Business Startup - Stage 1
Start Up Scale Checklist
I have an idea but don't know where to start
- Write it down (it focuses your thoughts)
- Explain it to a friend, preferably a business friend (it will provoke more thought and raise questions)
- Research it on the internet (clarifies, diverts, disillusions early or boosts confidence)
- Draft a very simple business plan (don't be put off by those words.
Just answer the following questions - don't kid yourself and make sure your friend understands.
- Who will buy your product or service? Give real examples
- At what price? Why that price?
- And how many per month or per year? A few now, more later?
That gives you some idea of revenue.
- Who (how many people) will make the product or perform the service?
- At what cost? Low now, rising later - or high now to build it at all?
- Add 50% for overheads (this is a very simple plan!)
That gives you some costs.
Take costs from revenue. Is it profitable? Would it work? Ever?
To be honest, if you get this far (whatever the answer) you are already further along the road of starting a business than many. Your idea, your dream, your vision has got you going.
So even if the first answer is negative you are unlikely to give up. A plan rarely works first time. Look at your answers again. What if you adapt your idea? What would make the sums work? Can you justify the changes?
This is the point where you have some concrete ideas to take to others for good business advice.
Business Plan Advice:- Business Link, UnisDirect, Enterprise First
Email the Hub 'to help us to help you'.