Most people when they start a business are introduced to it by a friend or colleague. In this case it was my son who found the idea.
There are a number of steps that are hard to lay out for you however obviously many things have to align in your life for the business to be successful. For example you need capital, time, abilities etc. We will get into these later.
If you are thinking of setting up a business then there are a few things you need to do as each idea comes your way. The most important of these is research.
How to Research Your Business?
Like most things once you start looking at something or commit to a thought all of sudden similar things start to show up. If you start looking to buy a car then you notice that sort of car on the road more often and once you pick a certain model then you tend to notice them a lot more.
When looking at a business you will start to find a whole lot of things you never knew once you start researching. You may start to see other similar businesses you had not noticed before. Certain protocols etc that have to be fulfilled like licenses, freight etc depending on your business.
Research is so important wether you are starting up a new business or buying an already established one.
Where To Start?
The first thing I do is break down each idea into its simplest form. What skills does it need, how much money to invest, can it be managed, staffing etc.
The next thing is to go onto something like yellow pages and find competition in the same area. I also look for complimentary businesses in the same are. A quick checkout of any news for that industry on google and social media.
Example: drinks go with donuts and I don’t want to have to make coffee so I found there are a lot of new cold press coffee makers on the market. Beautiful coffee in bottles. No need for a barrister, machines etc.
I found a lot of donut shops and suppliers as they have been around for years. In my research I found there are three basic types of donut.
Cake based donut which is the typical machine ones you see in shops that use a batter
Yeast based donuts like crispy cream
Brioche doughnuts are akin to your typical yeast doughnut (as opposed to their cake-based brethren), only enriched to the nth degree—we’re talking more eggs, less water, and a whole lot more butter.
I go to google trends just to see if the business is trending.
So now I have done my research I need to do my Cash flow projections and we will look at this next. This is also very similar process for an online business.
Any advise or help use the contact form.