If you’ve been sitting on an exciting project or business idea for a while and can’t stop thinking about it or making hypothetical plans, then there is no greater sign that you should start acting on it now. If you’re not sure where to begin, then here are the five ingredients you need to get your business idea off the ground:
1. Avoid the Predatory Debtors like Big Banks
No matter how confident you are in your concept, in business, you are always at risk, especially in your early days. Don’t further your level of risk by quitting your day job and taking on an excess debt too soon. If you need to cover some expenses or supplement your initial investment a little in the beginning, always choose small cash loans over credit cards. Small lenders will assure that you pay the lowest interest rates and their conservative loan amounts mean you won’t end up with more than you can afford to pay back.
2. Set A Clear Purpose or Vision
Before you get into business plans, accounting, and the logistics side of things, make sure you have cemented what your business idea is all about. This is your first priority. Establishing a clear sense of purpose for your product or service provides a solid foundation for where you take it. Ask yourself:
- What am I offering and what value will it provide?
- Who will my product benefit?
- How is my product different from competitors?
You don’t need to reinvent the wheel. The most important thing is that you focus on what value you can provide to real consumers and if it is something people would be willing to pay for. If you can answer the above questions in one sentence, that’s the first iteration of your elevator pitch ready to go!
3. Identify Your Strengths and Hire Your Weaknesses
Now that you have a clear vision, take some time and be honest about your role in bringing it to life. Whether you are starting off solo, with a partner or in a team, it’s important that you clarify what resources and skills you already have access to before you get stuck in the work or building a team.
Any important skills you cannot comfortably learn yourself should be outsourced. For example, if you have a knack for sales and marketing but struggle with numbers and financial analysis, do not take on the accounting and financial planning workload to save money. It is much safer and cheaper to pay someone who is confident to get the job done, rather than to fix mistakes.
4. Put Your Business Plan In Writing
Regardless of how localized or small-scale you anticipate your business to be, you cannot skip having a business plan if you want it to last. A business plan is a written outline of your vision and everything necessary for securing the future you want for your business. This is where you include a clear summary of your vision; that’s all the questions and answers you’ve asked yourself, not just your elevator pitch. You should include your business strategies, projections, financial outlines and any actions you may take to secure your idea and business. Creating your business plan is like a metaphor for starting your small business. It is not something you can quickly speed-write to perfection in one sitting.
By taking your time and paying close attention to all of the above points, you’ll be able to confidently start off, knowing you have a solid foundation to thrive.