I Have a Great Idea to Start a Business…Now What?

Remember sitting around as a kid and coming up with all sorts of crazy ideas of things to make or sell?

Maybe they weren’t so crazy, and now you are all grown up and still have great ideas to work with. But now what do you do? It’s a long road from idea to business but you can do it with the right thoughts, questions, feedback and backing.

Here are a few ways to work your way towards making your idea reality:

· Try to think through it with a realistic mindset

You may have to ask yourself some hard questions, or ones you may not like the answers to. You need to look at your idea with an objective mind and see how the average person would view it. For instance, would people take to your idea? If it’s a product, would they buy it? If it’s a service, would they use it? Is there a need for it? Where will you get the funding for it and will it be worth it? Is there anything else out there like it, and if so, why would someone choose your idea over another?

· Present your idea

Though it may be tough to do, present your idea to some close friends and family and get some feedback. Of course, you want to be careful that no one takes your idea if it’s an original before you’ve laid claim to it, so keep it in a trustworthy circle. If you are working with something that may not be so original, you may want to take your ideas to some others in the field and get professional opinions. Find out where they had trouble and how they found success. Remember, though, as much as these people may know, they are still potential competitors.

Don’t be offended if someone offers constructive criticism. Take it and use it. You may want to make some changes to your product, service or plan, and then revisit it.

· Figure out cost

Whether through research or talking with others in the field, or any other means, find out what this will cost you. Do you need a storefront? Do you need to invest in product or manufacturing? Are you going to have to hire employees or seek other help? Will you need to pay for a license, insurance, legal fees? Don’t just think about these things, make a business plan with hard numbers so you can have a good idea of what you are getting into and how you will do it.

· Determine Longevity

Before you go further, think about the longevity of your business. Is it a fad? Will it come and go like Scrunchies or will it stick around like the Little Black Dress? If you are coming into the tail of a fad, your idea may be too late. If you’ve got a good idea of something that lasts, you may be onto something. Remember, not so much is original – a lot of what we see is just redone in a new and better way.

Don’t be afraid to follow through on your business idea, whether it’s a dog walking business, an awesome new app or how to liquidate office furniture.

Just be sure to look it over from every angle, get the feedback you need and be practical with the cost.

You may be onto something…