Business Idea

[bhavz007]

I have a business venture I have in mind, but I need someone to talk to about and need information on what to do next in terms of setting it up and so fourth. I have talked to quite a lot of friends and family about it and I seem pretty confident about it, so is there anything online which lets me talk to people which could help me?

 

[Zahidparvez]

What help u need?

 

[bhavz007]

I need help on what to do next, and how to start the process of the idea.
e.g Will i be able to do this, am I allowed to do this, how can I do this and so fourth.

 

[BeautyScientist]

I don't think there are any rules on how you go about getting started. But you probably need to do something rather than talk to someone.

For instance, get a prototype made or draft out an advert or something. Unless it is a truly brilliant idea you will need to develop it and you can't do that until you have got started.

 

[sjr4x4]

Hmm, a bit woolly with the details!

I've had lots of business venture ideas, thought the first 5 were fantastic, trouble was no one else did

If you need genuine business advice, go and see your local Business Link office. Free, impartial and honest.....

www.businesslink.gov.uk

 

[bhavz007]

Thanks for the link, however I am only 17 years of age so will this have an effect?

 

[sjr4x4]

Well I dont think theres an age limit with Biz Link, and theres no age limit to being an entrepreneur so go for it

All us old farts (39 - so technically still mid to late 30's) will tell you to go and get some experience and your too young, so prove us wrong and make a bucket of cash

 

[tony84]

It depends on your business.

I used to run an online business at 16. This was fine nobody knew and my money all came via paypal.

17 should not effect you in theory but without knowing more then it is really hard to say.

 

[ADW]

I have a business venture I have in mind, but I need someone to talk to about and need information on what to do next in terms of setting it up and so fourth. I have talked to quite a lot of friends and family about it and I seem pretty confident about it, so is there anything online which lets me talk to people which could help me?

You are at the right place now. All you need to do is explain the basics of what you hope to achieve and where possible I am sure people here will be willing to give their input. If you think you need to leave some details out to protect any specific area of your plan then do so but try to get over the outline and structure. Being 17 needn't be a reason not to get started but realistically it can make things more complicated.

 

[bhavz007]

You are at the right place now. All you need to do is explain the basics of what you hope to achieve and where possible I am sure people here will be willing to give their input. If you think you need to leave some details out to protect any specific area of your plan then do so but try to get over the outline and structure. Being 17 needn't be a reason not to get started but realistically it can make things more complicated.

Thanks for that, well my venture requires me to make a machine the same way an atm machine functions, and this will be put around in different locations for people to access. But I am having trouble in finding out if I am able to make something function the same way as an atm.

 

[movietub]

Thanks for that, well my venture requires me to make a machine the same way an atm machine functions, and this will be put around in different locations for people to access. But I am having trouble in finding out if I am able to make something function the same way as an atm.

The huge variety of ATM machines suggests that patent issues have been worked around succesfully. So I would say yes, you are 'allowed' to make someting which does the same thing.

The problem is that the machine itself is probably a tiny part of the overall package of getting it there. The machine needs to be setup to record and store the correct data in the correct way, security and insurance issues abound and no doubt a great deal of red tape exists and all the right boxes need ticking.

Also planning issues. The list is endless. Anyone can make a similar machine, anyone can sell it and install it. Finding a permitted place and being allowed to use it there is the difficult bit.

So how is your machine like an ATM? Does it do the same thing in a different way or work the same way but do something different?

I think you need to be a little more specific! Its impossible to advise you on a first step if you don't make clear the end goal.

 

[tony84]

It sounds like something you would need a wedge to develope.

I would patent the idea then look at working with banks/building societes?
Or even try Virgin money i know they are looking to get into the banking sector so would obviously have no existing cash machines, they may be a big supporter?

 

[ADW]

I am guessing you are not starting your own bank so I would hazard a guess that you might be looking at a form of vending. I only say this as I can't think of to many other uses and I also briefly got involved with someone before that had developed a similar machine that would supply services such as prepaid credit cards, prepaid internet access cards plus lots more. I know a lot of time and money was invested and even then things weren't taking off to well.

If you have a certain niche or area that you think would benefit from your idea then unless you have sufficient technical knowlege and financial backing, then I would think you need to join forces with a company that knows the industry. Sounds like quite a substantial project.

 

[bhavz007]

Nice info guys, well yeah the main point of the machine is that it will be vending something but will be linked to the bank industry hence why I said same as an atm machine, as it will be functioning in the same way but vending something else instead of cash.

I know the main idea of this project, and what the whole point of it is and how it will benefit people so personally I do think it has its own niche as Iv not seen anything like this before.

As I currently only have the idea on what the machine will do were abouts do I start? as I do not know how the machine will function and I won`t do unless I know how an atm machine functions, and there are so many complicated things in there. Do I contact say virgin money as said in the above post and tell them about my idea, and would they help in producing the machine to bring my idea forward? I will be contacting city biz today and talk to them about this and see what they have to say, but any suggestions would be great help.Thanks

 

[ADW]

Right, I kind of understand as it sounds fairly similar. This othern guys was connected to the internet for credit card payments as you were able to top up these prepaid cards etc as well as buying other services.

So what stage are you at? Do you have the technical know how? Is there a prototype in the pipeline? Is it just the initial idea stage you are at?

Basically, what do you need to do next to take this forward if plausible?

 

[movietub]

Right, I kind of understand as it sounds fairly similar. This othern guys was connected to the internet for credit card payments as you were able to top up these prepaid cards etc as well as buying other services.

So what stage are you at? Do you have the technical know how? Is there a prototype in the pipeline? Is it just the initial idea stage you are at?

Basically, what do you need to do next to take this forward if plausible?

I would prove demand before going any further.

Not that I fully understand your idea yet so maybe I'm worng lol

 

[bhavz007]

Right, I kind of understand as it sounds fairly similar. This othern guys was connected to the internet for credit card payments as you were able to top up these prepaid cards etc as well as buying other services.

So what stage are you at? Do you have the technical know how? Is there a prototype in the pipeline? Is it just the initial idea stage you are at?

Basically, what do you need to do next to take this forward if plausible?

Im currently only at the inital idea stage, and building a prototype will be difficult. In the technical espects of it im not sure on how it will work, but I know that it will work in the same was as n ATM machine but just vending something else instead of cash. The money will be coming out the perons bank account. As im only 17 I have experience the need for the machine myself hence why iv planned to bring it further, But have also come across other people who are in need of this machine and will become ideal. So im at a stage were iv got my idea planned now I just need to know how this machine is going to be built and how I am going to build it, which is what I need help on. I will also need some sort of investor of some sort which I can talk to this idea about so they will fund me, as I won`t be able to pull the money out from my own pocket, as im guessing it will cost quite a lot of money to take this project further.

 

Have you tried speaking to the Princes Trust? They can often help young people with business support and grants. You can find their website here http://www.princes-trust.org.uk/

Hope this helps

Zöe

 

[ADW]

Sounds like a very big task for anyone let alone a 17 year old. There are machines like this out there that vend all kinds of services from phone top-ups to adult website access and lots more. They also offer advertising services where people can click on an add and access further details and even make a purchase of a service. When I was involved with the person doing this they had a West End Theatre advertising their shows where you could then click through and book. These ads rotated whilst the machine was not in use.

My first encounter with these was 5 or 6 years ago and I know he had several sitings such as shopping centres and the like but I haven't seen these become popular. Why that reason is I don't know exactly but I would have thought if it was going to go national it would have by now.

Unless you have substantial knowledge and backing I think this would be to large a task to take on. Why can the service that you think will work in this way not be purchased through standard routes without this technology?

 

[Minnsy]

Is your idea one that can be 'protected' and then licensed to one of the ATM/Vending networks already in the field? Do there have to be substantial changes to the machine to allow it to vend your product? Is your product/service for a particular market, or is it mass market appeal?

D

 

[Vending Siting Services]

If this machine is a new idea, you will need to get it protected FIRST. Anyone you ask for help could potentially take your idea and launch it for themselves. Believe me, it's happened to us .....

You will need to draw up a confidentiality agreement between any party you share your information with. At 17 years of age, this sounds like a big venture and will need a lot of capital needed for investment.

There are many vending machine manufacturers who could help provided you have the capital to invest.

Good luck.

Regards.

Barbara

 

[bhavz007]

Is your idea one that can be 'protected' and then licensed to one of the ATM/Vending networks already in the field? Do there have to be substantial changes to the machine to allow it to vend your product? Is your product/service for a particular market, or is it mass market appeal?

D

Yes it can be protected and will be able to license to one of the ATM networks. There won`t be any changes which need changing to the machine to vend my own product, and is available for the mass market

 

[bhavz007]

What reputable companies can I talk to about this idea, and talk to them about it? so they can give me advice on the idea to be able to work or not. Because before going into getting an investment I obviously need to talk to someone legitimate about it and get their views, before I proceed on contacting banks, manufacturing companies and so fourth. And then I will also be able to get some protection on it.

 

[bhavz007]

anyone able to help?