How do you take a “business idea” to the next level?
Say you have a vague idea for a great business. What steps should you take to make it a reality?
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July 29th, 2010 at 6:27 am
Research. Research. Research.
Is there a similar business around?
What makes your business different or unique?
Who is your market?
What is your key selling proposition?
Are there enough people in your target market to support your business?
Can you afford to start your business without help, or will you need a business loan?
If you need a loan, go to the Small Business Association and talk to some of the mentors there. They will help you with a business plan, and let you know about local resources to get new businesses started.
Are there any business incubators in your area? They also provide an excellent resources to get a business started?
Is your business idea something which will require a patent? Get yourself a good patent lawyer.
You will also need a lawyer for help with getting your business set-up legally for your area, and trademark your business logo, etc.
Most of all, have fun.
This process should be exciting and fun for you, or you shouldn’t do it.
I would also recommend reading Speed Wealth by T.Harv Ecker and attending a Millionaire Mind seminar to give your brain a kick start towards being a business owner.
Good luck!
July 29th, 2010 at 7:02 am
Write a business plan stating the mission and how you intend to carry out that mission. It would need to include costs involved to operate the business. Think about license, ins., employee salary’s, inventory etc. Then you would need to state where any money to start out with is going to come from. The library should have a book outlining business plans.
July 29th, 2010 at 7:45 am
I will take these steps:
Step 1 : Planning about investment that how much and how to invest for starting new business.
Step 2 : Search for convinent location that whether my business will be remain stable to that location !.
Step 3 : Find the nature of business which most important step for starting the new business.
When these steps will successfully be accomplished, then I will start my business in the trust of God.
July 29th, 2010 at 8:23 am
It’s best to start by researching the market to find out if someone has beat you to the punch, which is often the case.
July 29th, 2010 at 8:31 am
The most important thing is to always keep it simple.
* Do your research within the range of the business you want to start.
*Find out about the cost of getting the permit for your small business, this can be obtained locally.
*Start getting different catalogs that will supply you with what you will need, this way you get your wholesalers all taken care of, and put aside for future use, as of course you will with time choose the best supplier that fits your need and your business budget.
*Get a business checking account, this is very important to establish a credit line with suppliers in the future and to pay your business expenses, bills etc. You can open one up with as little as $100.00 in many banks.
*Think about how you will advertise, flyers? internet? create your own business cards and start handing them out every chance you get. Also create your own flyers- and ask your friends and relatives into helping you distribute them all around.
* If you want to (and very important nowadays really) create your own business website – something simple – that puts you out there in the virtual world, you have to decide whether you want your website to have a shopping cart and sell online, or just to give your business an extra edge.
*Start looking into what type of shipping you will offer, if any- this will later on save you time.
*If you are selling goods to retail customers, then make a list of things you will be selling. I think the best to do is to buy your goods from local vendors, this way you are helping the local economy, saving on shipping charges, and many times saving money by getting better prices as opposed to buying outside your city or state.
*If you will have a physical store – then you have to start going around your area or wherever you want your business and look into the price for business rent. Make sure that the place where you will be renting your space, does attract customers, and has some kind of parking space to offer to your customers. No parking space means less customers!
*If it’s a home base business then, make sure you have an extra room, organized to storing your goods, your future customer files, desk, computer etc.
I think this covers most of the priority items to start a business 🙂 Most importantly – be patient, and don’t give up your dream!
July 29th, 2010 at 9:18 am
You write a business plan, which you can then present to funding sources. If you don’t know how, you contact your local Small Business Administration affiliate, probably in the phone book. The one I found was at the local community college, which I understand is pretty typical. They will offer courses on how to write a business plan, how to get funding, etc. They are very good people who really do want to help, but if your idea is not a good one, or needs some refining to make it a good one, you’d better be prepared to accept criticism with good spirit.
In my own case, the course convinced me I did not have what it takes to run a successful bookstore, which is what I wanted to do, or imagined myself doing. I wanted the fun, but did not want to do the paperwork and all that. Also, I could never have qualified for the funding sources which were available in my area. You need a decent credit rating or a partner with money to invest.
July 29th, 2010 at 10:04 am
Follow all the advice of those that say to make a plan. it is good so what else can be added? The only possible thing is that you should not operate on emotion because business operates on rationality and objectivily. Buyer, beware of your motives