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Starting a new business

Starting a new business. Why?. UK’s economy depends on SME’s (Small and medium sized enterprises) Entrepreneurs are needed Recession is the best time to start a new business A potential to become a global company. How to come up with a business idea?. Look for opportunities

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Starting a new business

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  1. Starting a new business

  2. Why? • UK’s economy depends on SME’s (Small and medium sized enterprises) • Entrepreneurs are needed • Recession is the best time to start a new business • A potential to become a global company

  3. How to come up with a business idea? • Look for opportunities • Solve problems • Improve • Innovate

  4. Group activity

  5. Market research • Likely competitors • Suppliers • Customers • Market size and barriers to market entry (threat of new competition?) • Niches

  6. How to perform market research? Methods: • Questionnaires (phone, written, email) • Focus groups • Product trials • Interviews • Secondary research – what data already exists? sales records, previous market research reports, customer databases

  7. How to perform market research? Cont. • Is it a good idea? • Would you use/buy the item/service? • How often? • How much would you pay? • Why/when would you buy/use it? • What might you buy/use at the same time? • Would you stock it? • How might you improve it?

  8. What next?

  9. Business plan • Clarify your business idea • Set out goals/objectives • Marketing • Provide financial data • Spot potential problems

  10. Things to note • Patents • Registering the business • Funding • Finding partners, suppliers and potential area of operation

  11. Thank you! • Any questions? • Useful links: • www.enactus-nextstep.co.uk • www.gov.uk/starting-up-a-business • www.bplans.com

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