In order to start up in business you must first come up with an idea that you think you can turn into a product or service. Alternatively you may already have that idea or product you have invented that you think people will want to buy. In this case you should consider protecting your Intellectual Property (IP).
The First Steps
When looking to start a business there are some recommended first steps to explore.
SKILL SETS – If you haven’t already done so, it is useful to look at the types of skills that would be beneficial to have as a business owner and to understand the issues and challenges that come with running your own business; as well as common pitfalls to avoid.
LEGAL STRUCTURES –It is helpful to have an idea of the different types of legal structures for business so you can chose the right one for you. Visit : Legal & Regulatory resource page
BUSINESS PLAN –It is vital to write a business plan to focus your thoughts on what it is you want to do and how you are going to do it. If you are looking to apply for finance most funders will ask to see a business plan and a financial forecast.
RESEARCH – It is important to research your market, to find out who will buy your product and who your competitors are to make sure your business idea is viable.
MARKETING – You will also need to decide how you are going to market your business and the type of internet presence you want. Visit : Sales & Marketing resource page
GET YOUR START-UP RESOURCE PACK
Receive your Business Start Up and Finance for Start Ups resource packs now. These packs contain practical and digestible reports, guides & fact sheets for start ups, from; branding to business plans, legal and regulatory concerns to finance options, budgeting advice and more.
Free online information and tools for starting a business, such as writing a business plan, start-up costs, producing invoices, and cash flow forecasting
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Business support programmes
Somerset Start-up Support
Somerset
Local Authorities across Somerset have come together to offer a new programme for start-ups and fresh businesses. Delivered by Business West, the programme will take Somerset entrepreneurs through the essentials with specialist online workshops.
The project provides an intensive, integrated and rolling support program on all the critical learning and knowledge required to plan, start-up and develop a successful business in a variety of locations and hubs across Devon.
The Prince's Trust work with 18 to 30-year-olds to turn big ideas into a business reality through their Enterprise programme. From training and mentoring support to funding and resources, they're with you every step of the way.
If you want to develop an innovative product, process or service, you may be able to apply for funding of between £25,000 and £10 million through Innovate UK.
HMRC provide online support for starting or running a business around topics such as business tax, self-assessment, business expenses and record keeping. Support options include webinars (online presentations), e-learning, YouTube videos and factsheets.
Enhance Social Enterprise - Heart of the South West
Devon and Somerset
Existing social enterprises will be supported to develop and launch new products and services as well as entering new markets. There will also be support for voluntary and community sector groups that want to transition into trading social enterprises as well as budding social entrepreneurs in need of help to develop their ideas to start trading
An initiative of Plymouth University, Formation Zone, Plymouth's only accredited award-winning business incubator is the hub for starting innovative businesses in Plymouth. With nearly ten years' track record and expansion into more sectors and locations.
Advice to businesses to assist with addressing all matters to fire safety. Primarily to ensure compliance with fire safety legislation, and achieve this with a minimum of fuss and cost.
Business & Intellectual Property Centre (Exeter and Barnstaple Library)
Devon
Exeter Library is part of the Business and Intellectual Property Centre network. As a Business and Intellectual Property Centre they follow a programme and ethos developed by Business and Intellectual Property Centre at the British Library, London, providing support to business owners, entrepreneurs and inventors.
Plymouth Universities Enterprise Solutions offers a wide range of support to businesses. Enterprise Solutions is your gateway to accessing Plymouth University’s expertise, talent and facilities. Their aim is to give you the support you need, when you need it.
The Growth Hub have licenced access to thousands of practical, factual and digestible reports, guides, factsheets and reference resources for businesses.