Having selected and shared her new company name, an overlap with another business forces Zelda to make some changes.  Some of the practicalities of set up a new venture start to emerge.

Russell and Mike outline the initial practical activities that any organisation needs to consider.  In this episode, 10 strategic (yep, the strategy word) tips for those thinking of starting a business.

Timings

* 0:30 - Scene 3.1 - Nero's Burning Question

* 3:45 - Scene 3.2 - Practically Basic

* 7:24 - Discussion

* 7:40 - 'Innovation' misuse

* 8:09 - 10 Strategies for Starting a Business

* 8:38 - 1. Do what you know

* 9:07 - 2. Start whilst you're earning

* 9:30 - 3. Take advice

* 10:00 - 4. Create a Business Plan

* 11:10 - 5. Do research

* 12:05 - 6. Get customers before you launch

* 13:03 - 7. Use other professionals

* 14:10 - 8. Find financial backing

* 15:58 - 9. Get compliant

* 17:02 - 10. Plan for the worst.. and best

* 18:40 - Equipment practicalities

* 19:50 - What's next?

Useful Information

Places for Advice and Guidance (@9:30)

*

Local Enterprise Partnerships - Growth Hubs

Business Planning (@10:00)

*

Write a Business Plan - page (.gov.uk)

*

Business Plan Template - page (Start-up-loans)

Research (@11:10)

Market research can be a vast subject and can potentially consume vast amounts of your time. To start with you should focus on a few simple areas:

* Find evidence that a market exists for the problem you are solving or the product you are selling.

* Find some specific information: How big is this market? Who else is selling same/similar products and how much are they charging?

* Who is your ideal customer? Age? Location? Job? Issues?

*

Market research (Hubspot)

Funding (@14:10)

*

Business Finance Guide - Site (British Business Bank)

*

Finance and Support for you Business - Page (.gov.uk)

*

Business Plan Template - Page (StartUpLoans.co.uk)

Episode script

Nero's Burning Question

Practically Basic

Nero's Burning Question

CONTINUITY: Zelda enters her dad’s office bearing difficult news as a start to the day.

ZELDA: Hi dad, you got a minute

NERO: Always for you, how’s it going?

ZELDA: It’s great. I’ve been chatting to Jakob and we’ve come up with a name for the new business.  It’s Sideline

NERO: Well that’s nice.  Have you got your business plan coming together then

ZELDA: Jakob has decided to try something new with me and we aren’t going to push the whole strategic planning thing.

NERO: Interesting… So you’re winging it?

ZELDA: Innovating on the hoof I like to call it – Jakob is loving the break from th...