Coming up with an idea and seeing it all come together to turn it into a successful business is a dream many of us share. Unfortunately it’s not always that easy, and a lot of people can struggle to get their initial concepts ready to the point where they’re making money off them. While there’s no definitive guide to making your start-up a lucrative business venture, and things will always vary according to a specific business, there are some tips that will remain relevant and inspiring no matter what industry you’re in. Take a look at the following bits of advice and see how they can improve your start-up.
Carefully evaluate your idea
This is often easier said than done. Separating yourself from a project that you’re passionate about in order to carefully evaluate its merits is something that a lot of new business owners struggle with. This is why it’s always a good idea to gather the opinions of others who you will be able to bounce your ideas off. Does your idea genuinely help people? Is there an existing problem that it helps? Will people be tempted to pay for it? Get these questions answered before progressing further.
Research, research, research!
It pays to do your homework. What’s the size of your target market? Is it growing or shrinking? What’s the competition like out there? All of these things have to be considered, as well as the costs for development, delivery, marketing and everything else. Without the proper research you won’t be able to validate your idea when it comes to pitching for investment, so put in the hours and leave no stone unturned.
Be ready for action
Things move quickly in the start-up world, so it’s important that you’re ready for action when the time comes. Get the right team together, make sure you’ve heard all the professional advice that you need, and take the time to outsource any tasks that would be better suited to third parties. A huge factor that decides your success will be whether you can work with people who have the same passion and commitment to your start-up as you do.
Be realistic with the numbers
Short and long term financial projections need to be on point in order to get your idea off the ground. Avoid watching your business dreams go up in smoke by thinking about how far your idea can go on current cash reserves. Then be realistic about when you’re going to need investment and where you will be getting it from. Financial matters will make or break your start-up so be as honest and accurate as you can.
Innovate UK are the British government’s innovation agency. They are focussed on finding British businesses and entrepreneurs who can use new science and technology to drive economic growth. They invest in big technology projects like jet engines and oil drilling systems, but they also invest in projects from start-ups and very small business. For start-ups who want to test out an innovative new idea or technology Innovate UK can provide funds for feasibility studies of up to £150,000.
Take a look at the Innovate UK video for start-up tips and view their YouTube channel for more business essentials that can benefit your young company.
You can also follow them on Twitter at @InnovateUK