Student Business (UK)
If you are a business student and looking for ideas for businesses 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!)
Write a Business Plan
If you have an idea for a business whilst you are studying or you have now completed your studies and wish to make money by starting your own business or developing something for 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 long but you'll find that by going through the process of developing a business plan will ensure you answer all the questions about your proposed business venture and have a solid cash flow projection for at least the 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 your prefer to start from a ready-made business plan choose a sample business plan or have a look at another excellent site business plan express template website
Marketing Your Business
Once you've written your business plan have your product 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 really means that people have needs all the time and your product will satisfy that need that folks believe they are after. You will have found this need and described the likely person that is going to required something to satisfy that need and .... developed your product or service that these people will buy.
When you come to communicate your product or service please remember that you should only communicated 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.
Small business websites
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: small business pro is a small business website developed by real life business owners that know how to develop profitable businesses and another popular one is startups which is run by a publishing company but has excellent articles.
Types of business to start
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 so 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 a good 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 into your venture.
Setting up Your Business
Once you have 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 and a few banks offer free business banking services for life so you won't need to spend anything with the banks. 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.