Rosie White is a young London entrepreneur who has tripled the size of her company over the last four years. She would like to share start-up tips so that more people can find that kind of success out there.
The Business of Business: Getting a Great Idea off the Ground
Starting a business is hard work. While many entrepreneurs are easily enthused by a potential idea, the logistics of establishing a business plan, completing thorough and informative due diligence and establishing partnerships and supply chains are equally if not more important than the idea itself.
Any new business will inevitably encounter setbacks but being well informed about all aspects of your business will minimise risk and prevent any setbacks from becoming fatal. For budding entrepreneurs with a great idea and the energy to bring it to life, there are a few key things that are absolutely necessary to create a thriving business.
No business is an island. Researching potential partners, suppliers and investors is of the utmost importance to any start-up.
Understanding who the company directors are and what exactly it is that they do is key to understanding just how other businesses work.
Being able to assess other businesses in objective and informed ways enables entrepreneurs to understand various structures as well as the people that contribute to a business’s success. Establishing productive and reliable partnerships for your business will undoubtedly yield great things.
Anyone trying to establish a new business should be familiar with their own personal credit as well as the credit of any potential partners or suppliers. Finding business credit reports online is easy enough and can provide invaluable information about individuals and businesses that an entrepreneur may be considering as partners or affiliates for a small business. Understanding credit ratings as they apply to both individuals and businesses will ensure that start-ups avoid shady dealings that could compromise valuable funds and negatively affect a business’s reputation.
Market research includes information about potential customers as well as the competition. By understanding consumer demographics, entrepreneurs are better able to understand where holes in the market might exist so that business plans can be tailored specifically to filling needs that are not currently being met. Understanding where potential consumers shop, live and earn their livings can inform a number of important decisions for any new business like location, price point and projected traffic. Researching potential competition can also provide valuable insights into consumer behaviour, wider economic trends and marketing tactics.
The business plan is the document that brings each of these elements (and several others) together into one cohesive vision for the company. This document not only helps guide entrepreneurs moving forward but allows potential investors to share in the vision with the support comprehensive research. There are several business plan templates available online as well as sample documents to use as tools for development. Sourcing and reading business plans for similar types of businesses can help develop both vision and organisation for a start-up as well as a clear methodology and structure for the document itself.
The research stages of a starting a business might seem laborious and at times quite tedious but developing a comprehensive understanding of the professional landscape is vital to any successful business.
Thorough research into potential partners, investors, competition and customers will ensure that start-ups are as well prepared as possible for the road ahead.
About the Author
Article written by Rashida, a freelance writer who loves writing about business and entrepreneurs. Rashida was born in Zimbabwe, but now is married with three sons in the UK.