Your big idea
If you have a big idea and want to find out how you can turn it into a business, this is the place to start. With some useful information about how to start a company and confidence in your ideas, you could well be on your way to becoming your own boss.
You might think that generating creative ideas and thinking big is difficult. But it’s not. Just start by spending some time with your thoughts, a pen and a piece of paper. You’ll see that you can generate lots of good ideas! Once you’ve got an idea that you would like to pursue further, you should test it out on others. Another way of finding out about its feasibility is to do the sums and find out how much your business needs to earn.
Look at our trading checklist to read about some other things you should do early on. One of these is writing a business plan which isn’t as daunting as it sounds and will help lay the necessary groundwork for your company. There are legal and financial considerations when you create a company and start dealing with contracts, invoicing and suppliers. Don’t forget, you’ll also have to choose a location for your company. This might be your home at first, but as you grow you may decide that you need an office or warehouse space.
A report by NESTA found that an astonishing eight out of ten ideas for a business or invention never see the light of day. What's holding many people back from starting their own company is a fear of failure - a sense that they don’t have the right skills to be successful and will make mistakes.
The truth is that everyone makes mistakes when starting out, and that’s the best way to learn! The more you know about starting and running a business the more prepared and less afraid you’ll be of facing and making big decisions when the time comes. Remember that failure is part of your long-term growth and if you take important lessons from it, it will only set you back temporarily.
Think big
Get creative. Spend some time coming up with big ideas.
Test your idea
Get feedback. Bounce your ideas off of others and let them help you to make it better.
Do the sums
Calculate basic income needs. You will probably need additional finances to get your new business off the ground.
Plan your business
Flesh out your idea. Backing up your idea with background research is important if you want potential sources of financial support to take you seriously.
Create a company
Learn about the different kinds of companies out there. Figure out which one is best for you.
Location, location
Choose your company’s location. Plenty of people set up in their bedrooms, but if you need an office or shop you must consider rent, bills and health and safety legislation.
Trading checklist
Starting trading? Some useful pointers to help you get off on the right foot.
Contracts, invoicing and suppliers
You can't afford to be too casual about contracts, but they needn't cause you a headache either.