There is a lot to think about when starting your own business; you may need support and guidance. Graduate Fashion Week sponsor Barclays Bank specialise in providing advice for new businesses, read on for their guide.
YOUR BUSINESS IDEA
Your idea is the first step to creating your business, as individual as you are. But no matter what the idea, it’s vital that you research your market if you’re thinking of starting your own business.
Research can be the key that unlocks business success, so it’s worth finding out as much as you can about your future market and competitors. Here are some areas that you’ll need to think about when researching your business idea:
When researching your business ideas, ask yourself:
• Is your market growing? Or changing?
• How much competition will you face when starting a new business?
• Has anyone else already developed your business ideas?
• How would your business differ from your competitors?
• What do you competitors charge?
• What don’t your competitors do very well?
NEED HELP RESEARCHING YOUR BUSINESS IDEAS?
• Barclays offer free ‘Get Ready for Business Seminars’ which give you the opportunity to get expert advice about making your idea work.
• Many business owners have practical advice to share on how to start a business. It’s worth asking local business people about their experiences and taking the time to read a few books by successful entrepreneurs.
• You can also get plenty of information on how to start a business from trade and industry publications, your local Enterprise agency and Business Link.
Once you have researched your Business Idea its time to create a detailed business plan.
Information courtesy of Barclays Bank PLC.