A lot of people talk about starting their own business, or have great ideas for new business opportunities, and when pushed about a plan or timeframe, most of them concede that it’s just an idea or dream… which got me thinking, why are people so reluctant to pursue their dreams or ideas for a business?
Is it as simple as not knowing where to start? Or perhaps venturing into the unknown seems too daunting or is it the perceived hard work ahead? The answer I believe is all of the above…, as soon as you take that idea to the next level, you are confronted with the How, When, Where and Why which can be quite overwhelming for someone new to business. So let’s explore, without getting into any great detail the fundamental steps to convert that idea or dream into reality
Let’s start with the idea itself, the question you have to ask yourself is. Is it feasible? Is there a market for my product or service? Who are my competitors? What is my point of difference? Am I filling a gap in the market? If the answer to the first question is YES and the rest have been carefully considered and factored in, then you have passed one of your biggest hurdles.
Once you have determined that your idea is feasible, you have to think about a plan, this involves mapping out how it will all work, for example, if it’s a product, how and where it will be produced? Or if it’s a service, how will it be delivered? Other questions that need to be asked/answered are.
- How will you go about marketing your idea?
- What’s required to operate?
- Who will manage it?
- Do you have the funds to cover the expenses?
- Will it be a Retail or Online or Both? (Remembering that your online presence is now your shopfront)
It’s all part of what’s commonly considered as a “Business Plan”. If this all looks and sounds like a lot of work, it is, but the return could be quite rewarding both personally and financially. And don’t be scared, there’s plenty of help along the way from government support, online knowledge base, to mentoring services.
Last but not least is the execution, you have worked out that your idea is feasible, and you have developed a business plan around that idea, now comes the bit that will test your resolve, and commitment to your idea. Are you prepared for the change in lifestyle this new venture will bring? Can you sustain your commitment over a year, two or longer? Do you have the passion and drive to see this through? I know I’m simplifying things a little, but doing your due diligence and being aware of what you are getting yourself into is fundamental to converting your idea into reality. Stay tuned as I delve into greater detail in my next blog… Starting a New Business (Where to from here?)
Considering starting a New Business? Or need assistance with your existing one? The OS team is here to help… Call us on 0418820595 or Email us at firstname.lastname@example.org