Skip to main content

So, you’ve thought of a great business idea, what should you do next?

Perhaps your idea came to you while shopping in a supermarket, while getting your hair done, or even sprang into your mind in the middle of the night. However it came about, I bet all you can think about is pursuing the idea and turning it into a successful business, right?

Although you may be tempted to stop exactly what you’re doing and plough all your time, effort, and even money into your new idea, there are a few things you should consider first. Firstly, you’ll need to test your idea and establish whether it has the potential to do well. Here are a few ways you can assess your new idea and whether it will reap the returns you’re looking for.

Are you providing a solution to a problem?

This is the premise of most businesses. Ultimately, a business will offer a solution to a problem, for example a plumber will fix a blocked toilet, a house alarm will sound if there’s a burglar, and a website builder will provide a site which will promote your business or provide a platform to sell your goods or services.

So, what solution is your business offering? Once you have identified this, Google your potential competitors. Don’t be disheartened to find your idea isn’t 100% unique, instead use these competitors to research their audience, price structure, and the market in general. You may even notice some gaps your business can fill.

Get mind-mapping

Creating a mind-map is a useful technique to help you organise and record your ideas. Mind-maps are like thought trees with the main idea being the trunk and the subtopics being the branches.

It’s simple to do. There’s no need to fork out for expensive mind-mapping software. Instead, you can just use a simple pen and paper to draw your own. Once you’ve picked the best method for yourself to use, start dumping your ideas on the paper (or screen). Spend about 15 minutes putting all your ideas down.

Once you have done this, now it’s time to start organising your thoughts. Group together related thoughts and ideas, you could create more specific topics, as well as relationships. By reviewing your mind map you may also identify ideas you’ve missed or duplicated, and by the end of the task you should have a clearer picture of your business idea

Get feedback

Get talking to people, even if it’s just friends and family at first, about your business idea. You may learn more than you think. Identify people who really love the idea compared to those who don’t, what do the people in these two groups have in common? From here you may be able to identify your target audience.

Don’t just disregard criticism. You can use objections to your advantage and improve your idea. You may even widen your target audience.

Getting feedback is also a great motivator for turning an idea into a business.

What now?

So, you’ve got your idea but not sure where to go next? Why not book a free 15-minute discovery call with me to establish if I can help your business?

Leave a Reply