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Business concept development

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The document provides guidance on developing a business concept, noting that it is important to conduct market research to determine if there is customer interest and demand for the product or service idea, identify competitors, and evaluate the feasibility of the business concept. It also outlines several questions to consider such as defining the product or service, assessing market potential and financial capacity, and determining needed skills. The document stresses analyzing these factors before getting started in order to increase the chances of business success.

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Business Concept Development
What do I need before I get Started? Before you get started find out if people are interested in buying your products or services. Find out who your competitors are and whether the market can sustain your business. Conduct some research to see whether your idea is really feasible. This will involve gathering, analysing and evaluating information to help you formulate your business goals.
What do I need before I get Started? • Some questions to consider are: • What product/service will you provide? • Is your idea feasible? • How will you protect your idea? • Is there a market for your product/service? • What skills do you need? • Who are your competitors? • What difference will you bring to the market? • Do you have the financial capacity?
Invention
Innovation
Am I ready? • At the outset it’s important to consider whether you really understand what's involved and whether you're suited to business and self employment. Examine these issues: • reasons for getting into business • your goals and skills • income your business will need to generate • advantages and disadvantages of establishing your own business.
What type of business should I start? • Do you want to start a new business, or would it be better to buy an already established one? • Starting a new business requires a great deal of time and money. You’ll need to research the market, raise finance, establish contacts, find a location and maybe hire new staff. • Buying an established business, or a franchise, has the advantage that operations are already in place. The premises and stock, customer base, suppliers and income stream are already established. • State governments can help you with information and guidance on assessing business opportunities. Also consider seeking advice from professional business advisers or your solicitor or accountant.
How do I choose a business name? • Choosing the right name will help ensure you’re creating the right image for your business. It'll also help to distinguish it from your competitors. Before deciding on your name you should familiarise yourself with the different registration requirements. • A business name is the name under which your business trades and it needs to be registered in every state where trading takes place. • A company name must be registered with the Australian Securities & Investments Commission (ASIC). But if you want your company to trade under a different name, then you’re also required to register the trading name as a business name. • Be aware that registration of a business, company or domain name does not in itself give you any proprietary rights - only a trade mark can give you that kind of protection. Ensure you have exclusive use of your name now and in the future throughout Australia by registering your business name as a trade mark
How do I develop a succession plan? • Nobody likes to think about it, but it’s inevitable that one day you'll leave your business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you plan for that day. A succession, or exit, plan outlines who'll take over your business when you leave. • A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs. • Make sure your succession plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.
Video Case Study - Laura Moriaty, Peachy • http://www.youtube.com/watch?v=OxzvqeYT H5Y • Write down key points • Pairs discuss the key points

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Business concept development

  • 2. What do I need before I get Started? Before you get started find out if people are interested in buying your products or services. Find out who your competitors are and whether the market can sustain your business. Conduct some research to see whether your idea is really feasible. This will involve gathering, analysing and evaluating information to help you formulate your business goals.
  • 3. What do I need before I get Started? • Some questions to consider are: • What product/service will you provide? • Is your idea feasible? • How will you protect your idea? • Is there a market for your product/service? • What skills do you need? • Who are your competitors? • What difference will you bring to the market? • Do you have the financial capacity?
  • 6. Am I ready? • At the outset it’s important to consider whether you really understand what's involved and whether you're suited to business and self employment. Examine these issues: • reasons for getting into business • your goals and skills • income your business will need to generate • advantages and disadvantages of establishing your own business.
  • 7. What type of business should I start? • Do you want to start a new business, or would it be better to buy an already established one? • Starting a new business requires a great deal of time and money. You’ll need to research the market, raise finance, establish contacts, find a location and maybe hire new staff. • Buying an established business, or a franchise, has the advantage that operations are already in place. The premises and stock, customer base, suppliers and income stream are already established. • State governments can help you with information and guidance on assessing business opportunities. Also consider seeking advice from professional business advisers or your solicitor or accountant.
  • 8. How do I choose a business name? • Choosing the right name will help ensure you’re creating the right image for your business. It'll also help to distinguish it from your competitors. Before deciding on your name you should familiarise yourself with the different registration requirements. • A business name is the name under which your business trades and it needs to be registered in every state where trading takes place. • A company name must be registered with the Australian Securities & Investments Commission (ASIC). But if you want your company to trade under a different name, then you’re also required to register the trading name as a business name. • Be aware that registration of a business, company or domain name does not in itself give you any proprietary rights - only a trade mark can give you that kind of protection. Ensure you have exclusive use of your name now and in the future throughout Australia by registering your business name as a trade mark
  • 9. How do I develop a succession plan? • Nobody likes to think about it, but it’s inevitable that one day you'll leave your business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you plan for that day. A succession, or exit, plan outlines who'll take over your business when you leave. • A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs. • Make sure your succession plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.
  • 10. Video Case Study - Laura Moriaty, Peachy • http://www.youtube.com/watch?v=OxzvqeYT H5Y • Write down key points • Pairs discuss the key points