Everyone has an idea that they believe will be the next big thing. These individuals have no problem imagining that they are the next superstar of the business world. They also have no problem dreaming about the revenue that this million-dollar idea will generate.
However, most dreamers will never see their idea work because they haven’t broke their idea into a workable plan. That being said, any idea that isn’t followed up by a plan is nothing more than just a pipe dream or fantasy.
To be able to see your idea evolve from thoughts to reality you have to draft out a blueprint that details each phase of the developmental process. The more detailed your plan, the greater opportunity you’ll have to succeed.
The foundation of your plan is your ability to research. It’s vital that you research your market. You must know who you are trying to reach, what are they consuming, and what are the things this group is lacking that your product or idea will meet.
The next step in your research will focus on cost. How much will it cost to develop and produce your idea? How much will it cost to outsource those things that are beyond your area of expertise? What legal fees will you need to pay? Your research shouldn’t leave any stone unturned when it comes to the initial investment that you’ll need.
Within your plan you’ll need to include your marketing, advertising and sales strategy. Your idea is destined for failure if you try to launch without these strategies in place. The idea, “if you build it they will come,” sounds all warm and fuzzy, but it’s very hazardous to adopt this as your business model.
Not only will you need marketing, advertising and sales strategies, but also a detailed strategy for the production of your product. You can waste many hours and finances if the actual process to you idea hasn’t been strategically engineered.
Who’s going to do the work? Isn’t that always the question? Do you plan on being a solo entrepreneur or will you assemble a team? Will you engage the expertise of an advisory board that has a track record of success?
One of the biggest killers to many great ideas hasn’t been the idea or its strategy, but employing the wrong personnel. As an entrepreneur, building your team can often times be the most time consuming, but will also be the most rewarding if your assemble the right pieces.
Finally, make sure you build metrics into your plan. Put dates and times into it. A plan with no dates is a plan that lacks commitment. Force yourself to keep the deadlines that you’ll build in to plan.
Go for it! It’s time to wrap a plan around that idea you’ve talked about. Be flexible, be commitment and be inspired.