So you have a great idea, I have told your friends, acquaintances and family about the business and they think it has potential. What will you do later? The idea of creating your own business can be frightening, making you feel overwhelmed where to start. With the help of GOV.UK and ClearSky Accounting, we've provided the basics for creating your business. Remember to take it step by step and don't be afraid to ask for help if you need it. Offices For Rent
1. Your idea This is how all major companies start, as an idea. Whether you've just gone through a 'bulb moment' or your idea is years in the making, you need to make sure it's realistic and marketable. There are excellent websites like the National Enterprise Network to offer advice on your business idea. companies setup in dubai
When you're sure about your idea, be sure to record it, and you don't want to steal your design or concept. You can protect your intellectual property and designs with copyrights, patents and trademarks.
2. Research You, your family and friends may think your business idea is great, but the truth is that the customer market may not be so. Before you invest a lot of time and money into your business, you must determine whether your product or service will be required. Market research by: Rental Offices In Dubai
Looking at competitors: Do they have a similar product or service? Is there a place on the market? What will be different from your offer? By measuring where you are going to place yourself in the market, you can begin to determine who your customer base will be and how much they are willing to pay. Talking to customers: Ask them what they need and how they can consume a potential product or service. Will they add anything or take anything away? Hearing their comments, their input is necessary. Build a prototype: Creating a prototype will enable you to show your idea to customers so they really feel what you can imagine. When you have your own prototype, you can get additional comments on how they think they will actually work and what they will be willing to pay for. There is no point in developing the final product if that is not profitable. 3. Action plan You recorded your idea and overcame the defects by talking to the target market, now is the time to put the pen on paper and plan your business plan. Your business plan is an official document that you will not only use to establish your vision and goals, but to obtain financing, partners and support for your business idea. Your business plan must include:
Your vision, goals and goal Product or service details Market research and results People wanted (staff and production) Financial forecast Legal requirements Summary 4. Partners and suppliers If you do not want to work alone with your business (single trader), preparation with a partner (or partners) is the best way forward. Having business partners can have many benefits: the workload is shared, you receive additional funding, diverse ideas, more business contacts, and a greater skill set.
When conducting your business research, you should speak to a number of suppliers to gain insight into the production costs of your product or service. It is time to take this step forward and speak with various suppliers, and make an informed decision: Who is best to provide supplies for your company and at what cost? It is important to have reliable (not necessarily cheaper) suppliers to ensure your product / service reaches the market on time and in accordance with the standards.