These questions will help pinpoint where your business idea needs some further development.
Don't worry if you can't answer some of the questions yet, that means the guide is doing it's job!
You can also call the national Business Support Helpline:
The free to access national Business Support Helpline can help small businesses of all stages to find the right support and impartial advice, whether you are just starting out or growing your venture. Advisers provide tailored guidance and information on schemes and publicly funded business support programmes available in your area and across England.
If you're an international student looking for more information about setting up a business in the UK, please visit our information for international students pages.
The service is available Monday to Friday 9am – 6pm. Call 0800 998 1098, email firstname.lastname@example.org, have a live webchat or connect via Twitter and Facebook gov.uk/business-support-helpline
What is your business proposition?
This should be no more than a sentence or two - any more than that and it's too complicated. Think about what problem or gap in the market your business will solve.
Have you tested it?
This is a great way to develop your business idea. For example, you can test it through market research. A good way to test out your business idea is to use The Mom Test.
Write a Business Plan
Figure out what your strategy should be. Making a Value Proposition Canvas can be a good place to start and help get you thinking seriously about your business.
Who is your customer?
Who is your demographic? Are you operating from business to business as a wholesaler or selling directly to your customers? How do you plan to reach your demographic?
Have you got the skills?
You'll need the right skills to grow your business. A great idea alone won't cut it! Our Explore Enterprise programme can teach you the basics of starting a business. Alternatively you could recruit a business partner to fill the gaps in your skill set.
Check the Law
Before you get too far along in your business journey you need to be sure of the legality behind your idea. The Gov.uk website is a good place to start.
Who else is doing it?
It doesn't matter if someone is already running a business similar to yours, it's always good to research your ideas and see if anyone else is doing it. Knowing your potential competition will help your business in the long run.
Will it make money?
You'll need a clear plan of how your business will make money, for example through the pricing of your product or other sources of funding.
Meet like minded people
How can we help you get started?
Book an Enterprise Appointment to talk through your idea with us via Handshake
Apply for up to £500 Proof of Concept funding to put your business plan into action. Applications close Week 11 each semester