How to Get Started
So you want to start a business? Perhaps you have an idea, or have developed some innovative technology, but you are unsure whether it would stack up as a viable business proposition. How do you get started? What do you work on first?
Science City York Business Promoters work with a large number of pre-start and early-stage businesses, and may be able to help you answer some of these questions. By taking a constructive and methodical approach in the early stages you will give your business idea the best chance of success.
Your First Business Plan
If you have not written a business plan before, now is the time to start. A business plan is vital for enterprises needing investment, grant funding or significant borrowing - more so for innovation ventures, as the greater risk makes it even harder to attract backing. More importantly, you are not just writing this in order to communicate to others. You are also writing it to help you clarify your own ideas. Particularly in the early stages, preparing information in a business plan format will help you to think practically about your intentions and highlight which areas you need to develop further. It is a tool to reveal possibly awkward truths about your business idea to you.
Attached is a suggested outline for an early stage business plan. It is intended to capture early stage information about your idea in the format of a business plan that can be developed further as you progress. At the very early stages the purpose of business planning is for you to understand, explore, and develop your business idea, in order to test its likely viability and identify the gaps where some attention is needed. The primary audience is you and the others directly involved. It will help you to develop your thinking on questions such as marketing, distribution, technical development, staff, and financial requirements.
Other suggestions
Science City York Business Promoters can advise you on important early stage considerations such as trademarks, patents, company formation, and associated professional services advice.
You should also consider becoming involved with your relevant Science City York cluster network, as you will meet and exchange ideas with other technology entrepreneurs, giving you the opportunity to become inspired as well as to learn from others’ mistakes and successes.
As your idea develops into a viable business proposition, you will progress to more formal business planning tools, and may need assistance with locating appropriate sources of business funds, addressing supply chain issues, or developing appropriate skills to enable your business to grow.
For assistance with any aspect of early stage business development please contact one of the Business Promoters (contact us).