Got the idea...where to start...

[JPB27]

Hi guys, I'm being made redundant for the second time and I'm only 21!! I am taking this as a blessing in disguise to do something that I have always wanted to do, worked for myself.
I have been thinking of ideas for months and came up with a few, and I've also got an idea for servicing company but I'm struggling where to being, can anyone give me some pointers on the next steps please. All replies are greatly apprecaited.

[johnathanB]

I'd start by researching your marketplace to see if the business opportunity is good enough. Then do some basic figures to see things will add up.
Have a look at all of your competitors and look at how they are working. If nobody is doing what you are then sometimes this means that you have a great idea, but mostly it means there's not a big enough market.

Once you have some idea that there is a 'market' for you, you can communicate with the prospects and you can deliver the product / service go an buy yourself a couple of business start up books. Read them fully then start thinking about a bit of basic planning.

Think about you idea / business model very very carefully before moving forward. Most people get this bit wrong and start a business that has little chance of success, requires too much money to market or that will employ them for 100 hours per week to earn less than the minimum wage.

There are two videos on my site that will help you evaluate if your idea going to be a viable business
http://www.growtheprofits.com/Free-V...ne-part-1.aspx
http://www.growtheprofits.com/Free-V...ne-part-2.aspx

They are quite long, but will help you ask the right questions now.

I hope this helps


Johnathan

[carolinem]

Well a friend of mine took the leap into self-employment after being made redundant for the third time in as many years. He was an A&R scout for music (fairly risky occupation anyway!) and decided to remortgage his house (which he'd bought with the payoffs from the various different companies) so that he could create a record label to sign the band he really believed in, who'd also been dropped when he lost his job. Fortunately the band was Contempo and Warren kept his house!

But there is a silver lining to every redundancy.

[dcairns]

I would seriously advise you to get in touch with your local BusinessLink

http://www.businesslink.gov.uk/bdotg...sslink.gov.uk/

*put in your postcode then fill in the contact form*

I'm in the start-up phase of my first company and they've been fantastic. The can allocate you a local advisor whom will sit down with you and go through everything. Simply say to them the situation you're in and tell them you need someone to hold your hand through it all!! They can also help with start-up grants and low cost loans. And obviously have you looked at the Shell LiveWire Grand Ideas Awards? You'd only qualify if there's an element of innovation to your idea so give it some thought. I've just been shortlisted for the February Award ('Organise Your Chaos' is my business - please check out my Elevator Vid and give me a vote!!)

With you only being 21 the Prince's Trust could offer a lot of support too -

http://www.princes-trust.org.uk/

Check both site's out and get yourself some advice and support. Both organisations are designed to help people like you.

Good Luck!!!