How do I turn an idea into reality

Discussion in 'Finance, Property, Law' started by terroratthepicnic, Jan 4, 2013.

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  1. terroratthepicnic

    terroratthepicnic LE Reviewer Book Reviewer
    1. ARRSE Runners

    I need some help from all you knowledgeable types. I have seen a gap in a market and have decided to try and push it forward. However, I have absolutely no idea how to transform an idea into a business.

    I have started doing some research and from what I have found so far there is nothing else like it in the area. I have spoken to friends and family and they all seem to think it would work and I have also found a location where the business would not only work but thrive.

    So where do I go from here? I have started putting everything together that I can find out to start building a business plan – how long should that take? I know I will need help with the business plan but some ideas on how to get started would be great.

    Once a viable Business plan has been put together, where do I go from there? Would it be best to approach the banks, private investors or via some other route?

    Clearly I am about an ant’s footstep outside of the idea stage, but any help would be appreciated.
  2. Rod924

    Rod924 LE Reviewer

    Civvystreet, contact them about about 'be the boss' scheme through the RBL
  3. Go to your bank, put the business plan to them and see what they think?
    If you want capital to start it they will need to know it's worth them lending you the money!

    Oh and good luck!!
  4. Setting up a No4, knocking out Egg Banjos, Cofftea and All In Stew is not going to be a big hit, mate ;-)
    • Like Like x 1
  5. I would avoid most of the high street banks, they will screw over any new business given half the chance. They tend only now to lend if your a multinational with a lot of capital, or you are prepared to put your house and life on the line for a loan.

    If you do go with a major bank and you get a large order, do not expect the bank to loan you the money for stock etc, they won't.

    Do not take financial advise from a bank either, they will steer you into things like factoring, consultants, who will all favour the bank and get kick backs. Independent business advisor is the way to go, all ways have them attend any meetings between yourself and the bank.
    • Like Like x 3
  6. I would say your business plan will need to be more than viable. I'd go for irresistable and totally watertight :winkrazz: Perhaps when you take your plan to organizations you should have also prepared a good presentation that you can deliver with it (I mean a proper good one, not a few notes mumbles or single sheet hand outs).

    I'd suggest looking for start-up grants and other incentives before/as well as going to the banks (are they lending again yet?), and if you go for private finance, think long and hard about your partners. People (even relatives and bezzies) can change when their money's involved.

    I haven't put a plan together (for my own use) in a long time, so I won't attempt to offer advice on that. All my recent ones have been CapEx proposals for existing companies.

    If the business plan looks good and it's something you believe in then go for it, and the best of luck with it :thumright:
    • Like Like x 1
  7. Wordsmith

    Wordsmith LE Book Reviewer

    Here's a good start.

    Also try here.


    Beyond that, Amazon is your friend. Go on line, and search for business books in the area you're interested in. You can get an on-line preview of most of them. Read the list of chapters and sample the contents. Buy one or two that seem most pertinent to your idea. After you've read those, you can go back and get a few more to expand your understanding.

    • Like Like x 1
  8. Have you thought about Dragons Den?
    • Like Like x 2
  9. msr

    msr LE

    What is the idea?
  10. Negligent-Discharge

    Negligent-Discharge LE Book Reviewer

    Terroratthepicnic, if you're still local to me gimme a shout. If there's anything I can help with - web site or just someone to bounce ideas off over a Pint just PM me.
  11. terroratthepicnic

    terroratthepicnic LE Reviewer Book Reviewer
    1. ARRSE Runners

    Forgive me for not giving out the idea, but it really is a good one and I don't want it stolen.

    ND, I am local still and I will PM you about meeting up for a drink or two.
  12. msr

    msr LE

    Pointless having an NDA at this stage. Bright ideas are 10 a penny. It's the implementation ( aka secret sauce) which will make it sink or swim.
    • Like Like x 1
  13. 1% inspiration, 99% sweating. good luck though, be very careful re employees if any, do it by the book health and safety wise.
  14. msr

    msr LE

    If it is that good, watch all the world and his dog copy it when it goes to market.
  15. Negligent-Discharge

    Negligent-Discharge LE Book Reviewer

    Fixed that for you... no charge.