Many people have ideas and thoughts on creating a business, but only a small percentage of those people go and turn their dreams into a reality. It’s those people that dare to be different, to disrupt the norm and change the world.
One of my favourite business quotes was expressed by Steve Jobs, “The people who are crazy enough to change the world, are the ones who do!” I enjoy this motivational message so much that I have added it to the back of my business card when people flip it over to read the extract they always smile. The road to building a startup has many twists and turns which are all exciting and if you believe that you can change the world in some way you won’t be put off by all the obstacles which fall in your path.
The first part of a building a business is to make sure that there is demand for your product or service together with researching what is already in the market and similar to what you are offering. This forms a large part of the market research piece within your business plan and an essential area for you to focus on before you go any further; it is better to scrap a plan or an idea earlier before costs start to spiral. I have laid out some fundamental tips for you to consider when reviewing what your business is going to be and the development of the plan of activities for the business.
Tip 1 – Competitive Analysis
I found that by splitting an A4 piece of paper into five sections containing the headings: the objective of the business, strengths, weaknesses, resources and what could be done differently helped me to review the competition. Once I had then gathered the information, I laid the documents out across the floor and analysed how my business could evolve on what is already in the market.
Tip 2 – Take time on the thought process of your business before you do the plan.
You can’t just write what your business is going to do as you write the plan, this takes time. You already had an idea and motivation before you analysed your competitors but now you need to think about other factors including service and price alongside how you will stand out. I found myself drawing thought bubbles and had notes everywhere for a few months before I then went on to create the business model.
Tip 3 – Seek advice, get a mentor
A mentor is an experienced person in the field that you need expertise in. The worst thing that you can do is to keep your business a secret in the fear that someone else is going to steal your idea. There are ample services out there which can support you. Virgin Startups connect you to a business centre for advice and business loans, another excellent service is through the government start-up loan scheme if you are based in the UK. Both services support you in building a strong business plan and help you with funds that you will need to help get your business off the ground. You may also want to propose to an experienced entrepreneur that they become a mentor, I feel this is an excellent way to move forward as they can give you valuable insight into different activities. This is something I have recently been doing with a small boutique sports fashion brand, and I feel that we have both learnt from each other through bi monthly meetings which have taken place.