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Test Your ideaO You need to make sure you have a good
idea before you startO Do some market research:
O Does your idea already exist?O Who are your competitors and how strong
are they? O Do your potential customers even want what
you are offering?O Is there anything else they would like to see
(think about future development opportunities)?
Write your business plan
O Write a detailed business plan so you know where you are going
O Make sure you include:O An overviewO Detail what the business is all aboutO Your Marketing and Sales StrategyO Who you are and your experiencesO Details of operations (what you need e.g.
office space, computers, business broadband, etc.O Financial details (your sales projections, how much
cash you have to put in the business and what your costs will be)
Getting FundingO Bank Funding
O Especially look at the new National Loan Guarantee Scheme launched this week
O Government GrantsO There are a number of different grants
available which could be very helpful for your fledgling business
O LeasingO Can you lease your equipment out to
someone or lease them yourself
Pick a good nameO Picking the name of your business is a delicate
process so here are some things to consider:O Make sure you stand out from your
competitorsO But don’t be so obscure your customers don’t
understand or remember your nameO Don’t pick something geographical, you may
expandO Be broad with your name which allows you to
diversify O Test out a few different names on potential
customers, they will give you honest feedback
Keeping afloatO Keep on top of your finances; if a problem
arises, deal with it asapO Spread the word- Market yourself to new
customers to keep your business in their minds
O Keep your staff happy- they are the ambassadors of your business and if they are not happy, it will show to your customers
O Keep re-evaluating your business, could you be doing something better or more efficiently?
