You Have a Business Idea – What’s Next?

Do you have a business idea and so much to do to get it up and running, that you feel overwhelmed and don't know where to start?

If so, you're not alone. Thousands of new business owners feel like this and that's why it's vital to put down on paper what you need to do.

First things first - Yes it takes time, yes it takes determination, yes it takes initiative, and yes, it takes blood, sweat and tears. 

Take a big piece of paper and then write down everything that comes into your head that you'll need to do to set up your business. Don't worry if it sounds silly - just get it down. You might want to carry this piece of paper round with you for a couple of days just in case you think of anything else you need to do.

·         Identify your business idea. You need to arm yourself with knowledge of all phases of your business.

·         Research your industry to better understand your product and its potential market.

·         Identify the strengths, weaknesses, opportunities, and threats that exist for your new venture

While some business ideas turn into reality and flourish beyond the entrepreneur’s wildest dreams, others do not. What makes a successful business start up? Entrepreneurs take different paths to nurture their ideas and transform them into successful businesses.

Creating a strong business plan is your next step. Keep in mind that this plan is an invaluable tool to market your business and is often required when presenting your business to funders.

1. Define Products and Services

Every business relies on selling something. That something can be product or service.

·         What product or service you will offer?

• What are the features of that product or service?
• What are the benefits for potential users of that product or service?
• What will be additional services offered by that product or service?

2. Define the Market

You already have an idea, and you already have defined the product or service that will be offered to the market. Define a market that will be served with these products or services.

• In which market you will offer that products and services (city, region, country, continent …)?
• What will be the consumers of these products or services?
• What are the features of those consumers that will consume your products or services (sex, age, income, ethnicity …)?

3. Define Main Competitors

It is necessary precisely to define the main competitors who are already on the market that you previously defined. Here are some questions that you as an entrepreneur must answer:

• What are the 5 largest market players in the industry in which your business idea is categorized?
• What, where and how that 5 major market players offer their products and services?
• What are the features of their products or services?
• What are the benefits that they provide to the market with their products or services?
• What is the resistance of the market about entry of new competitors and how difficult it can be accomplished?

4. Define Resources

Define the necessary resources if you want your idea to become a reality.

·         How many human resources will be needed?

• What kind of intellectual capital you will need for your business?
• How much a financial resource is needed?
• Where you will find that financial resources?
• What material resources will be needed?
• Where you will find that material resources?
• What information resources will be needed?
• What will be the sources of that information resource?

After this What’s Next?

Always there will be something next because you are an entrepreneur that starts or expands business. Once you define these elements simply start again from scratch and adjust the product or service and market. This is because after the definition and understanding of competitors and needed resources you will have additional facts, which must be included in your offers to the market.

Do you have a Business Idea? Leave your comments!