How to get started with business idea?

[Cofaki]

I have what I believe to be a great business idea but I don't know how to get started and what I need to do.

My idea would be working with businesses, so it's obviously different to selling a product to consumers.

What do I need to do/think about?

Is there someone I can pay to help me develop this and get it started? If so what kind of person am I looking for?

Search locally and see if there is a small business forum near you which offers guidance and advice.

Also, you need to find out whether there are other people offering the sort of goods or service you propose, and check out your market to see whether there is likely to be any kind of demand.

Do your homework first.

I’ve said this before but:

research
research
research

did I mention research?! 🤣

You need to research the market, see what your competitors do, what they sell, how they sell, how the advertise, look them up on companies house, see what their turnover is etc

Go and talk to people who have started up successful businesses, how did they do it, what are their tips? See if they are willing to mentor you - don’t ask, don’t get!

subscribe to YouTube diary of a CEO and similar channels which advise start ups. Read books on business and self development, write up a business plan and cash flow- talk to the bank about your options. Consider what the pitfalls might be and how you plan to overcome them. What’s your USP? What strategies will you put in place when the going gets tough (and it will).

I started a business and now employ 40 people- I wish someone had told me all of this. There is honestly so much you can do now to prepare so get at it! Make it fun and get absorbed in it but you must do your research first.

Wish you the best of luck x

Which books would you recommend? I've read quite a few already but it's good to have recommendations

I don't want to go into detail here but what I would be doing isn't being done by anyone else currently, it's something that's usually done within the third sector but not for the reasons I would be promoting it for the commercial sector. However it's ripe for a slight revamp and would be genuinely transformative of business practices and engagement with clients/customers which should have a direct and positive effect on the bottom line.

But as it's basically a new idea (in the sense I would be doing it) I need help to package and market it.

In terms of research, there's plenty for the other use, and I plan to offer free/very reduced rates at first as a way to do the research and get testimonials.

Here are some general ones: https://eatblogtalk.com/businessbooks/

Youll probably want to have a look at your specific industry too as advice varies widely depending on sector

Most importantly, exhaust all sources of free advice before you pay for any. There is so much available. For starters, look up your local “growth hub” here https://www.lepnetwork.net/local-growth-hub-contacts/ and there should be plenty of avenues for free advice and maybe even funding to get you started.

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