Refine your business idea
Had an idea for a new business?
If inspiration has struck and you’ve had a great idea for a new business, there are lots of things to consider.
Whether your idea is big or small, we’ve outlined some techniques to refine your thinking and to help you suceed.
Refine your idea
At the heart of every business there is an idea (your big idea comprises of you, what you’re selling and who you’ll sell to), and we can all get carried away with our latest Eureka moment. It doesn’t matter if your firm is changing the world or if it’s a smaller local business, we’ve outlined some techniques to help refine your thinking.
Do you believe you have a good idea? You need to be confident that your plan will succeed. Christine Patterson, North London-based Barclays Business Manager, says ‘You could have a fantastic business idea, but if you haven't got the confidence to go out there and sell it yourself, you could struggle. I recommend that my customers go to networking events. There are plenty around and it's a safe environment to pitch your ideas to other business people. The more you do it, the more confident you will become.’
Pitch your idea to your friends and family
It's important you find out if the people close to you share your enthusiasm. You can create an ‘elevator pitch’– a short summary of your idea that can be conveyed in the time it takes to ride a few floors in a lift. Present the pitch to friends and family and if they're interested, you might move on to members of your target market or even potential financial backers.
Complete a business plan
You could have the seed of a fantastic idea, but is your plan good enough to convince your friends, family and potential financial backers? The best thing to do is to complete a business plan to discover changes and developments that need your consideration.
Research the market
Find out whether your product provides a solution to an identifiable need. If you're launching a ‘me-too’ – ie, a company that does what other companies do (only better), think about what makes you different and what your customer’s value.
Keep up with trends
Changing trends could have an impact. It’s best to keep an eye on consumer trends, as they can be a source of inspiration or the catalyst to help you refine your original idea.