You’ve Got A Great Business Idea…But Now What?

The desire for entrepreneurship is a strong one. It’s probably the most commonly found version of the American dream; many people think they’ll go get a good job, put in their 30 years, and retire comfortably, but somewhere along the way, many think that owning a business and being their own boss would be much better. Many people have a business idea, but they stop there.

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For those who actually take action and reach that goal, there are a few steps toward the dream that they all share. The first is always coming up with an idea, something specific that they would like to do for a living, something for which they can have enthusiasm for the next 20 years or longer.

For many, that’s where it stalls. They don’t properly develop their idea and it withers on the vine.

For those who make it, the process develops naturally from there. But it’s different for different entrepreneurs; not everyone who succeeds uses the same strategy. Let’s look at some of the ways that the opportunity can develop from this point and a business idea will be transformed into reality.

Business Idea: Tapping A Franchise

You may get the idea that a franchise is an entrepreneurial cop-out, the safe route to take when one’s own idea is too intimidating. While it is true that franchising is safer than starting a business from scratch, it’s not a cop-out by any means.

Franchising is just as demanding as any other form of entrepreneurship. The best franchise opportunities work for people who understand the importance of having an established product, a national or regional reputation, standardized marketing, and so forth already squared away and ready to go. This frees up their energy and attention for things like choosing a location and developing staff–to say nothing of the work they have to put in towards choosing one franchise from the thousands of available ones.

Franchising as a part of your business idea provides some stability that you don’t have when you venture out on your own, and when you’ve got an idea that’s already in play elsewhere, it’s far better to join a franchise than to compete with one.

Becoming A Supplier

You imagine yourself starting a business and getting the general public to come to dine, shop, or work with you. And while there is certainly a lot of that, it’s not the only option.

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A great market sector doesn’t have to be individual consumers. You may have come up with a better, faster, or cheaper way to produce something that other entrepreneurs can use, and then you can just market to them. An easy example is a farmer who has a real knack for growing quality tomatoes and gets a contract with a chain of Italian restaurants to supply them.

The great advantage of arrangements like these is that you can sometimes build your entire business with four or five connections. There’s no need for mass media or thousands of transactions a month. You can make a great business out of a few sales a week.

Business Idea: Setting Up Shop

Of course, we’ll never give up on the time-honored tradition of a mom-and-pop store, restaurant, or service. For some, the very things you bypass as a franchisee or a supplier are the things they most want to do. They love dreaming up an ad campaign or finding a way to draw the crowds in. For those, it’s still best to start a traditional business.

But even that can be done in different ways now. Social media and e-commerce make it easy to have a huge market, which can allow you either to find huge markets for common items or to connect with a specialized market with customers spread all over the world.

Entrepreneurship comes in every shape and size. For those who have the desire to strike out on their own and make their dreams come true, it’s important that they find a way to capitalize on their million-dollar idea in the best possible way.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan