4 Expert Tips to Help You Transform Your Idea Into A Business Plan
The idea of starting your own business may frighten you and leave you wondering if this is a good idea. The longer you sit around and doubt yourself, the sooner someone else can jump in to take your idea. Here is a list of 4 simple, yet helpful tips to answer the most common questions that may be delaying you from becoming an entrepreneur.
Question 1: Is My Business Idea Any Good?
If your idea can solve a problem or address any issues that can affect individuals, then the answer is Yes. More than likely, if you are experiencing this problem then others have experienced the same problem. You should test out your theory on a couple of friends or family members to test your ideas before you try your product on potential customers. This will allow you to determine the pros and cons of your product before you put yourself out there. Another factor that will play a key role in your business is the price of your product. Is your product for a upscale or more economical customer? You should make the cost of your product lean more towards your target audience.
Question 2: Should I Write a Formal Business Plan?
This question can go either way. You can write a business plan if you think this will help you visualize your goals, or at the very least write an informal plan that outlines your ideas for your business. If you are struggling to write a plan, then the best way to come up with a plan is using the Elevator Pitch. An elevator ride usually lasts less than a minute or two which leaves you with 60 to 120 seconds to explain to a potential customer about your goals and what your company does. Some banks, angels, or venture capitalists will want a formal business plan that should include a financial overview of expenses and marketing strategy.
Question 3: I Have a Unique Product or Business Method. Should I Get a Patent?
You should only get a patent if you do not want your competition to take your ideas. Tesla founder Elon Musk decided he would not sue anyone who used Tesla’s patents. He said, “Tesla, other companies making electric cars, and the world would all benefit from a common, rapidly evolving technology platform.” However, if you need an investment, investors tend to favor companies that hold patents.
Question 4: Do I Have What It Takes to Be a Founder?
Being a risk taker plays a key role in becoming a founder and if you lack this characteristic, then you may not be cut out to be a founder. At Inc. 500, 85 percent of CEOs are risk takers. Another key factor in becoming a founder is having what it takes to identify and solve problems. Once you acquire these skills and characteristics, then you should have what it takes to be a founder.
Here at Officense, we provide custom business solutions for start-up entrepreneurs such as legal professionals, realtors, contractors, and more. We can assist you with adding an address to your business, answering your calls, and handling your mail. Give us a call at 410-814-7500 for further details.