Endless chatter and procrastination are just some of the reasons for brilliant ideas to fall at the first hurdle. You may have come up with “an amazing idea – possibly the best since sliced bread” and are filled with a burning desire to successfully turn a business idea in to reality. So what next?
- Take stock after dealing with tasks from your daily life and jot down your idea.
- Does your idea fit in with your goals and passions? How will it work?
- Consider the bigger picture and weight up the pros and cons in an objective way.
- Who are the customers? How tough is the competition? Why is my idea unique? How will I market it and sell it? Do I have the time and resources (i.e. money,time and energy) to make it happen? Am I willing to go the extra mile and make sacrifices?
- Hunt out people in the know within the market. Initial research is likely to boost your chances of success in the long run.
- Pitch your ideas to other people you trust and brainstorm with them to find out what works and doesn’t in the real world.
- Get in touch with a lawyer or accountant who can provide invaluable advice as well as contacts.
- Talk to customers in your core market to get their thoughts. Seek out trusted sources but beware of “yes men.”
- Collate your notes and ideas by formulating a business plan. It doesn’t have to be a 50 page dossier at this stage just a document highlighting key questions and strategies. You can access a detailed business plan template here.
- Go through your figures to calculate the amount of capital needed to balance the books.
- Review and revise your business plan after responding to feedback on key things such as product and market strategy.
- The time has arrived to launch your project and to prove the concept. Be prepared to invest resources – effort, time, energy and money while keeping a close eye on every details.
- Revise your business plan and update your offerings according to demands. Tweak aspects which have gone wrong and gather resources needed for actual expansion. Consider expanding your business within your community by joining networking groups. Create a company website which is regularly updated to give your brand a strong identity.
- Mistakes are inevitable but are part and parcel of the learning process of bringing your ideas forward towards success. Remember keeping yourself motivated is the key.