Is your business idea really that good? 5 ways to find out
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- Опубліковано 15 вер 2024
- Just how good is your business idea? Will it work? Will it make money? In this week’s episode of Whiteboard Thursday, Nick explains 5 ways to find out if you have a hit or a miss on your hands, including what to do if your idea is not going to work.
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Yay! Another video, this is really helpful. Thanks guys 😁
Our pleasure Sara! What did you learn from the video?
Thank you for another excellent video - a great starting point for any entrepreneur!
Glad you enjoyed it! What did you find most interesting?
Love this video- I better reconsider my business idea🙌
Go for it Claudia! We are pleased the video helped. What else would you like to see us cover?
Great explanation , Thank you !
Glad it was helpful! What would you like to see us cover next?
Food for thought if considering a start-up venture - lot's of helpful information to stop and consider in the first instance. Great video and as always fantastic presentation.
Thank you, Margaret, we are glad you enjoyed this week's video! What would you like to see next on Whiteboard Thursday?
Such a great video. Thank you for all the great insights!
Thank you for your kind words Tayah! What else would you like to see on our channel?
Love this, great videos released weekly and I seriously cannot get enough! Have learnt so much about Limited Companies already, so thank you 1st Formations - You really are the best! My most visited channel for 2021 for sure. :D
Thanks Polly! We are glad you are enjoying the channel. What would you like to see next?
this an excellent video! great advice on not relying solely on friends and family opinion about your business idea
Glad it was helpful! Did anything surprise you about the 5 ways to find out?
Very helpful video, thank you :)
Glad it was helpful! What did you learn?
Another great video! Short and comprehensive, thanks Nick! Definitely worth watching and I’ll bear the above 5 steps in mind when I start mine!
Thanks Kreisi, what did you learn from the video?
Good to know that defeat isn't always a bad thing and you have to be smart about these decisions. Will definitely keep the business plan method in the back pocket for when I am ready !
Thanks for your comment, Annalise! I'm glad you found our video useful. Is there anything else you'd like to know more about before you start your business?
I love your channel, so many useful videos!
Glad you like them! What would you like to see us cover next?
Great insight that often an idea already exists and the key is to analyse whether you can produce something better than the competition. Thanks!
Thanks John, we are pleased you liked the video. What would you like to see us cover next?
@@1stformations not sure, but more tips on how to survive the first year of my business' life would be great!
@@johncarpenter8651 Thank you for your suggestions John! We will pass this on to Nick and the team.
Very true... a bright idea does not equal a Lamborghini! And I think you hit the nail on the head Nick that people should know their market by first conducting a survey/market analysis. With the excitement of a new business venture, one of the biggest hurdles is MARKETING the product/service. And those thinking of social media getting them there as a start-up... think again. Building marketing into a business model is as crucial as the idea and knowing how much to commit spending on it - on an ongoing basis. Great video - thanks Nick!
Thank you for sharing your comments with us Sam. Are there any other topics you would like us to make videos on?
@@1stformations Most people start up a business because they are great technicians, i.e. they can make something or provide a service to a very high standard - but can they sell it, or make people aware the product is available? As you say Sam - that is the tricky bit!
Excellent content - thanks for sharing :)
Many thanks! Have you got a business idea of your own?
Another brilliant video with some great insights!
So glad you enjoyed our video- remember to thoroughly take on the 5 considerations as to whether your business idea really is that good before setting up your business!
Really hit the nail on the head about establishing a plan before diving straight in, especially hunting for potential competitors and getting a feel for your sector
Thank you! It is always a good idea to plan in advance. Have you got any good business ideas that you are unsure about?
@@1stformations great comment Angus - could not agree more...
This is excellent practical advice and a must watch for people thinking about making a life changing decision on the back of their business idea. Well done to the team at 1st Formations. Are there any plans to do a episode on how to do a business plan? I think this would be very useful.
Thanks Graeme! We are pleased you liked the video and thank you for your suggestion of a business plan video. What would you like to see covered in that video?
Very interesting video 👏🏻 Thanks for the great weekly content Nick, always keeping us informed and like they say ‘There’s always something new to learn every day’. Will share this video to my entrepreneurial friends who will appreciate seeing this ☺️
Glad you enjoyed it and thanks for sharing with your friends. What do you think they would like to see us cover?
Love the video! Now I just need to think of a killer idea...
Hey Amelia, thanks for your amazing feedback! What would you like to see us cover next in this series?
Great video - thanks Nick! - and great timing, as there are a lot of people looking to start their own businesses due to losing their jobs recently, as well as those who are taking the opportunity to pivot their careers.
Thank you for your feedback, Fatima. We are glad that you found this useful. Are there any there topics you would like us to cover?
Really excellent content 🔥🔥🔥
Glad you think so! What did you like the most?
Excellent video with some very good points! How about something on creating a Business Plan or Business Model Canvas as a follow up?
Thank you! Great suggestion Paul! If you have any more ideas we're all ears :)
A straightforward guide to succeed on Dragons Den :)
Hahaha! We love that Comment Stefan. Do you think Nicholas would do well in front of the Dragons?
Just make sure before discussing your business idea to get a signed non disclosure agreement. I didn’t with at least three ideas and now they are mainstream because people with more money and contacts took them without permission.
That is very wise, Patrick. What ideas were they, if you don't mind us asking?
@@1stformations the worst case was Sainsburys. They don’t do NDAs. I think around 2012 I discussed recipe menus with them . Said they weren’t interested. Guy I talked to left and set up home delivery menu service and now they are everywhere. Other include a travel game. So cautionary tales.
@@patrickkenlock6778 Wow. Why don't do they do NDAs?
Policy at the time they said
@@patrickkenlock6778 That is poor. Have you managed to monetise any of your other ideas?