So I have an idea, now what?
You’ve got the next big idea, and are going to start making millions from day one. We’ve all had these foolish dreams. What makes the foolish is that most people don’t plan and execute a game plan to make that happen. Below we’ve laid out some steps to help make your dream a reality.
1) Do research. Does this new and original idea currently exist? If it does, what is your competitive advantage? Is there really a market for this? What problem are you solving and where is the value added? What are the barriers to entry? Is this even feasible? It’s also important to address personal questions such as are you willing to fully put your feet in the metaphorical fire? If once you have gathered enough information, you still feel that this is “it” then it is time to start writing a formal business plan to fully outline your strategy.
2) Write a Business Plan. There is no “correct” way to write a business plan. Everyone has a different opinion on what to include, how to order it, how to write it, etc. As long as you address all components of the business then you have yourself a sufficient business plan. Please note you will continually refine this business plan over and over throughout the course of time. There are so many sources out there that are reliable and free. The Small Business Association provides a rather comprehensive guide.
3) Ask Questions. Show your business plan to friends and family. Seek out those who are where you want to be and have them mentor you. It is integral to the learning process to get to know about others mistakes so you can avoid them. Never underestimate wisdom! If you are scared of revealing your ideas to others then you can have viewers of your plan sign a non-disclosure/confidentiality agreement. There are plenty of free templates available on the internet.
4) Execute. This is what separates the winners from the losers. It doesn’t matter how good your idea and plan are if you can’t successfully execute. Incorporate your business. Gather the capital needed. From there it depends on what business you are getting into. If it is a product thats patentable, get the patent. If you are developing the next big internet site, find your developers. If you are selling a service, begin to market yourself. Just do it.
There are dreamers and then there are doer’s – decide which one you will be.
