business.
Published by Startup Assist UK
Providing 1-2-1 Advice, experience and information for all UK Startups and Growing Businesses.