What does it take to start a business?
Every viable new business needs 3 things. A great idea, the right person behind it and the resources to make it happen. Obviously, there are always other things to consider, but every successful business has demonstrated the above. This idea could be that ‘light bulb moment’ when everything seems to fit in place. Sometimes this moment can occur when you identify a problem and try to identify possible solutions to that problem. This moment could also occur when talking to friends, or it could be related to your career and what you have done throughout your working life.
In order to carry your idea forward into a viable business proposition, your idea needs to have:
- A need – something that consumers need and are going to buy
- A target market – A target market that could be broad or niche
- A place where you can sell your product or service – a website, Facebook page, shop, office or market stall
- A name – something that fits in with the concept of your business
Of course you do not have to think of all these things at once, but you need to have some idea about how your business is going to start and grow. If there isn’t a need for your product then it isn’t going to sell. If you don’t know who your target market is, then you are going to find it hard to market your product or service. If you are going to sell a product, you are going to need a place to sell it.
The only way to find out whether your business idea is a good idea is to talk to experts about your idea, so do as much research as you can about the sector and the target market, and test the product or service. Most of this can be done for nothing, simply by going on the internet or to your local library, attending your local business network or networking evenings to discuss your ideas, or even asking people if they think your idea is workable.
If you are determined, passionate and have the belief to make it work, then you will find a way to make it work. This could mean tweaking or completely changing your original idea in order to make it into a viable business. As long as you have the expertise, determination and motivation to make your business work, you are half way there to making it a success.
If you are unsure of how or where to start with setting up your business, then why not attend one of our business enterprise courses? We run start-up enterprise courses to help you with your business ideas, and to provide you with the skills and know-how to make your business work.
Find out more about our Practical Skills for Business courses by talking to one of our enterprise team members using the contact form below. If you are unemployed or have recently been made redundant, then the course will be funded for you. You can also take part in our Skills Support for the Unemployed and Skills Support for Redundancy programmes, which can equip you with the skills and knowledge to get back into work.