Posted by: Gerry McColl on March 4, 2016 | Categories:
The UK is rapidly becoming an “Entrepreneur Army”. Over half-a-million start-ups launched in the UK last year, more than 4.5 million people are self-employed, and the number of people taking entrepreneur courses has risen by around 200% since 2014.
With TV programmes such as Dragons Den becoming “must-see” viewing, it’s clear that now, more than ever, the title of ‘entrepreneur’ has become “cool.” But how do you make the dream happen and create a winning business idea?
To help you have that “lightbulb moment,” here are some things to think about to ultimately give you that all-important push to become a cool, start-up entrepreneur.
Think about your hobbies and passions and how you could mould this into a business idea. How great would it be to turn something you love doing into a successful venture?
For instance, if you’re passionate about keeping fit then you could look at starting a fitness franchise or become a personal trainer. If you’re a keen animal lover, you could start a dog-walking or pet-sitting business.
Have you fallen in love with baking by becoming addicted to The Great British Bake-off ? Then start a cake-making business or open up a cafe. You’ll be surprised just how many ways you can become an entrepreneur.
You could also expand on your interests to start a part-time business such as writing a blog, producing a vlog (video blog), or making money out of Instagram pics and selfies. If you’re a university student, there are number of business ideas you can start while at university such as e-commerce, a social network, or app business.
This might seem pretty obvious but you’re more likely to succeed at something you’re good at. Say you currently work as a web developer or in IT, you could use these skills to start a coding club or consultancy business. Numerous entrepreneurs have found success by building on their skills from a previous job.
Market research is essential to know if a business idea has legs. By browsing recent analysis of business and consumer trends and expert opinions, you may find a potential business opportunity staring you in the face.
Size up prospective markets to see if there is a way to take a piece of the action. For instance, if a certain business is succeeding in London, think about ways you could create a similar business on a regional or even national level.
Think about creating a product or service that could actually make a difference, be it big or small. Don’t just think about solutions that would impact you personally, but look at it from the perspective of a mother, father, son, daughter, student and so on.
In most cases, you won’t be able to make money straight away. You’ll need to be lean and have a bit of cash behind you as you get the business off the ground. Having a “mission” will give you purpose. Purpose will give you passion. And the combination of passion and purpose in many cases leads to profits.
Almost half of all UK small business owners admit to having to sacrifice family time, holidays and income to start a business. An eighth say they only have three to four hours of sleep a night.
While starting and running a business can bring you great happiness, independence and profits, you’re unlikely to become the next Sir Richard Branson overnight. You need to think carefully about how you’re going to deal with the obstacles and challenges that starting a business can bring. It is a long journey to become a successful entrepreneur.
You might want to start your business from home, or you might want to start your business as a sideline project while you continue work.
Most start-up businesses will need some money to get started. This could be in the form of a bank loan, equity investment, start up loan, and much more. Alternatively, you could look to secure a government grant.
Here at AnswerConnect we offer support for start-ups by making sure you never miss a call to your business 24/7 and we help keep your costs down by offering a range of pay-as-you-use packages tailored precisely to your needs
Call AnswerConnect at 0800 802 1609 or register here today to ensure your clients are greeted by capable, responsive professionals 24/7/365.
Redrafted by Gerry McColl