Advice for starting a business from Dragons' Den's Deborah Meaden and Lynne Franks OBE.
‘There’s never a right time, so do it now’: How to turn your passion into your businessFor a BBC Radio 4’s Woman’s Hour special, Krupa Padhy was joined by a host of special guests to answer just that. Should you try to turn your passion into a business? And if you do, what advice should you listen to before you take the plunge?
“Ask yourself whether there is a clear market pull for what your business delivers,” adds Sam Jackman, founder of Boost Innovations, who designed a prosthetic breast for those who have had a mastectomy. “For my brand, I spent a long time talking to women to establish whether there was a gap in the market. This meant that jumping into the stress and the costs of product development was a bit easier because we had done the research first.
"Have clarity on your skills and gifts," says Lynne Franks."Make a clear list of the things you are good at and look at what is missing – maybe financial experience or marketing knowledge. There are many other women out there who could help you and in return may want to share some of your gifts. "When you first start a business, there are times when it's running you, instead of you running it," says Deborah Meaden."You may think that you’ll have loads of flexibility, but a business is very, very demanding. It's a little bit like having children - when it needs you, it needs you. You can't say: Oh, I'm clocking off at five o'clock. They need nurturing.
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