Small business startup advice – SmallBusinessVoodoo.com

OK, we’re half way through our preparation to face the Dragon’s Den. If you missed Plan To Face The Dragon’s Den Part I then refer back. Let’s move on to the next stage, steps 7 -12.

7. Proof

A business idea on its own is worthless. The world is awash with ideas. You must elevate your business idea to something of commercial value before you walk into the Dragon’s Den. You need proof. Proof essentially breaks down into two parts:

- Does your product work? Make sure you have a working prototype, or better still the real thing. A malfunctioning prototype and you can kiss a warm reception goodbye.

- Will anyone buy it? Research is of little value. Particularly on the scale that your limited funds are likely to reach. Try selling your product first. Get listings from high profile retailers/ wholesalers. If you can’t get listings, get a purchase order. Get a letter from the CEO saying how he will stock your product. Get anything that provides evidence that your product will have buyers. And lots of them. Read more »

You’re keen to subject yourself to the Dragon’s Den. But will you end up champ or chump?

The Dragon’s Den goes from strength to strength. We can’t get enough of it. You can now even take part in the online version of the show securing up to £50,000 for your enterprise.

Individuals endlessly expose themselves to the Dragon’s Den. Occasionally it pays off but we continue to be stunned by the ill preparation and idiocy of so many.

How we cringe when a Dragon fires a gentle opener “what’s your expected turnover next year?” to which the hapless entrepreneur replies “er, um, er… ten million pounds”. When pressed a little harder, it transpires that they meant to say “ten thousand pounds”. No, wait a minute, that’s not right um, oh, er… I don’t know, quite a lot anyway.

What the hell…who’s going to be interested in a plastic cucumber protector after all?

Anyway, if you really want to succeed in the Dragon’s Den and you’re name isn’t Levi Roots then here’s the first six of a twelve point checklist to see you on your way: Read more »