I have a business idea what do I do next?

There are a number of things you might want to consider doing when you have an idea for a business. Deciding on your business structure is key- are you a sole trader? A limited company? A partnership? Or perhaps a CIC or charity? There are pluses and minuses to all business types and it is important you do your research to work out what best suits you at this current time. If you are unsure then finding a recommended business advisor or coach early on can really help structure your business.

You will also need to work on a business plan, whether this is a traditionally written out document or a business model canvas (examples of both can be found in the links below). Business plans are key in ensuring the sustainability of your business and providing you with a map of what you are doing and where you want to grow to. As your business changes and grows, they help you keep your focus and mission.

A business plan will cover everything from the market need for your business, to your financial structure, to your marketing plans. You may also want to create separate documents looking at your value proposition and profiles of your customers. https://pbc.co.uk/brochures/ You can download a free business plan template from the Portbello Business Centre https://www.strategyzer.com/canvas Strategyzer offers free templates for both creating your value proposition and business model canvas (and a great quick explanation of the different areas of the Business Model Canvas here: https://www.youtube.com/watch?v=QoAOzMTLP5s)