You have a business idea - now what?
Many clients come to me with business ideas, asking if this particular one will be the hit of their life. As you could imagine, that's a tough one to answer right away. In today's article, we will look at the first three steps you need to be taking if you really want to make your idea happen.
Step 1: The value of a single step
A week after Mark Zuckerberg launched Facebook in 2004, three Harvard seniors accused him of stealing their idea. If you have been interested in the story behind the creation of Facebook or have seen "The Social Network", you'd know that this later turns into a full-blown lawsuit. How this lawsuit ends is not important for this article, but the fact is Mark becomes the youngest billionaire in the world. Why? Because he created Facebook.
Having an idea is a great start, but you need to be honest with yourself that it is merely a single step. So is buying a domain name. So is creating a design. So is writing copy. Success is never in a single step, it's the consistency of doing what needs to be done time after time. So when someone asks me whether his idea is success-worthy, I ask them what are they willing to do to make it happen. That's what's going to bring home the bacon, not the idea itself.
Step 2: Evaluation of an idea
In the vast field of finances there are multiple ways to calculate whether an idea will be successful. I rarely believe any of them. At this stage, you simply do not have the real numbers to calculate anything for sure, and what is certain in this economy anyway? This way of evaluating does not give green or red light to any idea, it just points to how much more difficult (or easy) it could be to build it based on three simple questions:
1. Do you love doing what you need to be doing to create it?
2. How well do you know the industry you will be going in?
3. Is there competition?
The third one is a tricky one too - many folks out there think not having competition is a good thing. The fact is though that in this day and age much of what can be created is created. So if there is no competition for an idea, there is probably no market for it either. Again, none of these is to say you can't try, it will just be that much harder and you need to realise that now.
Step 3: Start
A lot of us associate starting a business with the wrong moment. You think it's when your name comes up in Companies House? You think it's when you launch your website? You think it's when you make your first sale? You start a business by taking the first step after the idea. For me, that was when I booked my life coaching class. And you don't need to see twenty steps ahead either. Two-three are enough, as long as you take them. The rest will come. And if you take enough steps, valuing each one, but at the same time realizing only consistency will make you successful, you will see your business soar.
So if you want the real answer of whether your business idea will work, roll up your sleeves, because no one but you can answer that question.
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