Planning
Before you start your business you need to spend some time planning and researching to help give your idea focus. Here are some things to think about before you get started.
- Who are your potential customers, what sort of people are you targeting? Is it children, adults or perhaps young professionals?
- Who are your competitors? Is there someone else out there offering the same product or service? If so, how could you be different?
- Keep an eye out for developments in your industry, they may provide you further opportunities.
- What are you going to need to get started? If it's an online business you'll need to think about
a domain name. And if you're selling a product you might need to think about asking family and friends if you can take over a garage or spare room to store your stock! You may also need some kind-hearted mates on hand to help you stuff envelopes.
- As you’re spending more time online, make sure you have unlimited and speedy broadband connection. Virgin Media offers super fast broadband which is perfect for getting around the internet quickly.
Finding the funds
And now for the serious part…how are you going to pay for your business? You need to decide whether you're just looking for some extra pocket money or if you want your business to go all the way. It may be that you have some savings you can dip into, or your parents might be able to give you a helping hand, but if you're looking for the big bucks then you might need a loan from your bank. If this is the case you'll need to present them with a detailed business plan. Some of the big banks have hints and tips on their websites on how to put together your plan.
Also check out Business Link who have some great hints and tips on writing your plan as well as templates you
can download.
It's all in the name
Thinking of a memorable name and suitable identity is really important to the success of a business. Like the Virgin brand - it's instantly recognisable, making it easier for customers to remember. Your branding needs to reflect your target audience, so if you're looking to engage with younger kids, make the brand appeal to them with bright colours and simple language.
If you’ve got a great idea why not enter Virgin Media Sparks, a competition giving commerce-savvy youngsters the chance to pitch their best online business idea. Visit virginmedia.com/sparks for further details. Alternatively download the following entry form and send to virginmediabusiness@
ptarmiganpr.co.uk by Friday 2nd May.
