Turning your great idea into a business: First things first.

There are some who say that being a successful entrepreneur is a tough road. There is no direct route - you will hit rocks, make turns into the uncertain and will need a pretty good roadmap. Turning your great idea into a viable business is just a dream for many people, but if you are sure you want to try to make it a reality, here are the first things to do.

Think about it some more. The U.S. Small Business Administration offers a free tool that will help you evaluate your skills, experience, and personality and help you determine whether or not moving forward with your plans is a good idea. You can find it athttp://web.sba.gov/sbtn/sbat/index.cfm?Tool=4. This tool will also help you with a list of steps you’ll need to take next.

Research is necessary. Your idea should fill a need in the marketplace, and to determine whether or not it does, you are going to have to spend time in research mode. Many successful entrepreneurs use local resources to help them assess their idea. Community colleges, your local chamber of commerce, and many trade associations are wonderful places to find help.

Write a business plan. Before you start, read Why Your Business Plan is Probably Incomplete by Kevin Hiser (http://www.youngentrepreneur.com/blog/why-your-business-plan-is-probably-incomplete/). The “normal” business plan includes your objective, description, start up costs, sales plan, and marketing plan. Hiser says,

I have the privilege of helping entrepreneurs and startups on a daily basis. And in almost every case, the entrepreneurs I meet have a business plan. But very few have a roadmap of how to achieve their goals or to monitor their progress along the way. That’s what I call the ‘missing link’ among most startups.

Start saving your money. Figure out what it’s going to cost to launch your business and then realize that most entrepreneurs come up with that cash on their own by using their savings or borrowing from friends and family. Investors expect a major return in a short amount of time, and most new businesses aren’t poised to make those kind of big promises. For a detailed look at what it’s going to take to create your financial statements, check out this advice offered at SBA.gov: http://www.sba.gov/content/preparing-financial-statements. Always keep an exit strategy in mind, one that will not put your financial situation and livelihood at risk. Tap into crowdfunding ressources, pay in equity and let us help you! We recommend reading our other blogs about bootstrapping, success in the first year of being an entrepreneur and crowdsourcing in general. 

For more information on how to turn your good idea into a successful business and the way we can help you through our innovative crowdsouring platform, feel free to contact us!

-bmt