You’re sitting at your desk, drinking your third cup of coffee while plodding away at a monotonous task when it happens. A mind-blowing spark of genius comes out of nowhere. This has the potential to be life-changing, and you just know that you’ve discovered the next big thing. How do you get from great idea to realizing its potential? Keep reading and we’ll help you get started.
Write it Down
These ideas can pop out of our heads just as quickly as they pop in—and you don’t want to forget it by the time you get back from your lunch break. Having it written down gives you a place to collect your ideas and thoughts, and to start organizing the information. Mind mapping is a great starting place for turning your idea into a reality. This type of brainstorming often results in a plethora of ideas and it’s easy to get carried away and make the idea too complex. This way, you can revisit the idea and help to hone or refine it.
Find your Angle
Even if you think your idea is brand new, it probably isn’t. A simple Google search will probably turn up a similar idea or project. Don’t be disheartened; It means that you’re onto something, and that at least one other person sees the need for your product or service. What you need to do now is to find out how to make your idea different. What is it that you can offer that the other guy can’t? Narrowing your focus will give you a clearer picture of what you need to do moving forward.
Do Some Research
Once you know that you have a unique idea, it’s time to do your homework. Decide on the scale and scope of your business. Are you aiming for a small, local market, or do you plan to go big? Research the market, the competition, the demand, and methods for securing financing, as well as your organizational structure. Are there any licensing or permitting regulations that you will need to adhere to? Reach out to the regulating agencies to find out what you’re going to need to do. Talk to other business owners to find out what stumbling blocks they hit while building their business so that you can avoid those same traps.
Organize Your Information
Sort the information according to where it will fit in a business plan. There are several key elements to a business plan, and you can find tutorials and sample business plans all over the internet. Use them as a guide, or outline your plan so that you make sure that you cover all your bases. You may find out that you’re missing one of those key elements. You may need to return to the researching stage several times before you have everything you need.
Write the Plan
If you’ve outlined it well, writing your business plan should be a snap. If you’re not a writer, you may want to seek professional help. It needs to be clear, concise, and polished before presenting it to investors or to a bank if you’re planning on taking out a loan. Spending a little extra on a freelancer to make sure that your pitch is the best it can be might make the difference between getting your financing or not getting your business off the ground.
Deciding to take a risk and start your own business can be a thrilling adventure for many. Having a well-designed business plan and sticking to it will help to ensure your success as you navigate the many twists and turns of starting and running a business. Following the above steps will help you take your business from a great idea to a successful endeavor.
Corinne Ledling is a businesswoman who’s very passionate about her job. She’s a Content Manager at Bizstats.co.uk and loves to share career tips and tricks.