Heres A Game Plan To Make Your Idea A Reality
1. Every dream has to start somewhere. What is it that you are actually trying to do, in a nutshell? Can you fit it into a single sentence? For example, aI want to build a business making greeting cards.a 2. Where do you want to end up? Where do you see your idea going in the future? Your final destination impacts the steps you take to get there. 3. What are your reasons for doing this? Is it to benefit yourself or someone else, or is there another purpose, for example, financial independence? 4. With your goal in mind and why youare striving for that goal, consider whether or not this is what you really want to do. If so, you need to figure out how to reach it.
Now is not the time for spreadsheets, what you need is to plan is the actual birth of your dream. 5. What are your requirements? There is bound to be something that you need, whether it is initial capital or just a few extra hands here and there. 6. Decide how far you are willing to take this. While you might not want to think about this right at the start, there may come a time when you have put everything you have into your idea and, with nothing left to give, realize that you just canat make it. At least not right then. Knowing in advance when you will need to walk away can keep a dream from turning into a nightmare.
7. Make a list of projects based on your ideas. What takes precedence in that list? For the goals outlined previously, try and decide what you can do to reach them. For example, if someone wants to start a business, some possible options include:
Option 1: Work full time while building my own business on the side. Pros: Dont lose my health benefits from work while working on second job. Know I can feed my family while building up the business. Cons: No time with family. Every waking moment will be spent on the full time job or the to be full time business.
Option 2: Leave my job, and devote all my time to starting my own business. Pros: With my full attention on the new business, it stands a better chance of success. Also have some free time. Cons: Requires a lot of savings or the new business to start generating revenue quickly. Also means that all benefits are cut off.
Option 3: Buy into an already existing business or franchise. Pros: The startup work is done, and there may be clients willing to stay on. Also may be able to lean on the current owner while learning the business. Cons: There are fees for franchises, and does the seller have a good reason to get out of the business, say theyave made their money and are ready to retire at 30, or is it just a bad business to be in right now?
8. Now that you have considered the pros and cons of each of your options, you need to select one. Which one has the best risk-rewards ratio for your situation? 9. With a basic plan of action decided upon, you can begin to look more closely at what you need to do at each stage. Make a timeline, and stick to it. You also need to make a realistic budget, considering everything that you will need to start your business. There is advertising, office space, and donat forget that youall need some sort of salary.
Example: Starting a construction business on the side while working full time. 1. A business needs a name and a number; print a set of business cards to hand out. 2. Get some jobsiafriends are good resources for referrals, and so are friends-of-friends. 3. Complete as many of the job offers youave received as possible. 4. Save the money from the completed jobs to be put towards insurance before starting bigger jobs. 5. Get the insurance. 6. Turn the business into a corporation; this can help with taxes and things like setting up retirement funds. 7. As much as possible, continue to work and build the business. 8. When the business is large enough, hire someone to help out part time. 9. Turn the side business into a full-time business, and quit the first job. Well done if you reached this step, but if not you can always go back and try again, now with some firsthand knowledge of possible pitfalls.
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