Christopher Smith

Great Idea - Can You Make It Into A Business?

Have you asked industry experts about the pros and cons of your approach? If they provide you reasons why your idea wont work, it may be an opportunity to ensure your plan is foolproof by finding the solution that that problem.

Everyone has ideas. Some good, some bad, but everyone has ideas. The key to turning that basic idea into a business begins and ends with a plan.  In the excitement of coming up with a plan, most entrepreneurs get so excited about the possibilities, they overlook whether or not the idea is even viable.

While some ideas do take off without planning, more often then not, an idea without a plan, especially without market research, will fail. This failure will leave your company with less financial resources and potentially credibility issues. Keep your business on the right track by having a plan.

The easy part of course is to imagine the possibilities. This best case scenario dreaming overlooks the very real constraints of financial resources (how much will it cost?), demographic (is there a market for it - and is this what they need at this stage of their life) and material resources (does the technology exist?).

Passion is important in small businesses. Passion without objectivity can be dangerous. Without a focused plan, you will spend time on untargeted areas, wasting dollars as you backtrack to ensure that all the little fires are put out. Just as you build a house brick by brick, your business plan needs to be built, brick by brick, step by step.

So what is involved in your market research?  Have you looked into industry associations to see what information they can provide for you? What government agencies can assist you find out where others have failed, and where your idea might provide the solution.  Do you know your market? Who is your customer? What stage of life are they at? Are you looking to sell to a younger couple? If they are having children right now, they may not have money for your product, unless it helps them to raise their kids. Are they retired? How much money do they have to spend. Does your idea answer a need or a want?  Consumers spend money on what they deem they need.  Sometimes, with some clever marketing, a want can turn into a need.

Have you asked experts about the pros and cons of your approach? If they provide you reasons why your idea will not work, it may be an opportunity to ensure your plan is foolproof by finding the solution that that problem.

Have you checked out the competition? What are they doing that you are not? What can you provide that they don't?

The best way of ensuring your idea can be turned into a viable business is by trying to come up with reasons why it wont work. Make a list. Then find the solutions to those problems. Once you have completed your market research and you no longer have any problems associated with it, you might just have a winning idea!

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