Have you ever come across a brilliantly simple idea and thought “why didn’t I think of that?”? Conversely, have you had a fantastic idea, only to find that someone else has beat you to the punch and created a successful business around it? Or have you had a great idea in your head for ages but haven’t made any progress on it?
In all these scenarios, the reality is that there is far more to success than the good idea. If you have an idea brewing, it is great to dream about its virtues and possibilities. But at some point, you need to think about a range of practicalities. You need to have the capacity to produce the product or deliver the service. You need to know how to market the idea. You need to have a good grasp on financial aspects like cash flow.
You need to consider the following:
Ensure there is a customer base
You need to prove to yourself, and demonstrate to investors, that your idea can be monetised.
There is no point speculating about who might buy your product, or projecting sales for a service that hasn’t been tested.
Research your competition
There is nothing wrong with having an idea that is an adaptation or an improvement on an existing product. But if you start launching into a new business venture, only to find that your ‘unique idea’ has already been done, you will waste time and money.
Create a viable business model
If you think people are simply going to start lining up of their own accord to hand over their money to you, there is going to be disappointment!
You need to determine how you will deliver your product or service, the costs involved and how you will make a profit. A business model will give you direction.
Be in it for the long haul
There are very few ideas that find success ‘overnight’.
If you want your idea to move from dream to reality, you need to be prepared to work extremely hard and keep believing in your idea.