So you have a great business idea…now what?

Designer's Desk with Architectural Tools and Notebook


After countless hours of deliberation you’ve identified the perfect business idea. Now what? What are your next steps? Often the first couple of steps can be the hardest, so rather than looking at the whole overwhelming process of building your business let’s look at the first few crucial steps you can take to get the ball rolling.

Step 1 – document it. Put your ideas to paper. Make sure you’re clear on what your business is offering, what your financials are, who your target market is and all the other ideas you have around your business. This will form the beginning of your business plan, creating a pathway from idea to reality.

Step 2 – talk about it. Speak to friends and people in your network about your business idea. Be sure to protect yourself with a Non-disclosure Agreement – your Intellectual Property (IP) is what it’s all about. Having said that, people can be incredibly generous with their time and insight. Come armed with the questions you would like to ask them, such as:

  • What do you like about my idea?
  • What don’t you like about my idea?
  • Do you know anyone in your network that I could speak to?
  • What are the biggest lessons you’ve learnt in business?
  • What guidance/advice would you give me?

Step 3 – test it. Make sure your business model has legs! Make it real by testing it and making a few prototypes. This process will show you what works and what doesn’t in a real environment. Friends can be great guinea pigs.

Step 4 – just do it. Don’t let your passion and energy be quashed by a fear of failure, lack of self-belief and self-confidence and high levels of self-doubt. Ask yourself how many dreams you’ve given up on because of those emotions; what opportunities have you missed? It’s your time now to change the course of your life.

“genuine confidence is not the absence of fear; it is a transformed relationship with fear.”

Dr Russ Harris, author of The Confidence Gap

And one last thought:

FEAR = False Evidence that Appears Real.

So close your eyes, hold your breath and dive into it – it’s scary but what an exhilarating adventure!

What tips would you share with budding entrepreneurs?

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