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2015-05-18 00:00:00Starting a BusinessEnglish to Transform a Great Idea to a Business Plan

How to Transform a Great Idea to a Business Plan

2 min read

For most people, coming up with great ideas is easy but implementing them and making them work as business becomes difficult. Like most things in life, starting a small business does not come with a set of hard and fast instructions,  but there are steps you can undertake that will help you turn a great idea into a business plan. Here are some of the ways you can explore to make that great idea business-ready:

  1. Freeze on an idea: When we get into the mode of brainstorming, we coming up with a lot of good ideas and plans. However, by the end of the session, it is important to freeze on one solid idea. Pick the one that fits your passion, goal, and resources.
  1. Self Evaluation: You might instantly fall in love with the business idea, and it is always good to start off with a positive attitude. However, it is important to critically analyze the idea like an investor would before you start working on the plan. Ask yourself questions like – How to start the venture? How big is the market? Who is your target audience? How big is the risk?

After an objective evaluation, if you still feel that the business will work for you, then you can move on to the next step.

  1. Collective Feedback: Most times, we tend to have a mental block about our own ideas and tend to get fixated in detail rather than the big picture; hence, it is very important to get feedback from people in the industry. The key is to get feedback from people who know the market well and will be able to guide you through the process. This will help discover the loopholes you might have missed as well as increase your chances of starting your new venture in the right direction.
  1. Business Concept: A written business concept forms a bridge between the idea and the business plan. Preparing a business concept will help the entrepreneur discover significant components of a business and it helps in evaluating the business more effectively. This will also help in explaining the venture to an outsider, like the client, customer or vendor. As you start preparing the concept, your business idea might undergo many changes to suit the requirements of the business and profitability. A business concept is a concise version of the business plan itself.
  2. Business Plan: Once you have finished all the above steps, making a business plan is simple. You can refer to sample business plans and various other tools that are available online to get an idea of how to write a plan for your business. Here are some things that need to be in your plan:
    1. a. Company profile
    1. b. Summary of your business
    1. c. Potential Market and Target Audience
    1. d. Structure of the Company – Different departments
    1. e. Description of the products and services of your business
    1. f. Company goals/targets
    1. g. Financial assistance from investors

There is no one success mantra when it comes to doing business, however, following these steps will help in turn your vision into a reality for your business. There is no one success mantra when it comes to doing business, however, following these steps will help in turn your vision into a reality for your business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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