On to the IDEA. It's your source of brilliance. It's your one moment of sheer genius - or so you think. But the bottom line is - can your ideas MAKE MONEY? Without a positive cash flow you'll be back to the drawing board before you can blink.
While no one and nothing (not even a crystal ball) can predict with 100% certainty a moneymaker or a belly buster, one thing is certainly guaranteed — an idea that is never attempted is a definite failure.
" My business plan basically turned into a customized 'How-To' manual " Chris Griffiths, Griffiths Guitar
Maybe you've already started a business — and it wasn't the success you dreamed of. Don't give up. Even Thomas Edison wasn't a success on his first try; he saluted failure by claiming "I haven't even failed once; 9000 times I've learned what doesn't work." Check out other famous people who didn't quite succeed the first time around.
Now's the time to focus your energy. Evaluate your idea! There's one simple factor to consider: for an idea to be a good business it must fill a customer need. Once that's in place, there's a few questions you should ask yourself:
is my idea original?
if not, can my idea beat out the competition?
why would a customer buy from me vs. the competition?
what added value do I give to my customers?
A good business idea should:
have an advantage over the competition
be compatible with your customers' beliefs (revolutionizing a market is almost impossible to do when you don't even have your foot in the door)
be simple
have some immediate benefit to your customer
A few other things to consider:
is there a market for your product/service?
could the size of the market suddenly change?
will competition drive you out of business?
You should answer most of these questions in your business plan. Start writing! Seize the moment. Don't waste another breath. Here's a guide to help you. Carpe Diem!
