Tuesday, September 12, 2017

Got a Great Business Idea? Don’t Let It Go to Waste

If you have a fantastic business idea (or if you think you do) then you’re doing nobody a favour by keeping it in. Even if it means partnering up with someone, it’s a good idea to try and get your idea out there so you can see if it works, or else you’ll forever regret not doing anything about it. Even worse, you might see someone you know or a former rival take your idea and turn it into a thriving business, all because you didn’t take the initiative to start something with it.

However, not everyone is an entrepreneur. Some of us are just fantastic at brewing ideas but don’t have the slightest clue on how to transform those ideas into an actual business proposal to pitch to investors and banks. To help you out, we’ve compiled a list of ways to get your ideas out there so that they can become a reality, not stay as dreams.

Source: Pexels

Practice Your Pitch
Before you go to any lenders, make sure you’ve practi sed your pitch. This article from blog.hubspot.com will teach you some of the basics, but it all depends on what you’re pitching and your charisma. Prepare all the materials you need, gather quotes and statistics to show off that you’ve done plenty of research, and scale it down so you can show the most important points in a span of five minutes. Five minutes is usually how long you can hold the attention of most average investors. It’s even less for the ones with a solid reputation because they’re not even looking for good or bad ideas, but competent and assertive entrepreneurs.

Secure Funding
Whether you take a small business loan such as from smallbusinessloans.co or ask the bank for money, make sure you secure the funds as early as possible. Even if you’re not sure how much money you’ll need, approach the lender with your proposal and tell them how you plan to use the money and what you plan to purchase with it. You don’t need to go into fine detail right now—that can come later when the lender has seen your idea and believes in it.

Plan, Plan, Plan!
What are your plans once you secure some money? Are you going to scale up the home operation you have, or will you do something more drastic such as hire dozens of employees and open several new locations? Even though plans are made to be broken (at least, most of the time) it makes sense to have a plan ready so that everything you said to persuade the investors isn’t a load of bluffing. Let them know that they’ve invested correctly by showing them your plan of action. Don’t let this opportunity go to waste! Don’t plan too far ahead, but make sure you’ve got plenty of actions ready for when the money is given to you and you have the ability to carry out the business plan that you’ve always dreamed of.