You have a great idea and want to start a business, so now what? One step I like to recommend to new entrepreneurs is that you start with a self assessment. The idea is for you to learn more about yourself, your personal and financial goals and how committed you are to getting your business off the ground and successful. Once you have completed an assessment, read through it again to see if your passion, business idea and personal and financial goals align with one another.
If you determine that your goals and business idea align, you now need to make the distinction between that great idea and a great business business. An idea is usually a product or service that will be sold to a particular group of people. A business is the vehicle, strategy, and system around the idea that makes it profitable. This includes strategies for how to produce the product or service, how to distribute it, how to market it, and how to turn all of that into a profit.
Take the time to answer the following questions to develop a clear concept of your business:
- What business do you want to start?
- What product/service do you plan to sell?
- Who will buy your product/service?
- Why will they choose your business?
- When will customers buy your product/service?
- How will customers know about your company?
- What will you charge customers for your product/service?
- What you are going to do different?
- How is your business going to stand out and succeed?
Once you have answered these questions and have a clear direction of your idea and business concept it is time to write a business plan. A business plan will set the foundation for your company, and then it will be time to launch.