How To Figure Out Your Business Idea…. AND MAKE IT WORK!

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Want to start a business - but not sure where to begin?

For many the allure of being a business owner is an exciting prospect - but they always get stuck at the start:

'What’s my game plan going to be?'

Without direction you have nowhere to take that excitement - there’s no real solid idea to run with.

So here’s a plan that we know works!

It won’t get you set up with HMRC nor will it mean you’re registered with Companies House, but it will, hopefully, give you some guidance on which direction to start running - and give you the best chance of getting started.

Our plan boils down into 3 really simple steps:

Skillset, Scouting, Social Response - and it’s important you’ve considered them all before doing a Usain Bolt into small business ownership.


So,

Step 1: Skill set

You are limited. The world is not your oyster when it comes to setting up a small business. Let’s explain...

Unfortunately, as people we are not blessed with every skill-set imaginable - there are things we are naturally good at, things we’ve worked hard to be good at, and things that we haven’t got a hope of being able to do.

Your business venture will always be limited to the things you can do well. Granted, you could learn something new, or go into partnership with someone - but that will take time and we’re trying to get a business off the ground - now.

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Your passions and hobbies, will likely help narrow down this skillset.

Perhaps you love football, are a bit out of shape, but had Beckham’s right foot back in the day? Then starting a local kids football camp could genuinely be an option for you! Run with it!

Whatever you end up with here - you have to make sure you know you’re stuff, have the skill-set to carry it out and would, potentially, be willing to do it day-in day-out for years to come.


Step 2: Scouting

Once you’ve got an idea down on paper (or even better a few ideas) the next step is to start scouting your local community or, think bigger - city!

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Find what’s missing! If there is a clear gap in the market for your skill-set or passion, then that might be the way to go!

If there are others who are doing the same as what you’re planning to do - then have a big think: what could be made better about this service? If you think hard enough, there will always be something!

Scout online and see if there any glaring areas for improvement, or a repeat pattern when it comes to unsatisfied customer reviews on google.

If you can fill in the gaps, offer extra or deliver customer satisfaction where it’s currently lacking - then you’ll slim down your business idea no end!


Step 3: Social Response

The final step - is to test the waters on social media and see what the response is. Ask your friends for advice on what they’d expect from your small business, whether they think it’s a good idea and whether they’d recommend you to others.

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It takes a few hours to set up a website, or moments to set up a facebook business page. Once you’ve done this start advertising your business and inviting your friends to like the page and see whether you start building a following offer their shares.

If you’ve done all of the above, most people will back you, see the need for what you’re offering in the community and be willing to tell their friends about you.

After that… it’s up to you whether to run with what you’ve started, or put it off until a later date.


Run With Your Business Idea

Set up your business officially with the help of DH Business Support!