You’ve had a great business idea. It’s a doozie. But before you get Richard Branson on the phone to brace him for your imminent storming of the business world, look for feedback. The idea is your brainchild and as such, you may be looking at it with rose-tinted glasses. Discussing the idea with your family, peers and tutors may open your eyes to logistical problems or even opportunities you may have missed. Perceived problems needn’t spell the end for your idea, rather they may demand certain tweaks be made. Feedback and constructive criticism can help young businesses avoid early financial losses, so although you may want everyone to share your enthusiasm for your idea, that’s not what’s needed at this early stage (let the press do that for you when you ruffle the business feathers/suits). Saying this, if you have particularly strong feelings regarding an area of your idea, don’t be afraid to argue your case.
As well as feedback from your peers, research and communication with your target audience is vital. You need to ensure there is a feasible market for your product and people are willing to pay for your services – if so, how much? What do they expect for their money and what do they consider the most important facet of your service? It seems a given, but without a demand for your product, the idea may require major rethinking. Altering your location could be a necessity, depending on the nature of your idea and the geographical logistics. If there is already considerable competition in the area, it is important to let your market know about the unique credentials of your idea, how you will differentiate your product, and find out whether it would be enough to attract their custom.
Some successful businessmen, such as Scott Belsky, believe that a major failing of aspiring entrepreneurs is a lack of conviction in a sole idea, instead flirting with numerous options. It is therefore advisable that you stand by your convictions and stick with a great idea, investing your time and effort into it. Liaise with proven businesses in the same sector, and successful entrepreneurs in a bid for pearls of wisdom from experienced heads.
Business Plan
Devising a business plan is pivotal. Regardless of how good an idea may be, effectively executing it requires significant organisation and foresight. The plan should include objectives which will add structure to your idea. If your business idea involves a new creation, it is recommended that you protect it from being copied. Various options are available to offer your idea security, such as a patent or a trademark, which are forms of intellectual property. Copyright is automatically assigned in the UK, though it can lead to legal disputes due to its difficulty to prove. Placing the copyright symbol on documents involving your idea, and depositing documentation surrounding the origins of your idea in a bank or The British Library can help your cause.
Putting your great idea into practice takes time, effort and conviction, not to mention money. However, if you have enough belief in your product, and your business plan receives glowing feedback, pushing ahead with the set-up could prove the origins of a prosperous venture.