- Develop your idea and write a business plan. You need to know the objectives of your business, your strategy, the market you plan to sell in and your financial forecasts.
- Think about how your business is an ethical business. In other words is your business idea or product kind to the environment? Are you sure that any manufacturer is looking after its workforce? Will product or idea benefit the community?
- You must research your market to find out what makes your customers buy the existing products. The more you know about them, the more you will be able to reach them.
- Documentation and good administration is vital to running a successful business. You must keep accurate accounts by using the spreadsheets and templates provided by JA. For hard copies such as suppliers’ invoices, statements and bank records, obtain lever-arch files, label them and keep them on a dedicated shelf at your fingertips. You will be thankful in the long run.
- Work out your profit margin. If you have ever watched Dragons’ Den or The Apprentice all they want to know is how much profit you have made.
- Think about how you are going to market your product. For example leaflets can be a low cost way of reaching people. Consider other options such as a Facebook page or website.