Preparing the business plan is the essential first step to your new business. It should be: concise, emotional, logical, factual, and realistic. The plan you write needs to be so relevant and useful that it becomes part of your business management. Here are ten things every business plan should contain: Vision – What makes this business opportunity so exciting to you, your potential customers, suppliers, and investors? Keep your mind focused on the end goal. Background – Wha

Defining your specific customer segment, or segments, is a crucial step towards accurately and effectively marketing your product or service. The more specific your customer segmentation, the more you will understand your customers’ needs and be able to sell to them successfully. Customer segments are the different groups of people that your product or service is designed to reach. You could group them by common demographics, common needs, or common behaviours – whatever you

When you’re growing a business, it can be really difficult to keep your costs under control as your sales grow. Your new success could even give you a false sense of security, making big investments seem more workable than they really are. Here is a checklist of things you don’t want to do: Over-promising – a customer wants large order, really quickly. To keep the order, you agree to do the impossible. Under-delivering – when you can’t fulfil the large order really quickly, t

The North of Tyne Recovery Innovation Fund aims to enable green and sustainable recovery by funding projects that potential to safeguard and create good quality, as well as, building a more inclusive economy and/or contributing towards the net zero agenda. Click here to find out more. For more advice and support to overcome your business challenges, please reach out to our team.

Once you have identified your market, its important to back up the findings with reliable research. Through online research methods you can establish an estimate for the size of the market you are in, as well as, the potential for growth. If you are part of an emerging market, research might be more difficult than a well-established market. Secondary research methods could include: Information published in newspapers Trade magazines Directories Websites Using models such a P