You are driving around town and… tara! you get a cool business idea, or you are in the shower – and you get a golden idea to solve someone’s problems. But then …. when do you do next?
Hi I am Olu Sobanjo of Launchadream.
The truth of the matter is that business ideas don’t solve anyone’s pain, ONLY REAL businesses do.
So, its important that you know what to do now that you have business idea. First you must realize that it takes a while for any idea to transform into a viable business and yours won’t be an exception.
So here are the steps to take.
- Share your idea with a few friends. By sharing, you are going ahead of others that are either to scared or shy to launch out and at the same time you will also get some feedback from your friends that will help develop your ideas even better
- Write down a business Plan. Now In business School we are told the importance of a business plan. However here you don’t need to go all out producing a huge write up (at least not now). Write out in about 2 sheets of paper what you know or think of your idea.
Here are some guidelines of what to add to your plan.
- What is the idea: Is it a product or service
- What are some details about the business: What makes it different and unique
- Who needs your product or service: Who is your target market
- What problems are you solving with this business
- How is it going to make money
- How long is it going to take to get the product ready and start selling
- Share again with those friends: Share the Business Plan with those friends again and get their feedback.
- Write out a timeline of Action – Especially fix a launch out date and work towards that
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Thanks for watching and remember you were made to thrive.
See you next time.