So you want to start a business?

Innovation!

Ideas!

Enthusiasm!

These are some of the key building blocks to starting YOUR business journey.

A recent series of lectures given by Chris Walker, a Bangor University B-Enterprise leader and lecturer in the school of Business inspired me to explore the idea of starting my own business.

But first.

The most important areas to start with when creating a business are:

1. Mindset

"Mediocrity = Mediocrity!" - Chris Walker

2. Sustainability

Is your business sustainable?

3. Customer focus

What will the customer WANT? what will the customer NEED? Are you catering to the right audience?

4. Future

Is your idea capable of withstanding the harsh market? Are you planning for the future not just the here and now?

Once you have thought about these problems, you're well on your way to creating a business model.

A typical business model in mind map format

So, what is a business model?

A business model focuses on key areas to develop your idea into a business.

-> What are the key activities of your business? What are your business aims.

-> Who are your key partners?

-> What are your key resources?

-> What value does your idea bring?

-> What business channels can you use? How will you communicate with other business and customers.

-> What is your cost structure?

-> How do you plan on gaining and maintaining revenue streams?

-> How will you build customer relations?

-> Who are your customers? Know your target audience.

One last thing....

Now you are well on your way and inspired to start your own business here are a few key tips to keep in mind on your journey:

THINK BIG

Don't be afraid to dream big, and thing OUTSIDE THE BOX. New business ideas are built on innovation and big thinking!

Don't be afraid to fail

Sometimes your first idea doesn't work out- but don't quit! Learn from your mistakes and build on them. (Here's some advice to help understand if your business is worth pursuing).

Remember..

Test your business on a variety of models, not just one to ensure the best end result for your business.

Reflection

My experience from Chris Walker's seminar's was largely positive. I had never thought about the idea of starting a business but his lectures opened me up to the possibility and I often found myself thinking up business ideas in my spare time! As daunting as creating your own business seems, I believe it would be something well worth trying on an idea you truly believe in. I'd like to thank Chris Walker for his time and wisdom.