You Have That Great Business Idea, But… There is Something More

Ok, you already have that great business idea. It is something that will solve your future customer’s problems. It is something that can be a hit in the marketplace. What’s next that you need to do about your great business idea and your future company?

You need to start doing things, take actions toward your own and your companies’ success. But, do you know what you want to achieve and how you will accomplish that? Wait, for the moment.

The First Steps After You Get Great Business Idea

In the post titled as a You have a Business Idea – What’s Next I write that you need to:

  • Define your products and services. Your great business idea is something that can solve someone’s problem, but it is not already transferred to exceptional products and services that need to do that job. Because of that, you need to define your products and services.
  • Define the market. Although your great business idea is something that solves someone’s problem, you need to know much more about them. You need to clearly, preciously and unambiguous to define the market that will be served with your products and services.
  • Define main competitors. You need to know the current conditions on the market. Who are main players? What are they offering to the market? How they deliver what they offer to the market?
  • Define the resources. If you want to start the company, you need resources. You need finances. You need human resources. You need technology, intellectual resources, etc. You need buildings…

Missing Element Related to Your Great Business Idea

But, is there something that’s missing.

When I write that article, I thought that’s something is common sense or logic. However, I was made a mistake. I believe that the missing element here is one of the most important things that comes after your idea.

The missing thing is the answer to the question how your company will make money. That’s your business model. The business model will answer this question.

Today, there are different business models and different success stories behind them. But, you need to define the business model that will tell you how your company will make money in the future.

Don’t make a mistake to start without a model even it is only in your brain, or on the napkin from the restaurant where your aha moment comes to your mind. Your business model will give you the links between you, your customers, your partners and the value that your company will offer. That’s simply meant the answer to the question how you can make money.

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