New Start-up idea?
If you are thinking 2023 is the year to make the plunge and become your own boss, you are not alone!
The reason many people do not forge ahead with their business idea and leave their employment is because they cannot guarantee their idea will be a success. The worry is that they will have quit their job and be left with no income. However, there are steps you can take and strategies that you can adopt to ensure your business idea is a success prior to starting it up. There are also organizations who can mentor and help you as you start out on your journey, including MENTA!
There are 5.82 million small businesses in the UK with 0-49 employees. Small businesses account for 50% of the turnover of UK companies. Here are some things to consider if you have a great business idea that you want to make a reality.
What is your product or business model and how does it fit into the market? Is there a market need for those services or products? Find out who your customers are and who your competition may be. Look at what the competition is doing and work out what you could do better. Look at their pricing and work out where your place in the market is compared to their pricing structure. It is important to remember that 17% of small businesses fail because they do not have a clear business model.
Next you may need to consider the cash needed to start your business. Do you need to apply for a bank loan or a grant? If so, how do you go about applying for funding. Have you got enough capital to cover the initial expenditure needed to get the business up and running?
Organizations such as MENTA can help you with all this and help you set up a business strategy to ensure your business is a success. It is important to have a business forecast or cash projection - don’t be in the 29% of small businesses who failed because they ran out of money. Work out what your overheads will be per month and what you need to cover those costs as well as what you will need to make in terms of profit to live on.
Never underestimate the power of marketing both at the beginning of your business and as it starts to take shape and gain customers. Once you have confirmed who your target market audience is, find out where they gather their information. You need to have a presence in that area either via social media, advertising, or PR. Your customers need to know that you are there. You need to be visible. 14% of small businesses fail because of poor marketing.
If you have a great idea for a business but are stuck with how to take it forward, MENTA can help you. MENTA are consistently ranked as one of the top three business training providers in the UK and can offer you help and advice on how to achieve your business dream.
Talk with us about the level of support you are looking for and we can then match you to one of the funded new business support packages:
Email: bookings@menta.org.uk or book a call-back
