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Welcome to the NEW Business Hub! An A-Z of all things start-ups, business and marketing entrepreneurs.

Business Idea

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A business idea is a testable concept or hypothesis for potential financial gain, where a product or service is made available to potential consumers, usually for a price. A business idea aims to be unique, offering the solution to a problem consumers have and forms the basis to investigate its feasibility before drafting a plan to make that idea a reality

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Idea Validation

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Idea validation is the first stage in determining whether or not a problem is worth solving. It establishes whether or not a profitable market exists for your idea. It is a crucial step to follow before investing significant time or money. Missing this step exposes you to invalidating an idea that could have been successful under a different execution.

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Market Research

Market research focuses on gathering, analysing, and interpreting information about a market, product, or service offered for sale in that market. It also researches about the past, present and potential customers for the product or service. Market research looks into identifying the customers of your target market, and forming insights about the wider industry, as well as identifying your competitors.

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Identifying Customers

Identifying customers is one the most important tasks to do, very early on in your business set up. Knowing who your customer is, will help your shape and tailor all of branding, marketing and create the best product or service, exactly for their needs. Even if you have the best idea ready, you must also know who your customer, is to be successful.

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Concept Testing 

Once you know your product idea is viable and you know your target customers, then move on to testing the product or service; known as concept testing. This important step will both help you see the reaction of your target market and also if your product or service actually works as you envisioned it.

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Business Strategy & Plan

Having a business plan in place is basically getting all your ideas down on paper, so you have something to work to. There are 2 types of business plans that you can create and both are always a growing plan, which you can revisit and update as you go. Within this plan you will set out the overall strategy of your business and your goals.

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Marketing Strategy

Marketing strategy is how you will show the world what you have created. There is a long list of marketing channels to choose from, to reach your target customers and they come with various costs. Choosing the right marketing mix will ensure your idea gets seen, engaged with and most importantly, sold.

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Time Planning & Management

Time moves forward, and once lost, never comes back, and time management is about doing the right thing at the right time. Effective management of time is essential in business. Planning plays a pivotal role in time management and is about making the most of your time by planning your day in advance. Doing work for work’s sake has no value, and planning gives you a sense of direction and with that, motivation to continue.

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Incorporation

Incorporation is a legal process undertaken to form a business or corporate entity. An incorporated company is a distinct, separate legal entity, that acts independently from its owners, protecting them from personal financial and legal liabilities. Incorporating a business offers opportunities to benefit from tax efficiencies and obtain grants to help that business grow.

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Pitching 

Pitching is effectively the selling of an idea to persons of interest, to obtain their buy-in. In business, those persons are typically investors or potential buyers. For our definition, we will focus on pitching to investors. Bear in mind that the end purpose of a pitch is to stimulate interest, and not ‘close the deal’. A pitch format opens with an explanation of your idea, using helpful visual aids, and closes with questions and answers.

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Launching 

There is only one first launch - so it's important to get it right the first time and is a culmination of all the work you have done to date. There are 2 different types of launches you can do, once you are ready to share your business to the public. Having the right plan in place is imperative and can give you an early lead, on being a successful business in the long run.

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Cash Flow Management

In simple terms, like the flow of water, in business, cash flows in and out, and positive cash flow means more is coming in than out, and vice-versa for negative cash flow. Cash flow focuses on net amounts and cash equivalents. There are three forms of cash flow - investing, operating, and financing. A basic objective of financial reporting is to assess the amounts, timings and uncertainties of cash flows.

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Balance Sheet Management

You may already be aware that keeping track of what you earn, owe, and have in shareholders’ (ownership’) equity is essential. You will wind up in trouble if you fail to document or organise such information in a balance sheet on a regular basis. The balance sheet is essentially a page that provides a snapshot of the three sections: assets, liabilities, and ownership equity. You need to know how to write a balance sheet and how to read one.

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