Where do I start?

Business Idea:

The very first step and starting point for your entrepreneurship journey, before taking any actions, is to identify and clarify your business idea. Feel free to utilize different tools to process your idea and what you are thinking to achieve; from a pen and paper to softwares and mobile apps. Depending on your education, work experience and skills or in case that you have an innovative concept or owning a patent, you can evaluate the resources and be more specific about what are your expectations of your future business.

To make sure that you are doing it in right way, see if your business idea includes the right answer for the following questions:

  • What is the purpose of your business?
  • Is there any need or demand for your product or service in the market?
  • What is your target group in the whole market?
  • How are you going to reach your target market?
  • Is your business idea innovative or unique? How?
  • If your business idea already exists, how you are going to compete with the existing businesses? What makes you different or better?
  • Where the money comes from? How are you going to earn money?

Make sure to write down your business idea. Use charts, images or tables if it is necessary but try to make it not so long! It is good to be short, clear and precise. 

Help: We suggest to start with providing an NABC model for your business. It is one of the simplest tools yet very effective. NABC stands for:

  • Need: What type of needed you are addressing with your idea?
  • Approach: What is your approach in order to answer that need?
  • Benefits: What are the benefits of your approach?
  • Competition: How are you competing with existing businesses?

Try to make it short as a single A4 paper document. Read more about NABC here or watch the video provided at the bottom of this page.

 

Planning:

When you prepared your idea or concept, it is time to make a plan which explains how you are going to make a business out of your idea. While preparing your business plan, you will be challenged by multiple problems and missing parts which you had not thought about them. This is actually a good sign and shows that you are developing an idea to a applicable plan by finding the missing peaces of the puzzle! Of course, as long as you can find appropriate answers and reasonable explanation. 

In general, a well prepared business plan is your best resource during the whole process of starting your business. A business plan usually consists but is not limited to the following topics:

  • Who is (are) the owner(s) of this business
  • Introduce the owners, their background and skills
  • Describe the concept (use the material that you have provided in ideation step)
  • Explain what is the product or service that you are offering? 
  • Be specific about the prices
  • Explain, discuss and identify your target market and customers
  • Identify your competitors
  • Explain your competing advantages
  • Define your supplies
  • Explain your marketing strategy and channels 
  • Identify and analyse risks and opportunities
  • Financial feasibility and analysis
  • Your timetable for action plan 
  • Milestones in your plan

 

Get Help:

We are already aware that as a person with a great initial idea, you may not have the skills of processing and documenting different stages in order to start your own business as a self-employed person. That is why we are supporting you by providing 3 hours of Free consulting as well as to develop your idea, make a business plan for it and supporting you with the rest of required activities until you can own, activate and operate your business successfully.

Feel free to if you have any questions or concerns. 

 

 

 
(Extracted from multiple resources. Last updated on 2018-04-10)
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