How do I turn an idea into reality

terroratthepicnic

LE
Kit Reviewer
Book Reviewer
#1
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.
 

Rod924

LE
Kit Reviewer
#2
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!!
 

Joker62

ADC
Book Reviewer
#4
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.
Setting up a No4, knocking out Egg Banjos, Cofftea and All In Stew is not going to be a big hit, mate ;-)
 
#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.
 
#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:
 

Wordsmith

LE
Book Reviewer
#7
Here's a good start.

https://www.gov.uk/browse/business

Also try here.

Business

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.

Wordsmith
 
#9
What is the idea?
 
#10
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.
 

terroratthepicnic

LE
Kit Reviewer
Book Reviewer
#11
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
Don't tell MSR without an NDA OP...
Is this the NAAFI yet?
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.
 
#14
If it is that good, watch all the world and his dog copy it when it goes to market.
 
T

Taffd

Guest
#17
Is the idea patentable? If it is, that should be your first priority. And most of the work involved can be done by yourself.
 
#19
Consider a 3-day small business course at a local Gov't training centre, excellent input from attendees and authorative visiting speakers using real-life examples, not widgets. What's more, it was subsidised to about £35 a day even though I was employed. Loads of info and ideas on start-ups. The bankers are pretty honest and open (they work for the banks, not for you), their mantra being if you put together the actual plan learned on the course you'll know if it's going to work, and you can then decide if you want to bring them in or use family and friends, or other support. One guy used a 6 mth interest free credit card switch, worked for him but quite stressful.
The lad from Barclays Business claimed he'd go 50/50 with anyone who brought a working plan identical to the course model to him, but this was a couple of years ago when the world was different.

Signed, MadKev's recession-free Catapult, Ball Bearing and Double-Glazing Co.
 
T

Tremaine

Guest
#20
Do not tell anyone the plan, the business world is populated by cannibal sharks (how do you do :) ) Be the Boss can be a bit hit and miss, you probably will never see an RBL chappie, just business types. Be prepared to fill out reams of forms and if you're lucky you might get something off the ground.... This is real business, not SureStart, business is hard. The first thing they want to know is what's your plan... Gone in Sixty Seconds :) From someone who's been in business years and doing quite nicely; research your business, keep your mouth shut,develop your plan, teach yourself. Don't invest too much, start small and KISS. If it's not working, bin it.

Selling is done by the customer after a little bit of hard work by you. It's not what you do it's how you sell it, people buy on emotional triggers. And if you did set up a No.4 selling hot brews and bacon sarnies, in the right place, you could make a fortune ;-)

free SWOT analysis template and method, free swot analysis examples
 

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