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Business ideas are inspiring! They make us feel like we can make a difference. That we can do something big. Our excitement soars and we want to get started right away.
But what does “getting started” even imply? Printing a business card? Building a website? Finding someone who is willing to co-found?
Not particularly. While you may need to do all of that and more, those are not your first steps. Mentioned below are some of the steps you should take to refine and validate your business idea before you get up and running.
Step 1: Make sure your business idea is solid
Some of us get great ideas in the middle of the night, some while taking a shower, and others, by pure serendipity. But before you get carried away and quit your job to invest full-time in this idea, make sure it has credibility and that there is a market for it.
Do some online search to see who your competitors will be, what are they offering and how are they conducting their business. Make sure it is worth your time and effort to invest in this.
Often, we get a brilliant business idea only to find out that it has already been taken. Therefore, make sure you do your research, or it could cost you valuable resources and time. If your research suggests that there is scope to take this idea forward, then you have found a winner.
Step 2: Explore your idea
Mind Mapping helps you give some order to the chaos in your head by grouping single ideas together and creating hierarchies so you can put a structure together. It’s like visualizing your ideas in the form of a tree--your main idea forms the trunk and your other ideas become its branches which can further branch out as well.
Here’s how you can explore your idea using the mind mapping technique.
1. Put all your thoughts in one place
For 15 minutes, write down every idea or thought related to your business. You don’t have to think about structure at this moment; the goal is to get everything out of your mind onto a paper. The most important aspect of this step is to capture ALL your thoughts unfiltered. Don’t think about what is possible and what isn’t--just put it all out there.
2. Bring order to chaos
This is where you clean up the mess. Group together all ideas/thoughts that are related, find overarching categories and create relationships. Add ideas where you think it’s missing, eliminate repetition, and make edits where necessary. The goal here is to give all the noise in your head some structure.
Step 3: Make a business plan
To execute your business idea, you need to plan it first. You need to draft a business plan that highlights all the stages, the strategies, and how you plan to tackle everything. It should also list down all the resources you will need and the financial clarity on how you will pay for them.
From where will you source all your supplies? How much will you spend on marketing? All of these questions must be answered in your plan. However, for any reason, if you are not prepared to dive into a full business plan, you can create a smaller, one-page version of it.
Step 4: Register a domain name
If your research (in step 1) indicates that your business idea has potential, you must secure that idea before someone else takes it. Domain names are getting registered by the minute and you do not want to let go of a good opportunity. Even if you are not ready to build a website, there is no harm in buying the domain name. You can redirect it to your personal online profile and when you are ready to build your website, that domain name can be its address.
What most entrepreneurs don’t know is that they can get creative with their domain name. This does not mean changing spellings of words or adding numbers or hyphen in the domain name (those are bad practices). This means registering your business on a new, industry-relevant domain extension such as .TECH, .STORE, .PRESS, .SPACE or if you’re looking for something more versatile then .SITE, or .ONLINE, or .WEBSITE.
For example, instead of something such as www (dot) mybusinessidea (dot) com, go for something that’s more unique and crisper such as www (dot) mybusiness (dot) online.
Domain names on new domain extensions are novel, relevant to the industry, memorable, and since they are still relatively new, they stand out making your idea look fresh.
Step 5: Get your finances sorted
Know how much debt you have and what kind of money you will have to put into the initial phase of your business. Then ensure that you have a source from where you will source this money. If you need to take a business loan, make sure you have all the paperwork in place. And once expenses and costs start rolling in make sure you have a process to keep track of them.
Most entrepreneurs bootstrap their business and reinvest all the profit into the business for years. This helps them stay out of debt and grow at a decent rate. If this is a strategy that works for you then go with it. Or hire a financial advisor to advise you on what would be the best route for you.
Over to you
Before a business feels rewarding, it feels stressful and mentally straining. There will be multiple moments where you will doubt yourself and your idea. You will probably be pushed to the point of giving up more often than you can imagine. However, if you keep faith in your idea, stick with the process, and keep putting one foot in front of the other, soon the stress will reap its rewards. The best advice is to soak in all the knowledge you can each day and utilize it to your advantage.
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