Action Your Idea
You have a great idea, and now you are looking at turning that into your money making enterprise so why not action your idea
All successful Entrepreneurs before starting any venture, always follow these basic steps. By following the steps below, will not only help you get started, saving you, time and avoiding frustrations and importantly money. Action Your Idea, by following these four basic steps and writing them down you will surely be on the road to being a successful Entrepreneur and ahead of your nearest rivals.
1. Build On Your Idea
Building a business requires passion and commitment, first you have to look closely at your idea, analyse and scrutinise it.
Ask these questions, and write them down.
- Can you make money from it
- Who will be your target market
- Is there room in the market for my idea
- Do I have the commitment and what it takes to see it through
- Do I have the skill and resources (money) to make it successful
2. Market Research
In the first step, you have a brief understanding of who your target market will be, and if the market can support your idea.
Now you need to be detailed and look closely at your intended market, define it and be target specific.
Are there similar ideas/products in the market, what makes your unique? What is the dollar value of that market? What will be your percentage of the market, your market share?
A bit of work is involved; you may have to go and door knock, talk to people business owners and local government business offices for information.
Now write a basic one-page market plan that includes;
- Describe your target market
- Describe how you will promote/advertise your idea
- Identify your competition
- List out reasons your idea is unique, superior to your competition
3. Cost and Cashflow
All great ideas require some form of financial input; you may say “but it is a low-cost, simple idea”! That may be so but remember you have to live, support yourself and/or your family. Always you first, so decide how much money do you need in your pocket at the end of each day, and be realistic. Remember sacrifices must be made.
To make a basic budget write a simple list;
- Your living costs
- Business startup cost
- Operating cost
- Business overheads
You can download a simple budgeting Excel spreadsheet here
If you have the money to start immediately, that’s great, if not where do you plan on getting finance? Also it’s important that you pay back yourself any monies you invest at the startup, so keep a record.
Make a second list that includes;
- Your personal financial input
- Finance amounts required
- Where you will get finance i.e. bank loan, personal Loan from family or friends, etc.
- How you will pay it back (usually with interest)
You may also find our post on managing cashflow of interest Managing Cashflow
For your idea to become a business reality, it requires action.
The best way to take action is to develop a plan, to get started all you need is a basic plan, listed out on a scrap of paper.
You need to list:
- Brief description of your business idea
- The objective or purpose of your business idea
- Include your market research and basic market plan you did above
- Cost (startup)
- Basic cashflow from above
We highly suggest you read Business Planning for Success
If you followed these steps, you would now have a good foundation to build on and you will be likely way ahead of your competition giving you the competitive advantage.
All successful Entrepreneurs are action takers, if they have an idea, they get out there, work on it, developing and promoting it.
Become an Action Taker and get your idea out there and turn it into a successful business, Now!!
About Darren Wilkins
Darren is a semi-retired senior executive and serial entrepreneur who runs a number, of successful businesses both online and offline.
With 30+ years experience in management and as a management consultant Darren has a can-do attitude and offers real practical advice that can be used for any business no matter the size, Darren is using his time focusing on online opportunities and building better businesses.
With global experience managing and directing multimillion-dollar mega construction projects and businesses. Darren has a wealth of practical experience to share and wants to help you and your business.