If you're a business student and looking for ideas for companies to start or that are successful, then you have come to the right place.
Many business students are required to develop a business based on ideas from their management course so here are some tips and advice on what you need to do as many successful small business owners already know!
If you have an idea for a business venture while you're studying, or you've now completed your studies and wish to start your own company, or further develop ideas from your management studies, then the first piece of work you should undertake is to construct yourself a business plan.
Constructing your plan should not take you too long. You'll find that by going through the process of developing a business plan ensures you answer all the questions about your proposed business venture. This process also ensures you have a solid cash flow projection for at least the first 12 months and subsequent years.
You'll need to know where your customers are coming from, why they will buy the product from you and outline your action plans to get to your goal.
We recommend a visit to Teneric Business Planning which is an expert business planning site but has loads of free business information. You can find Teneric UK business plan software or if you prefer to start from a ready-made business plan choose a sample business plan to get to your goals even faster.
Once you've written your business plan and are ready to market your product to your target customer group, you'll need to understand how to promote and reach out to customers so they'll purchase from you.
How do you go about marketing, and what is marketing in any case?
A classic definition of marketing is "identifying and satisfying customer needs at a profit to the company".
This statement really means that people have needs and your product will satisfy that need that folks believe they are after. You will have found this requirement and described the demographics of the person you want purchasing your product.
When you come to communicate your product or service, please remember that you should only promote benefits. Only benefits sell - not product features.
A benefit will satisfy that need. For example, a householder needs new central heating. The benefits of using XYZ heating company are that they are fast, clean (leave no mess), have no call out charge, operate locally, and have been in business for 25 years so have an excellent history.
Try to market the same company by saying "we install ABC central heating systems" is not going to work.
You would have found out from your market research that the customers to target want no mess left behind so you can market on that need to find out more about marketing contact this excellent marketing planning company.
There are other small business websites dedicated to the development of businesses from the start-up phases through to the growth phase, and we recommend the following two sites:
There are many businesses you can start (rather than developing a career) and here are some links to some of the most popular.
If you have a van then how about starting a self-employed courier business where you collect and deliver packages? It's a low-cost business to start up, and as long as you can market yourself, it could be a great option. You can get a courier van insurance quote here to see how much it might cost to insure and run your own van.
Another business is a restaurant business - this can be great if you choose your location carefully or can be a disaster. Here's an excellent guide on starting a restaurant business in the UK that covers all the costs involved as well as marketing. But whatever business you decide to start, get all the advice you can and develop your business plan before you get a loan or commit any funds to your venture.
Once you've decided which business you wish to start, you'll need to set up as a sole trader or limited company. Then you'll need a bank account. A few banks offer free business banking services for life, so you won't need to spend anything on transaction costs. If you believe you'll have savings then check out the best business savings accounts as not all will pay the going rate whatever the Bank of England's interest rates are.