You have a great idea. Now What?

by | Jun 19, 2018

Okay, so you’ve had that eureka moment and come up with next big idea, you think it’s great, now what? …

I suspect we’ve all been there, thought of an idea that can rival Facebook, or even be the next Amazon, or maybe your idea hasn’t been for world domination as a new disruptor, but simply a great new business idea, that will give you the freedom you’ve always wanted.

Only one thing in the way, now what to do next?

Well, here are 3 tips to help turn that idea into something more.

1. Conduct some desk research

It’s important to separate out the emotion from the logic, so look into the idea in a more detail, see if anyone is actually searching online for your new idea, if so who are likely to be your competitors, what do you see them doing that you will do differently?

In short carry out your own SWOT analysis of your business idea against the market. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and is intended to provide an objective view of your business project or venture, and to allow both the internal and external factors to be taken into consideration, and to identify where the competitive advantages lie.

2. Make some phone calls

Shock, horror, yes, after carrying out your analysis and determining that your idea might just have legs, the next thing you have to do is actually get on the phone and speak to people. Get out there and make appointments with those who could be potential customers to gauge reaction to your new idea.

You see, just carrying out the analysis is not good enough, you have to get out there and also test the idea by conducting market research, by use of surveys, micro events and workshops. The feedback you get will be invaluable in helping you determine if you should continue, make changes, or go back to your day job.

3. Build a prototype

Okay, the feedback has been good and your continuing, so now you need to formally produce either a working prototype of your product or the service that you are offering. This is where the rubber is going to hit the road, and your business goes from that idea you thought about, to the real thing.

As this is going to be your prototype it’s important to make sure it includes most of the benefits it will offer, as this will now be your ‘calling card’ and so you must ensure it has your bespoke unique selling point (USP) in it.

If you make it to this stage give yourself a pat on the back, because it means you’ve done what a lot of other people haven’t done, and taken real action to get your new idea off the ground.

The real work will now start with developing a formal project plan to turn your idea, into your new business.

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