From time to time most people have a business idea of some sort or another. Are there any practical steps one should take in developing this business idea so that it does eventually reach the market place?
The first step is to carry out some market research. Speak to the end users who you think will have use of your products or services. Investigate the approach you will use to take them to the market place. Speak to other trusted business people and ask their opinion.
Here are some questions you might need the answers to:
How long will it take from development to completion?
How big is the market for your idea?
How will I reach the market place?
Who are my competitors?
If it is a business product that you are developing:
What are the unique selling points of your product?
How much will it cost per unit?
How much will it wholesale at?
How much will it retail at?
How can I test the market?
Can I make a prototype?
Check with a lawyer what legal requirements there are for your product or service before you proceed to the next step of seeking funding for your idea or product.
The next step in this process is to create a business plan. Use the services of an experienced accountant to create your business plan. Be realistic with the figures. Most people always overestimate what can be achieved in the first 6 months... product development always takes longer than initially anticipated and the initial take up is always slower than anticipated!
It is possible to get a business grant for some ideas but this process takes a long time and is very cumbersome. It might be a good idea to skip this stage altogether and approach the banks straight away.
It is generally a good idea to approach two or three banks with your business plans. Let them know that you have approached other banks aswell! Some banks even often offer free business banking for the first year or even two.
Nothing is ever plain sailing when launching a new business product or service. If the steps outlined above are followed then you stand a much greater chance of success when taking your product to the marketplace.
Naz Daud is the founder of CityLocal Business Franchise Opportunity
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Setting out clear marketing strategies is a crucial step for any business, not least for smaller businesses. While having a clear marketing strategy doesn't guarantee success, research shows that it's a key ingredient in improving your odds of profitable ......
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