Business Idea? Take first steps carefully!

Filed in archive Start Up on February 23, 2007

Depending on the type of business idea you would do different things to make sure you are successful. Whether you are starting from scratch or buying a business you will find this article helpful.

If your idea is new -- never been done before (that you know of) and is a product -- you may want to see a patent agent right away. If your idea can be patented (not all are) you are best to wait than to rush to market. By taking the time to protect your idea before launching could make a huge difference in potential, income and viability.

If your idea is a service related business I would suggest the following:

Clarify your Vision: A clear, compelling and exciting vision can make a substantial difference in achieving your objectives. It becomes the driving force behind the business. What is most important is to express what is important to you.

Questions that will help you create and clarify your vision:

• As the owner of this business what do you want to achieve?


• How large or small do you want this business to be?


• Do you want to include family in your business?


• Staff: do you desire to provide employment or perhaps you have a strong opinion on not wanting to manage people.


• Is there some cause or personal interests you want the business to address.


• Describe the quality, quantity and/or service and customer satisfaction levels.


• How would you describe your primary competitive advantage?


• How do you see the business making a difference in the lives of your customers?

Assignment:

• Sit down, find a quiet place where you can work alone and uninterrupted.


• Take as much space as you need to describe your vision.


• Then, set up a meeting with a respected friend who will provide unbiased feedback.


• Taking the feedback you received, what actions, changes or research do you need to conduct?


• Do it!