Episode 2, coming up with a business idea. Welcome to the be your own boss podcast
the young entrepreneurs guide to starting a business. Whether you're
thinking about business for the first time or you have an idea that you want
to develop then this is the podcast for you. I'm Mari and I'll be guiding you
through this 15 part series that will keep you on track and help you think
through the challenges that come with starting a business. Part of the Welsh
Government's business Wales service Big Ideas Wales raises aspirations and
supports young entrepreneurs ambitions for business, part funded by the European
Regional Development Fund, Big Ideas Wales supports young people through
online resources, business skills workshops and one-to-one sessions with
an adviser to help your ideas become a reality. To get in touch with us you can
like and follow us on Facebook, Twitter and Instagram. Message us and one of the
team will get back to you, call us via the helpline on 03000 6 03000, live chat
on the business Wales website or you can email us bigides@gov.wales
Welcome back everyone, if you joined me in episode one then we discussed taking
the first step into the business world and if you had what it takes to start
your own business. In this episode we'll be talking about how to come up with a
business idea. Not every business starts with a eureka moment, the truth is the
most successful businesses are not based on amazing inventions or radicle new
ideas, they're just better versions of what's already out there.
So, if you're having a panic about not coming up with something completely new-
-don't, the key thing to remember is that your business idea needs to fit with
your skills, personality and has the potential to make money. I don't know
about you but I think coming up with ideas isn't always easy so I've got a
couple of questions you should ask yourself and consider that can help you
decide what your idea is or what it could be. Think about what kind of work
suits you, make a list of things that make you who you are. Are you creative,
organised, a people-person, good with paperwork or better at making
things? Do you prefer to work alone or as part
of a team? There are no right or wrong answers to this they just represent your
work style and can point you in the right direction of what your business
idea could be. Think about your hobbies and interests, almost any interest that
is shared by others can be turned into a business. Also passion is a key part of
business and if you love what you do you'll enjoy it more and you'll be
better at it too. Do you have a skill that's in demand?
Think of the skills you already have and there are always skills that people are
prepared to pay for whether you're a great cook, a web designer, bike mechanic
or carpenter everyone needs people like you. Have you spotted a new opportunity?
Opportunities are out there you just have to recognize them. Is there a demand
for a product or a service? Is there a gap in the market you could step into?
Whatever it is you could be the person and business that people need. Have you
spotted a problem you can solve? Anything in life that doesn't work well or is in
short supply could be the basis for a successful business. It doesn't have to
be your own problem. Why not listen to other people when they complain about
things, common gripes often spark a new business idea. I know the biggest
question you're asking right now is, but how do I know if my business idea is a
good one? You're not the only one asking this so don't worry there are a few
things you can do to find out. Try coming up with an elevator pitch for your
business and sum up your ideas in a few sentences, try it out on people and see
how they react. Ask them what they think, get feedback but remember your mum is
not the person to ask here. She's always going to tell you your ideas are great. You
can use feedback to create a profile of your target customer and decide if there
is enough demand for what you're offering.A key element of every business
is the USP their unique selling point have a think about why your customers
should choose you over anyone else. Your USP can be based on the skills and
services you provide, just know your strengths but also be honest about what
you need help with and connect with the right people. I took
the time to speak with Fran Hunt about how she came up with the idea for her
business Frankly Materials.
Mari: Hello Fran
Fran: Hello
Mari: Nice to meet you, so yeah where did
the idea come from for your business?
Fran: So the idea for my business came from my
background as a prop maker so I worked as a prop maker for about ten years, I moved
back to Wales and thought brilliant I can find a local materials supplier I'm
very passionate about using local businesses and I found that there wasn't
a material supplier so I saw that gap in the market and decided to go for it and
start up our own prop making supply company.
Mari: Wow so is that what you tell
people that if you find something that's missing or lacking is to just run with
it if you've got that idea and that opening?
Fran: Definitely do something that
you're passionate in do something that you're knowledgeable about you know I've
had I was lucky to have all of that background of ten years before I started
the business which was really really helpful for me but also if there's
something in a hobby that you think oh this is a problem you know this is this
doesn't work quite right or something in work that you think I've got a solution
to this that can also be an opening as well to start your own business.
Mari: So what happened after you noticed that there wasn't this company in Cardiff where did
you go from there?
Fran: I really just started looking at competitors and it's quite a
small industry so I'd been a customer of all of them which is very helpful when
you're setting up a business so I looked at what do they do it's really really
good and what they do that perhaps you know as a customer I've experienced
that's not so good and then use that as a basis to start the business really
Mari: Were you quite apprehensive or nervous about the whole thing or did you feel
like a natural thing to do?
Fran: It was quite natural for me I was studying a master's
degree at the time and setting up a business so I was very busy I don't do
things by halves but it was just my next step really that you know I wanted to do
something and I've been in self employment before so this was slightly
different setting up a limited company but yeah it was it was just that natural
step for me.
Mari: What were the main challenges then?
Fran: The main challenges with a business like ours is health and safety so we a lot of our products are
hazardous some are used some are explosive some are an irritant so trying
to get a courier to courier them was a huge challenge and it took us eight months
Mari: Wow
Fran: So that was a big challenge and of course if you don't have a
courier you don't have a system of getting products to your customers then
you don't have a business so it took a lot of phone calls a lot of perseverance
but you know we wanted to build the business on that strong foundation and
be honest about what what we were selling and what we were what we were
couriering to different places so yes that was our biggest challenge and you
know sometimes you think is this possible but it's just about
perseverance really.
Mari: Perseverance is really important
Fran: Definitely yes you know business can be really really rewarding but it can also
be really challenging you know and it's the buck stops with you so you have to
get through it and find problem-solving skills to get through that.
Mari: So what exact
materials are we dealing with here with your business?
Fran: So we basically sell what
look like buckets of goo you mix two parts together it has a chemical
reaction and creates a cured product so basically they're things like silicone
resins, fiberglass and they're used to make anything an actor touches that they
don't wear so that could be fake limbs it could be animal heads it could be
prosthetics anything like that can be used can be made using our products.
Mari: Is there anything else you've learnt along the journey that you'd like to share
with young people thinking of starting their own business?
Mari: I think really the
main thing is do something that you're passionate about business is is long
hours sometimes I think I work 24 hours a day but because I'm passionate about
it it doesn't feel like work so much and you know it's rewarding but it comes
with challenges and if you if you've got a passion at the core of that then
that's the thing that will carry you through when it's good when it gets tough.
Mari: And where do you hope to see your business going in the future?
Fran: Well we're quite lucky in that the creative industries in Wales is
the fastest growing industry in Wales so we're in the best place the best time so
as that grows we're growing with it so we're really really lucky to be in that position.
Mari: Thank you very much.
Remember to join me again in Episode three where we'll be discussing how to turn your idea into a
reality and the steps you need to take to make that happen
so get in touch with us you can like and follow us on Facebook, Twitter and
Instagram. Message us and one of the team will get back to you. Call us via the
helpline on 03000 6 03000. Live chat on the Business Wales website
or send us an email bigideas@gov.wales Speak to you next time