What do you when you have a business idea that consumes you? How do you figure out how to bring it to life? What are the steps that you take?
Well, first things first, it helps to work out a plan. Draw out what you think your idea is in every iteration, bounce it off of people who you trust, and talk to people who are already in the field who might be able to tell you what changes your plan needs to really succeed. The connections you make at this stage will have the added benefit of helping you farther down the road.
Once you have a plan, it’s time to figure out how feasible it really is, and what you need to make it. Is this the kind of venture that needs a brick and mortar location? If so, where is the best place to put it? What’s the foot traffic like in the area? Do you need to take up welding or find a partner who understands how to design software? Identify potential partners and dive deep into the market to see if you’re filling a niche rather than just duplicating what others are already doing.
Now that you know what your plan is and what you need to do to succeed, start mocking up potential business products. If you’re making a physical product, create a prototype to show potential investors. If you’re creating a service draft up your marketing materials or build a website. This is all to help you in the next and final step: raising money. Whether you’re borrowing from a bank or looking for investors (online and off) having something that the public can wrap their minds around is the only way to really make this work.
With all of this in your pocket, starting that business doesn’t seem quite so daunting, does it?