Eureka! You have that million-dollar idea in your head, and it’s unlike anything the world has seen before. This idea has the potential to transform the industry and change your life forever. There’s only one problem: an idea is nothing without execution, and you have no big idea where to begin.
For every small business, invention, product or corporation, there are hundreds of great ideas that never made it to market. The problem was never the big idea itself, but that the creator just didn’t know how to execute.
But that won’t be the case here. Your grand idea won’t fade with the others as long as you follow these steps. With the right decisions, the right attitude and a little luck, your creation will move from dream to reality as you chase your next venture.
Before the Business Plan
It’s easy to get caught up in the “destiny” of your idea — the feeling that no one else on Earth is meant to create this idea except you. But before you sink both time and capital into your future business, it’s time for a reality check. Are you the right person for the job? There are two ways to explore this before the business plan:
1. Character
If this is your first idea for a small business, you might want to think about whether or not the entrepreneurial life is for you. It’s rewarding but challenging, requiring 24/7 dedication to your craft without the comforts of the typical 9-5. And if that’s not for you, that’s OK. But you should recognize this now before risking time and money on your investment.
Related: 30 Mission Statement Examples to Kickstart Your Business Journey + Templates
2. Experience
Let’s say you have an idea for a fantastic new restaurant concept but have never personally worked in the restaurant industry. This doesn’t mean your idea is dead in the water, but it does mean that you’ll need the right people involved from the start. A wise man knows what he knows and, more importantly, he knows what he doesn’t.
After you have identified your new business and accumulated enough money for your start-up, now it is time to design and plan your next movement.
What Problem Are You Solving?
Every good business solution needs a pre-existing problem in the market. What are you trying to solve on the market? An excellent way to get this on paper is to know everything about the partners and vendors you work with daily. A startup in manufacturing knows every detail down to the sealant used for products, and that level of knowledge helps to understand better the market (which, in turn, helps to reveal problems that need solving).
Be aware that there are two stages related to your startup. Read more about pre-startup and startup stage of your next company.
Embrace the Lean Startup Model With Your Big Idea
Your cash will be the lifeblood of your business moving forward. It doesn’t matter how great your idea is — it just can’t happen without continual cash flow. For this reason, you should embrace the lean startup model.
Essentially, the idea is first to launch a lean or basic model of your product to test market viability, and then continue to add features to its success. Many small business owners go too big, too fast and end up burning out when their bloated product or service doesn’t sell as intended.
Ask These Questions When Stagnation Occurs
So many business owners will pack it up when profits decline, and the books go into the red. According to startup consultant Peter Gasca, you should ask yourself these three questions before calling it quits on your idea:
- Is your big idea unique enough?
- What about the relevancy of your big idea?
- Is your big idea big enough?
If the answer is “yes” to any or all of those, this could be a good indication to keep moving forward.
