Many people write to me and tell me that they have a great business idea, but they are not sure what to do next. Then they ask me how I can help. I often do help, but because this is such a common question (I get per week at least) I will try to write an article about it to help many people at once. So in this article I will explain what I typically advise people to do after they get a business idea.
Are You The Right Founder For This Business Idea?
Very often, when people get business ideas, those ideas may seem original and unique, but they may be in a business area where the person who came up with this idea has little or no experience. That not only makes it difficult for that person to determine whether this business idea is a good one, but it also makes that person not quite the right person to see this business idea through. After all, beyond actually having this idea, what can this individual contribute to the business? For more on this issue, here is an article of whether it is a good idea to get into a business without having any experience. And here is a video tutorial on the same topic.
If you do not have any experience in the business area of the business idea, try to surround yourself with people who do. Those people can be either business partners, mentors or advisors.
Create A Business Pitch
Normally, I would suggest that you go and get feedback from different people about your business idea. But I’d like to insert one step in the process. And that step is to come up with a business pitch so that when you do go out to get feedback, you can explain your business idea very clearly. Keep in mind, if you just had this idea, it is probably very fresh in your mind. And that might cause you to jumble up how you explain it to people. But confusing people will do you no good. Here is a video tutorial for how to come up with a basic business pitch.
And if you are wondering whether it is safe to tell your business idea to other people, and are concerned that they may steal the business ideas, here is a tutorial on protecting business ideas.
Get Feedback From Different People
Now that you have a great business pitch, and can explain your business idea clearly, without worrying that other people may steal it, get feedback. Certainly ask people whom you are close with like your friends and family. In fact, it is important to get the support of your family when you start a business. Here is a full article on the importance of getting support from friends and family when starting a business.
But don’t just ask friends and family. Because they want the best for you, they will likely give you positive, subjective feedback. So try to get feedback from industry experts and people who can give you objective feedback. Here is a tutorial on how to get feedback about your business ideas.
Can You Create A Prototype?
If you still feel good about your business idea after discussing it with many different people, one of the next crucial steps will be to begin working on this business idea and create a prototype or an early version of the product you envision.
How difficult will it be to create the prototype for this business idea? Is it going to require a substantial amount of capital? Or can you do it quickly and cheaply to test this idea in the market with real customers. Your job will inevitably be to create the initial version of the product or service, and get people to use it. If you can do it relatively quickly and cheaply, that gives you a great advantage, and is a factor in determining if this particular business idea is the right one for you.
Further Business Resources
For more business-starting resources, please take a look at our business planning mobile apps. Here is the iOS business plan app and here is the Android business plan app. Additionally, here is the iOS fundraising app. And here is the Android fundraising app. And here are our business apps on the Kindle. And here is an article where I give the argument that our Android apps are the best business apps on Android.
And please check out and subscribe to my YouTube channel where we cover many marketing topics.
Author: Alex Genadinik