So You Have a GREAT Idea!
Now What?
So you've come up with a snazzy
idea that's sure to put money in the bank, eh? So what are you going
to do about it? What's your next step?
Most people do one of two things:
-
They jump on the bandwagon before
they know how to play, or
-
They talk the subject to death,
research it to death, make tons of notes--and do nothing.
Either way, they end up frustrated.
I know people who fall into both
categories. You probably do, too. In fact, you may be one of these
people. I was.
So how can you break out of this
aggravating pattern and put yourself on the path to success?
Here are a couple of suggestions:
DO SOME RESEARCH
Take a little time to see if your
idea will fly. Now I'm not talking about a full scale investigation
that takes months or years to complete. Instead, spend a few hours on
the Internet, scanning the search engines for relevant sites and
posting a few questions in appropriate newsgroups (Has anybody done
"x"? Where could I find more information on "z"?).
Put in some library time and look
for resources at your favorite bookstore (either online or off).
You're looking to see if you have a ready target market, and if
they're already buying products and services similar to what you're offering.
Why? Because chances are they'll
buy more of the same. If white widgets are all the rage and have been
for months, chances are black, blue, or red widgets might make money
as well. If no one's buying widgets at all, stop. Do not pass go, do
not collect $200.
Look elsewhere. Don't waste time,
money, and energy developing and trying to sell something no one wants.
"But I'll be the first one on
the block," you might be thinking. "I'll capture the market
and make millions!"
Yes, I suppose there's always that
possibility. But don't bet the farm on it.
While it is true that stories like
that happen every once in a while, more often than not they come
about by accident rather than design.
Silly Putty™ and Aspartame
(NutraSweet™) were born from lab experiments gone awry, and the
Yahoo! directory started as a list of favorite web sites by two
Stanford University technophiles.
But many of the original ground
breaking ideas that are common place today have very unglamorous and
un-newsworthy histories of long hours, near bankruptcy, public
disinterest and divorce. Such sordid tales are behind the Xerox
machine, the typewriter, deodorant, and McDonald's.
While persistence finally paid in
each of these examples, you know there are hundreds of other
casualties whose ideas never came to fruition.
Don't try the hardest thing first.
Mimic what's already working, and get some success under your belt.
You can always go back later and try the hard sell when your
"tried-and-true" idea takes off and you don't have anything
better to do with your time and money...
If your idea looks viable, proceed
to the next step. If not, find another idea and put it under your
feasibility microscope.
MAKE A PLAN
Now you need to figure out how to
go from idea to money in the bank. The best way to do this is by
creating a business plan.
Now don't be put off by the name.
If you take the time to think through everything you'll need to get
from point A to point B, you'll have both your "to do" list
and your game plan by the time you're ready to get started.
A business plan looks at things like:
-
Licensing requirements
- Legal entity
- Hiring employees
- Scrutinizing the competition
- Your marketing plan
- Your funding requirements
In short, it forces you to take a
big picture view of your business-which is really great, if you don't
have a business background. You'll know what parts you can do, what
parts you'll need help with, and an estimate of how much it's going
to cost.
If you're thinking about
approaching a bank or investors for money, you'll need a business
plan to share with them. Other parties along the line might require a
copy as well. I read recently that in Silicon Valley, with so many
dot.coms folding, that landlords are requiring business plans from
anyone trying to lease dot.com startup space.
Your accounting, spreadsheet, or
word processing software may have come with a business plan template,
so look there first. If it you don't have one, check out the Small
Business Administration's version at http://www.sba.gov/starting/indexbusplans.html
or download a copy of BusinessPlan Pro, www.niftybusinessideas.com/r/bizplan.
So now you have your idea and your
business plan. The next step?
EXECUTE THE PLAN
There comes a point when you need
to stop gathering data and start gathering sales.
Everything doesn't have to be
perfect. Move forward. Learn. Try stuff. If something doesn't work,
try something else. A little success brings a lot of confidence; all
you have to do is get started.
To quote Nike, "Just Do It!"
So you've got a great idea! What do
you do with it?
Follow these three steps-and you'll
be in business! |
