1st Steps To Setting Up A Business

[disco1]

Hi guys,
I have been thinking about running my business for some time, as you are aware it real isn't that simple. Firstly you have to have an idea (3 have come at once) and a business plan (in process of writing for one of the ideas).

Once I have the business plan what is the next step? I know this sounds stupid as I am currently doing a degree in business but this covers off the theoretical and structure side rather than business initiation and set up.

As part of the plan you have to provide a business model and forecasts, how you prepare the forecasts if the business idea hasn't been done in my area before? It would be nothing more than speculation and guesswork!

How can you test your business idea? I know my potential customer, would questionnaires work?

Any tips on business start up would be great.

[Plotloss]

I'd wager that there has never been an accurate 1st trading year cashflow forecast written.

[Eric Mc]

Most business students seem to think that drafting up fancy plans and spreadsheets is the essence of starting up a business. These are only rough tools to help shape your predictions and maybe help you avoid cash flow problems. They are rarely indicative of reality.

More important in setting up your new business is researching your potential market and deciding on marketing strategies.

[davidy]

And secondly, do the numbers, beacuse if they don't stack up, no amount of fancy words is going to cover it up!

I often recommen people to write a second business plan that involves borrowing some money (unless the first one does!), then take it to some banks/funders and see if they will lend against it. You can effectively get a free review of your plan!

davidy

[granville]

Be prepared to work for no money, have no life and generally do exactly the opposite of what everyone else does for as long as it takes to afford Wessex.

Only girls do planning these days.

[mattyboy101]

Plotloss said:

I'd wager that there has never been an accurate 1st trading year cashflow forecast written.

Rubbish, my 1st year predictions show 0 cashflow