To satisfy yourself that your idea can be turned into a successful business, you need to go through a planning process. Our business planning module has been designed to help you plan your business and covers the following topics:
- Your vision.
- About your Business.
- About you.
- Your products and services.
- The market opportunity.
- Your start-up costs.
- The competition.
- The strengths and weaknesses.
- Your Marketing plan.
- Your financial projections.
- Your Back-up plan.
If you record your reasoning in a plan, you can use it later to help manage the business and get additional resources.
Financial planning is essential and you need to know how much money it is going to cost to start and run the business and balance that against how much you expect to earn.
Only you can determine how much you need to live on while the company is in the start-up and customer acquisition period and how much you want to make over and above your living costs – this is a family issue and so we have looked at this in the business planning module.
We will help you identify how much you need to earn to maintain your standard of living – we have a useful guide to do this in the course. Then, as its difficult to estimate how much you could earn and how much it might cost, we have some ‘my view’ stories and hints and tips from a solo consultant and a small building firm to ‘keep it real’.
As you’re reading this, you’ve already considered starting your own business. Remember it may be financially ‘safer’ and more prudent to be employed, but it is far less personally rewarding for those that succeed.
Also in preparation for your planning work, you need to think about a few other aspects of your business:
- Are there any rules and licenses I need to think about during you business planning?
- Have I a unique idea and how can I avoid getting copied?
- Do I have a ‘brand’ concept I want to protect?
- How do I avoid any risk of a ‘trade conflict’ over my business?
You will need to determine your business options by assessing what the market and competition looks like for your chosen business and region. There is no substitute for some in depth research and our Business Planning course will give you hints about how to do the required research and answer the questions above.
If you’ve had enough, for some employment ideas and to find out more about employment opportunities from veterans, contact our friends and fellow veterans at Military Resettlement Headquarters.
If you’re up for it then press on with this introduction.
Its never early enough to protect your ideas or Brand and it helps with research.
Protecting yourself and your ideas!
One of the most important aspects of your business is ensuring you meet legal requirements and protect your ideas, designs and content.
Help is at hand on protecting your business ideas – here!