Think You Have A Great Business Idea? Here’s What To Do Next

Posted on Jan 2 2018 - 4:08pm by Editorial Staff

Everyone thinks they have a great business idea that will be the next big thing, but how often do those ideas actually find their way into the industry? Far too many people sit on their wonderful ideas and refuse to do anything about it because they just don’t know how. Let’s face it, we may have some great ideas for businesses but how many of us are qualified to actually make use of them? Probably a really low percentage. If you’re interested in actually making use of your ideas, then this article will be the perfect companion that you need to make them come to life.

Source: Pexels

Make a Plan

First of all, develop your idea and turn it into a plan. It can be a short 5-minute pitch if you don’t have time, it doesn’t really matter as long as you’re able to put your thoughts into writing. This step is important because far too many people assume they have bright ideas, only to forget them an hour or two later.

Keep a notepad with you or write a note on your smartphone whenever you get a good idea. Come back to it later and develop a plan by asking yourself a few basic questions. For instance, who is your target audience? Do you plan to diversify your products or specialize in a single thing? What sort of business model will you have? What business technology will you need to use? If you can safely answer all of these questions and turn them into a short 5-minute pitch, then you’re ready to take the next step.

Get a Second Opinion

Speak to a friend or family member about your idea and let them give you a second opinion. Don’t let them talk you down, but discuss with them the pros and cons of your business and if they’d actually be interested (assuming they’re your target audience). You want to avoid talking about these types of business ideas online because there’s a good chance someone with better resources and funding could steal it.

Source: Pexels

Look for Funding

Now you need to get money. The most basic way to pay for your startup is to use your own funds, but not everyone has a stash of money waiting to be invested. You could get a loan if you’re feeling confident about your idea, or you could even approach investors and give them your 5-minute pitch to convince them to support you. Alternatively, if your idea isn’t popular with investors and you’re not willing to take a loan, then crowdfunding is another option that will help you build interest and also fund your idea.

Blow it Up

Not literally, of course. Take to social media and start advertising the hell out of your idea. Connect with bloggers, speak to influencers, write up a press release and help your business, products or services stick in the minds of your audience. The advertising portion is arguably one of the more important aspects of a successful startup. Even if you have the most amazing ideas, you won’t get far with no exposure.

About the Author
Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.