What do you do when you have a EUREKA idea? Create a great business plan!
This post was written by our awesome new intern, Tyler Butterworth. He’ s an MBA student at the University of Colorado, and he’s working on business development with us here at AppIt Ventures. Please join us in welcoming him to the team, and continue reading for his insight on turning your business idea into a real business!
I am frequently asked how to get an idea “rolling” once you have had a EUREKA idea. My response is always the same: create a great business plan.
I cannot tell you how important a solid business plan is when considering whether or not to start a new business or to pursue a new idea. While an idea might seem like a great product or service, it is important to put some deeper thought into an idea before investing resources, capital, and time.
Writing a detailed business plan will help address questions, concerns, and obstacles that you might otherwise miss. It allows for an opportunity to really research and get to know the industry or field you are about to pursue. Most importantly, solid research will help you see the level of competition involved and give you an opportunity to address a very important question:
“What is the problem our business or service is fixing and is it a REAL problem?”
This is a vital question because you need something to set yourself apart from the competition. You need a better, easier, or cheaper way to accomplish or provide a product or service. Just because you think you have a good idea doesn’t mean that it will be a good business, but if you can identify a true solution that your business provides, then you are off to a great start. After you have identified and validated the problem, then you need to direct your efforts into writing your business plan.
There are a few ways to go about writing a business plan. You can go old school and buy a little black book and keep your ideas and plans on notebook paper or even saved as a Word document on your computer. The main problems with those methods are the inconsistency and ability to easily forget a section or portion of the plan.
With our business plan app, Business Plan Premier, you can access easy-to-use software that helps you plan, organize, and develop your idea into the business you have been dreaming of. For each section of your business plan, Business Plan Premier provides an example for both a product and a service to help guide you through the writing process. By having a detailed, well-organized business plan, your idea will be ready to transform into a business in no time.
Don’t let your Eureka moment pass you by. Start writing your business plan now, and turn your dreams into a reality!