Building On An Idea, Step By Step
1. Every dream has to start somewhere. What is it that you are actually trying to do, in a nutshell? Can you fit it into a single sentence? For example, aI want to build a business making greeting cards.a 2. Where do you want to end up? Where do you see your idea going in the future? Your final destination impacts the steps you take to get there. 3. What are your reasons for doing this? Is it to benefit yourself or someone else, or is there another purpose, for example, financial independence? 4. With your goal in mind and why youare striving for that goal, consider whether or not this is what you really want to do. If so, you need to figure out how to reach it.
Now is not the time for spreadsheets, what you need is to plan is the actual birth of your dream. 5. What are your requirements? There is bound to be something that you need, whether it is initial capital or just a few extra hands here and there. 6. Decide how far you are willing to take this. While you might not want to think about this right at the start, there may come a time when you have put everything you have into your idea and, with nothing left to give, realize that you just canat make it. At least not right then. Knowing in advance when you will need to walk away can keep a dream from turning into a nightmare.
7. Youave written out your goals, now what can you do to reach them? What are the different steps you can take? Make a list and prioritize as best you caniathese ideas will go into a real plan of action in the future, and you need to make sure the important ones make it. Here are some examples based on a dream of building a business.
Option 1: Build my business up in my spare time while continuing to work full time. Pros: Continued income and the knowledge that I can take care of my family. Health benefits continue. Cons: Basically dealing with two full time jobs, the actual full-time job and my business that is intended to be so in the future. No spare time for anyone or anything else.
Option 2: Quit my current job and work full time on the new business. Pros: Greater odds of success, if the business cannot work if done on a part time basis. Time to pound the pavement. Cons: If it doesnt generate income soon, Ive lost two jobs. No health benefits.
Option 3: Buy someone else’s existing franchise or business. Pros: Someone else started up the business. I may be able to keep their existing clients. May be able to rent their expertise while learning the ropes myself. Cons: Franchise fees If the seller is trying to get out of the business, is it really a business I want to buy?
8. With all of the alternatives listed, a basic cost-benefits analysis done for each, it comes time for the final decision. If you really want to do this, you have to pick one of them. 9. With your final decision about the plan to be followed made, the fine details become important. Youall need a timeline with where you should be at different points in the future neatly spelled out, as well as a budget to get you there. It is important that this is fairly realistic. How much do you need to spend on advertising and office space? And donat forget that this is going to be your job; you need something left over for a salary.
Example: Starting a construction business on the side while working full time. 1. A business needs a name and a number; print a set of business cards to hand out. 2. Get some jobsiafriends are good resources for referrals, and so are friends-of-friends. 3. Complete as many of the job offers youave received as possible. 4. Save the money from the completed jobs to be put towards insurance before starting bigger jobs. 5. Get the insurance. 6. Turn the business into a corporation; this can help with taxes and things like setting up retirement funds. 7. As much as possible, continue to work and build the business. 8. When the business is large enough, hire someone to help out part time. 9. Turn the side business into a full-time business, and quit the first job. Well done if you reached this step, but if not you can always go back and try again, now with some firsthand knowledge of possible pitfalls.
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
No comments yet.
Leave a comment