How many new business ideas come to naught because people have an unrealistic belief that an idea in and of itself will bring rewards? Self-appointed small business experts push the line that you just need a business idea and some hard income will magically appear. But the claims misleading if not downright irresponsible.
A new business idea is important because it is the seed of possibility. But there is a huge gap between an idea and its eventual transformation into a product or service. If you don’t know about the mechanics of running a business, how are you going to develop, implement and commercialise your idea?
What these business gurus don’t tell you is that turning a business idea into a product or service means you will need to form and start a business venture to produce, distribute, market and sell your product or service. It’s not what many people want. Nor is it what many people are suited to doing.
If you don’t want to learn the mechanics of running a business, then try licensing your idea once you have produced a prototype. It’s possible, but don’t underestimate how difficult licensing is.
So, if you do want to take up the challenge and hard work of setting up on your own, what will you need to know?
Without customers you don’t have a business. This means you need to research potential customer demand. Your research work will include product testing to find out if your product or service is attractive enough to prospective customers.
Then you need to know about product development, market planning, business planning, marketing and selling. It doesn’t end there because you need to know about running or operating a small business which means knowing about the important numbers in a business such as sales, cost of sales, gross profit, variable costs, overheads and net profit.
But the most important thing you will need to learn to manage is cash flow. Without cash your business will simply come to an abrupt halt.
If you’re really serious, get yourself a copy of “Breakthrough Ideas” and find help with investment, mentoring and networking. Starting a business is hard work but it can be exciting and rewarding if you go about it in the right way. I suggest you enter your email address after you have clicked the link below and find out what “Breakthrough Ideas” can offer you. Good luck!