This is Innovate UK’s 3rd installment of the essential selection business tips and advice series. This video covers tips for start-ups who are just starting out. Whether a start-up, small business or SME there may be useful advice that you haven't considered. Make sure you watch the video and subscribe to our channel for more startup and SME advice.

The video outlines and explains the most important factors for a business when just starting up, and includes actionable advice supported by comments from industry experts and investors.

The tips are as follows:

1) Evaluate your idea objectively

If you can’t identify at least one true USP then it might be time to re-think your product or service idea. Don’t just rely on family, friends and your immediate network.

Also, listen more than you talk during customer interviews and don’t try to sell your idea. People are generally nice so there’s always a risk they’ll just say what they think you want to hear. The goal is always to find the truth, even if it’s uncomfortable.

2) Research your opportunity

Fully research your opportunity before you start. Your may have validation that your idea is great. You need to research your market size, audience, competitors, development & execution cost and realistic price points. You don’t always need to get into big data research to do this. There are plenty of free resources and platforms like Google, Facebook and Twitter offering free insights that will all help you assess your opportunities.

3) Plan for execution

Action always beats thinking. A start-up begins with a great idea, but all too often, that’s where it ends. Ideas have to be implemented well to turn them into a successful business. Good execution requires a plan and good operational decisions come from good people. You need to assemble a team to execute on your idea. That’s why investors invest in entrepreneurs, rather than ideas.

4) Map your finances

Cash is often the root of all failure. In fact, 42% of start-ups fail because they run out of money, so make sure you map out a long term financial plan. By Creating a long-term financial plan this will help you to avoid surprises in the future.

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