Starting up
Introduction
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
Free Factsheets & Resource Sheets
We have access to thousands of practical and digestible reports, guides & factsheets for start ups, including; Creating a business logo, Mandatory contacts for start ups, Writing a business plan, Introduction to preparing a budget & Choosing the right legal structure, and more!
Written in plain, jargon-free English, we provide the resources that business owners with a great idea need to see their enterprise move forwards.
Networking for StartUps
This short video from Innovate UK provides you with quick and easy tips for successful business networking which can be a key benefit for start ups.
Useful Links
Identify potential customers. Talk to them and find out if your idea is meeting a real need.
Test your product or service with real customers, make changes, and test it again. Keep doing this until you’re sure there’s a demand for it.
Think about who you’re going to work with to develop and sell your idea.
>> HM Gov website : Find partners and suppliers
The Growth Hub Supplier Directory provides listings of companies that deliver business support services in Devon, Plymouth, Somerset and Torbay
Free online information and tools for starting a business, such as writing a business plan, start-up costs, producing invoices, and cash flow forecasting
Online guidance on starting and running a business.
Business support programmes
Events and workshops
Get in touch
Contact the Growth Hub team to find out about support available locally.
03456 047 047
Get free factsheets
The Growth Hub have licenced access to thousands of practical, factual and digestible reports, guides, factsheets and reference resources for businesses.
GOV.UK website
Government advice, information and tools for businesses covering a whole range of sectors, issues and themes.
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