If you have a great business concept but don’t know where to start we can help. Bringing an idea to life isn't easy. The key thing is to get started, so you can move from idea to business. Here are some steps to help you transform that ingenious business idea into reality.
What Problem Are You Solving?
Many businesses claim to have solutions, but what specific problem are they really eliminating? All successful companies, products, or services enhance the lives of their customers by eliminating a problem. When you determine the problem you are solving you can market your company successfully.
Research the Market
You need to carry out a full market analysis of your idea and the target audience to ensure your idea is really going to fulfil a need. Start by doing a SWOT analysis of your proposal, defining all the strengths, weaknesses, opportunities, and threats associated with it. Going through the process will help you to evaluate and focus.
What to Include:
There are some questions that you should consider in your SWOT analysis that will help you going forward:
- What is the demand for your idea?
- Who will buy your product or use your service?
- Who is your competition?
- Is your competition successful? What do they do well? What can you do better?
- How will you price your product or service?
Put Together a Financial Plan
Create a financial plan that focuses on how your product or service is created, marketed, and sold to the end-user. Doing this will give you more insight into how your business will function. To verify your projections, create a financial plan which examines your market and the goals you need to reach to turn a profit.
Position Your Product or Service
To prepare your idea for the market, you need to be able to describe quickly and clearly what you’re selling. What will your product or service do for its customers? What need or problem will it satisfy?
Source Your Capital
Some sources of funding are self-funding, money from friends and family, credit cards, or loans. Depending on the amount you need, a helpful source of income can come from investors and venture capitalists.
Build Your Brand
You don’t have to be a large company to have a strong brand. Your brand needs to be a reflection of your values and also the values of your target customers. It’s the consistency across imagery, colours, text and tone of voice that build your brand.
For advice and information on starting a business refer to our blog or read further information about our services. CBM can also be contacted via the contact form on our website or call our expert team on 01604 420 420.