Starting a business

Firstly, you need a business idea. This may come from a hobby, your course, or from somewhere else entirely – such as the media or your friends and family. You then need to evaluate your idea according to three basic business principles: feasibility, demand and innovation.

1. Feasibility - The most important aspect of your idea is that it must be feasible. This means making sure you have, or can have, access to the right technology, skills, funding, and time to make your idea a reality.
2. Demand - An idea only turns into an opportunity if there is an unsolved problem, a need, or a real (perceived or actual) demand from a market. You will most likely need to do some market research to establish this.
3. Innovation - A business cannot thrive if every other business is doing exactly the same thing. To stand out from the competition, innovation of some sort is fundamental. The innovation may be small, such as a new method of marketing or operating, or it could be large, such as an entirely new product or service.

Writing a business plan

A business plan is an essential requirement of a modern business. It is a document that you need if you want to approach banks and investors in order to start your business, but it also can be a useful exercise in helping you decide the short- and long-term strategies of the business and to fully realise any shortfalls in skills, funding or research.

A useful introduction for business plans is available on the GOV.UK website.

The Prince’s Trust has also produced an excellent guide and template from which to start.

Protecting your idea

You may need to make sure that no one else is able to copy your idea, especially if it is a brand-new product or invention. These processes, in particular patenting an invention, can be an expensive and lengthy process and you need to decide if protecting your idea or the speed in which you can get to market is more important to you in the long term. The GOV.UK website has some further reading to help you consider what kind of intellectual property protection is right for you.

Sourcing Funding

Money is the lifeblood to any business, whether the organisation is a charity or a large-scale corporate entity. You need to work out exactly how much money you have (from yourself, family, friends, loans and investors), how much money you will need and how you believe you will use the money. Business planning can help estimate these numbers and then keeping accurate records and receipts is vital, right from the beginning.

Registering your business

Registering a business is surprisingly easy once you have a bank account. There is lots of information available on the set up a business GOV.UK website, which will describe the differences between being a sole trader, limited company, or partnership, and you can decide which one is right for you.

Tax

Also, you should also familiarise yourself with your tax responsibilities as a business owner at the HMRC.

Starting a business as an international student

If you are studying on a student visa you are subject to various work rules during your studies which typically prevent you from being self-employed or engaging in business activity. It is important that you are aware of any restrictions placed on you and the International Student Support team at Imperial provide up to date information about working in the UK both during and after your studies and any restrictions placed on you.  

Postgraduate students on a research course

If you are starting a business during (or after) your course which has in any way been inspired by your research, you may be affected by the Imperial’s, or your funder’s, intellectual property policies. Speak to your academic supervisor if you are considering this route to discuss any restrictions that may be placed on you. Help is available if you want to create a business with your research. The best place to find out more is by approaching Imperial’s Research Office to discuss your particular circumstances.

Further resources available

There are many places you can seek help to pursue your business idea.

• Imperial Innovation Portal - Explore what’s on offer at Imperial and find the best support available for your circumstance.
• Imperial - Enterprising Students - Imperial's portal for the latest enterprising student's news, events and activities.
• Imperial Enterprise Lab - Various events and resources to support entrepreneurship within Imperial.
• Imperial Enterprise - Access regular skills and information sessions around developing entrepreneurship abilities. The annual accelerator program develops, and in some cases, funds business ideas.
• Imperial Entrepreneurs - Student society dedicated to Entrepreneurship at Imperial running regular networking and information events as well as challenges and competitions to develop skills.
• Online Courses - Develop specific skills and attributes to help your business thrive through a variety of online learning. Imperial Online Courses offer creative thinking, while your access to LinkedIn Learning provides access to many thousands of courses covering a variety of topics. 

KnowYourMoney have partnered with top universities to create The Ultimate Guide to Starting a Business as a Student Entrepreneur.