Got a new business idea? It’s exciting and terrifying in equal measure. What should you do, where should you start? This page aims to help signpost you to pre-start resources. They are in no particular order and I intend to add more in the coming weeks so please do check back.
Find out what Pre-Start support there is in your local area
Find out what pre-start support there is in your local area. To do this, find your local council and then if you are based in England locate your Local Enterprise Partnership Growth Hub. If you are based in Scotland check out Find Business Resources and if you are based in Wales, Business Wales and if you are in Northern Ireland, have a look at Enterprise Northern Ireland.
What’s your why?
This is so important and well worth watching. It’s just 5 minutes long.
One Page Business Plan
Get your idea down on one piece of paper using the Business Model Canvas. There are a series of videos by Strategyzer to explain how to complete it.
Download a copy of the Business Model Canvas from the Strategyzer website.
It takes time to nail it but well worth doing, define what it is you plan to offer using the Value Proposition Canvas. Watch this video to find out more.
Download a copy of the Value Proposition Canvas from the Strategyzer website.
Build up your idea
We recently held an event to discuss feasibility studies, business plans and cash-flow forecasting with James Craft from TEDCO. The 3-minute video below is just a snippet from the event but it explains an easy way to document your research. To access the full event recording, sign up for membership.
Choose the Right Structure for your Business
You’ve got a great business idea, you’ve done your market research, you have a business plan and cashflow forecast and you’re ready to start your new business. But, have you considered the business legal structure?
There are a number to choose from as Companies House explains including:
- Sole trader
- Limited liability partnership
- Limited company
- Community Interest Company
There are various ways to raise finance which should be explored. Don’t just rely on your own bank. Check out the government-owned British Business Bank to find out what other debt options are available and/or your favourite commercial broker.
Thought about crowdfunding? The Money Advice Centre explains what you need to know.
Looking for an investor? Sign up for membership to access our upcoming Funding & Finance event which will explain where to start.