Business London is a bustling hub of opportunity and it’s easy to get caught up in the entrepreneurial vortex. While starting a business is undoubtedly one of the most exciting and rewarding things you can do, it can also be one of the most daunting. From writing your business plan, right through to making your first sale, there's a lot to think about! Last week, we met Aalia Butt, an aspiring business owner who’s keen to officially launch her new venture Whispers of Oud, selling handcrafted candles.
Like many entrepreneurs, Aalia has a great idea and a passion to succeed – but needs some guidance to turn this into a business. I asked Emma Jones CBE – best-selling author, business speaker, and founder of Enterprise Nation , to share her top five tips for getting started. I always tell people to ask themselves three questions: is there a gap in the market? What is your passion, hobby, or skill? And is there something out there that you could do better? Once you’ve come up with your idea, you need to test it.
This doesn’t have to be expensive. If it’s a food product, serve it up to family and friends and then take it to a wider, less biased audience. Use social media to test the market.
Work out what people are prepared to pay for your product, then work out if that allows you to make enough profit. A good way to look at this is to build a plan based on I’M OFF: Idea, Market, Operations, Financials, and Friends. As part of this, set targets and budgets over 12 m.
