The Seed of an Idea – 5 Steps for Building on your Business Idea

There is this tiny seed of an idea that you’ve been carrying around with you for some time now. Maybe it’s just one of many seeds, all neatly tucked away in your mind. If you’re serious about becoming a business owner, the ideas won’t die;  they’ll keep “growing” on you. And then, one day, you’ll decide it’s time to get into action.
 
Invest your best thinking in these initial steps, and you’ll be well ahead of most of your competition!

The early stages of preparation for your garden spot include steps like tilling the soil and fertilizing it, and maybe adding in some compost. Yet, even before that comes the important decision of WHAT you will plant – and WHERE you will plant it. Is this the right season? Are you located in an appropriate geographic region that will support the types of things you plan to grow?

In business, you should consider similar questions about your seed of an idea. This 5-part series will look at the steps necessary to more clearly focus on your business idea.  It’s time to plant those seeds and get growing!

STEP 1. WHAT IS THE BUSINESS CONCEPT?

What type of business will it be? The question sounds very simple, doesn’t it?  As you begin to peel back the layers, however, you can bet a thousand more questions will pop up.

This first decision is probably one of the most important ones to make. And the more specific you can get on this answer, the stronger chance you have of succeeding. 

As you prepare your soil for your planting, you’ll want to think ahead and prepare for those pesky weeds and bugs that inevitably show up.  So it is in your business planning. Getting answers to as many questions as you can come up with now will go a long way to filtering out the unexpected surprises in your business world.

There are thousands of business models that fit into the various industry sectors. What is it that YOU want to do? How will you be different from all the others? Why would I want to buy from you instead of someone down the street?

Are you going to open a sandwich shop or a parts store? Do you want to run a restaurant? If so, what kind? Will it be a quaint, mom-and-pop place with blue-plate specials – or an upscale, dinner only establishment?

Once you have a basic idea, invest in some quality “think” time and really narrow it down. Get a picture in your mind of exactly what your physical place will look like. What types of employees will you have? How many will it take to run the place? How do you see your days playing out? If you’re carrying inventory, do you need warehouse space? Retail space?  Work with your concept for awhile and see how it feels. There is no rush.

Are you a “specialist” kind of person, or a “generalist?” And how will that shape your business model?  Are you going to be known as another restaurant owner in town, or the best place to go for blueberry pancakes on Saturday mornings?

Sometimes, visionaries see a need (customers looking for something and can't find what they want) and that’s where the idea begins to develop for a product, service or business.

Other times, an entrepreneur will want to have a business for the sake of being self-employed, and he or she really doesn’t know (or doesn’t care) what business it is. “I want to own a self-storage business,” may be the vision.

And there’s always a third scenario, the hobbyist, who says, “I’d love to teach art classes.” They have a great love or hobby and want to turn it into a business.

Any of these scenarios can be successful; but each requires a very different approach.

If you haven’t already started one – go out right now and buy a big notebook. You’ll want several dividers.  For now, create a section and label it “IDEAS.” Then fill it up! (And be sure to capture all those questions that are lurking in the back of your mind!)

The next article will help you fine tune this concept by asking, “Who is your Customer?”

To your Success!

Have a Golden Day!
Coach Darlene

PS: Join me in my monthly, Wednesday Wisdom telecalls, where like-minded business owners share their experiences and ideas for success.