Resources you'll need to create your idea

Last updated: 2 May 2017

Before you can turn your idea into a business, there are a number of resources you'll need.

What you'll need will depend on your idea, but it'll usually include:

  • financial resources (money)
  • skills and knowledge
  • time
  • software
  • other resources specific to your idea

Existing resources

Before you go further with your idea, you should think about what resources you already have.

Think about what resources you and your team are willing to dedicate, and when they'll be available.

Resources you may already have could include:

  • money
  • time
  • skills and knowledge
  • products and prototypes
  • processes and systems
  • materials

Resource gaps

A 'resource gap' is the difference between the resources you have and the resources you'll need for your idea.

This isn't a bad thing – it's unlikely you'll have everything right away, so resource gaps will help you figure out what else you need.

Being able to understand what you're missing will help you make an action plan or roadmap to get you where you need to be.

You should focus on finding the resources you'll need to move your idea forward or be successful.

Resource gaps can be 'tangible' (actual physical things) or 'intangible' (ideas and information).

Tangible resources

Some of the tangible resources you might need include:

  • the materials you need to make your product
  • machinery
  • premises (where your business is based)

You can get these by:

Intangible resources

Some of the intangible resources you might need include:

You can get these by:

  • getting training to learn skills and specialist knowledge yourself
  • hiring staff with the right knowledge and skills
  • licensing intellectual property
  • outsourcing to a third party with the right knowledge and skills
  • working with specialist mentors and advisors

Financial resources

While money isn't the only resource you'll need but it can help you to access other resources.

Different ways of getting finance includes:

Before you apply for funding or grants you should consider:

  • how much money you need
  • what you'll need it for
  • how long you'll need it for
  • what the funder or lender wants in return

You'll also need to write a business plan.

Be aware that looking for funding can take a lot of effort and time. You should approach different sources for funding and be prepared to negotiate.

Your team

It's important to remember that your team is also a resource.

At the early stages your team may just be you, or it could be a group of people. Either way, it's important to think about the knowledge and skills your team already has.

The skills your team needs will depend on the type of industry your idea is in. They may include:

  • technology skills
  • design skills
  • financial skills
  • communication skills
  • flexibility

Team dynamics

Team 'dynamics' are how your team works together as a single unit.

When thinking about how your team works, try to consider whether:

  • you have a clear idea for the business, and if it's shared by the team
  • your team has the right mix of skills
  • the team commits to the project by developing the idea and meeting milestones
  • the team works well together – do their personalities clash? Is there a leader?

Industry expertise

Your team should have good knowledge of the industry your idea fits into.

Not every team member should be expected to know everything, but their combined knowledge should be enough.

Your team should have a good understanding of:

  • the market landscape and trends
  • the regulatory environment – which rules you have to follow and how they'll impact your business
  • the size of the market you're targeting
  • the needs, tastes and buying behaviour of the market you're targeting
  • the technical aspects of your idea – the technology, materials and production
  • any other patents in the area of your idea or business
  • your competitors and what they offer

Networking

You should also identify any contacts or relationships the people in your team already have.

Be sure to think about whether:

  • your team has valuable contacts who could help move your business forward
  • the company has an advisory board
  • you use sector or industry working groups to increase your network
  • you have access to business advisors and mentors who can give you advice and support