Yes! That is a brilliant idea you’ve just conceived. Fantastic. Now what?
Mary Kay Ash once said, “Ideas are a dime a dozen. People who implement them are priceless.” Perhaps you’ve come to realize that having a great business idea is a lot easier than bringing that idea to life. Don’t give up though! We’ve got 6 tips to help you breathe life into your next big thing:
1. Write It Down
If you’re anything like me, you have hundreds of ideas running through your head at any given time. Write them down, then flesh out the main idea by answering this: What problem does this product/service solve? Every viable product addresses a need: to be entertained, to be nourished, to be educated, and so on. If you can’t easily identify what need is being satisfied, move on to the next idea.
2. Research It
Take the time to really dig. Is this perceived problem something real? Who is your target market? What would someone pay for your productized idea? What would it cost you to produce? Is the product viable?
3. Roadmap It
Breathing life into a business idea requires deliberate action not impulse. Create a business plan. The Small Business Administration has a resource center to help get you started.
4. Hone it
Cultivate the sales language you need to wrap around your product or service. Be concise. If you can’t simply, yet completely, explain it, then go back to step 1.
5. Prototype It and Test Market It
Make your idea tangible and then pitch it. Go ahead and start with people you know. It’s ok if this first sale involves no actual exchange of money. You want to get your product or service into someone’s hands for honest feedback.
6. Finance It
Do you know the adage: it takes money to make money? Armed with your research, your test run and your business plan, what are your financing options? Is a small business loan the way to go? Will you pursue funds from an angel investor or a venture capitalist?
Still not sure you’re ready? That’s ok too. Find a mentor who can help guide you through this process. We’d be happy to fill that role for you! Contact Us and we’ll set up a time to talk.
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