Background preparation for your business idea to succeed

Background preparation

"Spectacular success is always preceded by unspectacular preparation" - Robert R. Schuller

Success is where preparation and opportunity meet

Starting a new business venture is for most people one of the biggest decisions they will make. Preparation is key to starting a successful business. It is far better to spend time and effort early on to check that your idea is viable, than to discover there is no realistic market in 6 months time when you have given up your job, ploughed your savings into your new business and remortgaged your family home. The financial and personal consequences of not fully and clinically researching and assessing your idea, the market, financial resources needed and your skills, knowledge and ability to make your dream a reality, can be disastrous.

Apart from the financial risks, starting a new business also comes with considerable personal risks as the time and personal commitment you will need to make can come at a cost to family time and personal relationships. Starting a new business will test your resilience and resolve. There will be sleepless nights. The stresses involved will impact your mental health.

That's why you need the support and advice from experienced, professional business advisors like Wood and Disney. We will be there to make sure that you are making the right decisions based on thorough and unbiased market research, realistic financial forecasts and an objective view of your own strengths and weaknesses and business skill set. We'll ask the tough questions and give you our honest opinion and advice based on years of experience advising ambitious entrepreneurs just like you.

Most of this background preparation you will want to take on yourself to keep costs down. But Wood and Disney can point you in the right direction. We have resources and tools to make sure you plan and research your business idea thoroughly and objectively. We can advise and support you, and give you an honest, straight opinion based on years of experience and expertise. We may not always tell you what you want to hear. But it is far better to be told now of weaknesses in the viability of your idea than to find out for yourself a few months or years down the line after you have poured all your energy, enthusiasm and money into a business that was flawed from the start!

That was the doom and gloom scenario. Most businesses we help go on to be a huge success and we're sure your's will join them!! Do your research and listen to our advice and all should be well.

Your skills

Be realistic about the skills and experience you have and the areas you need to learn about and develop. Be honest about how much time, hard work and financial commitment you want to dedicate to making your idea a reality. Starting a new business is not easy ~ if it was most of the population would be happily working for themselves. It takes hard work, determination and resilience. You need to be aware of the risks both financial and in terms of the potential effects on your personal life and relationships. Having said that, most business owners would never consider returning to work for someone else. The sense of achievement of creating a business, then seeing it develop and grow is like no other.

Wood and Disney have seen many businesses succeed and flourish, and also some fail. We will give you an honest view of the commitment you are going to need to start and run your business and the chances of success. We can help you critically appraise which skills you need to develop and identify any holes in your business or management knowledge. We can give you the guidance and knowledge to fill in the gaps and point you in the right direction if you need help from HR or legal specialists.

The market

Friends and family rarely give a truly honest opinion as they tend to want to please you, telling you what you want to hear. Many people you ask will say they would definitely buy your product or service but when it comes to spending their money are reluctant to commit. Most entrepreneurs with a great idea they "know will succeed" tend to have a selective filter, only hearing the answers and opinions that re-enforce their version of the future and downplay any negative views or opinions.

Wood and Disney will give you a straight, no-nonsense assessment of the viability of your business idea. We will help you or give you resources to develop market research which asks the right questions to the right people to get honest and objective data on the potential market, price points and marketing channels for your business. We can help you develop a marketing plan which analyses your idea in the context of a competitive market.

Financial resources

Wood and Disney are specialists in all financial aspects of setting up and running a business. We can help you prepare a realistic cash flow forecast and model best/worst case scenarios. We can look at the personal financial resources you have available to you; how you can release equity from your home, personal guarantees, and advise you of the risks involved. We can help you identify the best source of finance for your business and then help you with the supporting documentation and application process. We can help you quickly compare and secure finance through our partnership with Capitalise.

For more information, take a look at "Raising Finance Solutions" >>

Researching your idea lays the foundation for a successful business.

Next it's time to move on to setting up your business. Looking at how you structure it, set up your infrastructure and support, then get ready to launch ..

Setting up your new business ...