What to sell to 170,000 festival goers?
25 July 2017
Watching coverage of this year’s Glastonbury festival and seeing an ocean of bodies basking in the glorious summer sun, I got to thinking, if I had the opportunity to create a pop up pitch to sell to 170,000 festival goers - what would I trade? This thought set off a chain reaction of questions, with the most crucial one being, how and where to start?
According to fortune.com "Conventional wisdom says that 90% of start-ups fail."
So, how do you become part of that exclusive 10%?
Starting your own business can be many people’s dream, a dream that can also turn in to a nightmare if you don’t have a plan or do your research. Like a sponge, start-ups should have a real thirst for information and constantly be researching - whether this be market trends, products and competitors.
In my role at the Department of Economic Development I'm fortunate to meet a range of businesses from long established multinationals to those entrepreneurial start-ups looking to take their first steps in to the business world.
Just under 10 months ago the Department launched the online Business Toolkit designed to offer businesses a one-stop resource hub. From start-up and marketing ideas to financing and IT insights, the Business Toolkit is the ideal place to begin your research. Using the relatable case studies, articles and business advice, develop your knowledge in order to help your business prosper on the Isle of Man.
From the thousands of views the page has received over the last 10 months the top viewed resource has been the case studies. The case studies included in the Business Toolkit are all from on-island businesses that have received support and guidance from the Department. These tell the real life stories of entrepreneurs who were looking to start a business on the Island and have turned their dreams into reality.
The Business Toolkit is just one of a range of products offered by the Department to help businesses start and grow on the Island. For those taking their first steps into running their own business, advice and financial support is available via the Micro Business Grant Scheme. The scheme provides training, financial assistance of up to £5,000 and business mentoring for 18 months with the aim being to enable individuals to take their first steps into self-employment.
Having 10 different assistance paths available to businesses the Department is well-versed to offer advice and guidance to help your business to grow. With so much happening, a great way to keep up to date on the happenings within the department is via the Enterprise Matters monthly newsletter.
And so, what do you sell to 170,000 festival goers? Wellies, ponchos, burgers, beer? Who knows, however if you do have an opportunity to start your own business. Why not speak to the Department of Economic Development about financial assistance.