When you have a great business idea, it won’t go anywhere unless you know how to convert that idea into a plan of operation. Your business idea should include many things that you love to do, and some idea of how to generate profits from that. Here’s how to convert your business idea into an actual business plan.
Why Are You Starting a Business?
The first thing you should do is formally write down a reason that you’re starting a business. This is a very important step because it will provide you with motivation through those first few difficult months and years, and it will keep reminding you about the purpose of your business. At the same time that you’re considering this, you should be writing down the skills you have which can be brought to bear in making your business successful.
What Kinds of Business Appeal to You?
Part of your whole general business idea should be to consider those types of businesses which really appeal to you. At this point, you don’t need to be realistic about it, you just need to jot down all those businesses which you truly admire, in a kind of brainstorming exercise.
What Is Your Idea of Fun?
Now write down all the things that you enjoy doing, such as hobbies or recreational activities in your spare time. Also think about the kinds of books you like to read, especially non-fiction kinds of books. Write down all those subjects which appeal to you, and include websites that you routinely visit and enjoy reading information from.
Choose a Business Model
At this point, you should begin to consider a legal structure for your business and begin to develop some kind of business idea for a service or product you will sell. You should also consider whether you’ll be selling online or offline and whether you intend to have a small business or one that is hopefully much larger. Will your business be based at home, or will you have to acquire a storefront property somewhere?
Eliminate the Impractical Ideas
After you’ve jotted down all your thoughts about a business idea, it’s time to cross off all those which are impractical or unachievable. What you’ll be left with are some options for beginning a business that you’ll be able to commit yourself to, and to actually plan for.
Does your business plan require funding?
We may be able to help if your business plan requires funding to achieve your objectives. Contact us at Safe Harbor Commercial Capital so our financial specialists can discuss some opportunities which may be available to you.