Archive for the ‘Innovation’ Category
A million dollar ideas awakens you with a start. Your mind is electric as you think about it during your shower and prep time for the day. But, the idea soon fades as you perform your day to day tasks, and when you finally have time to spend on it, you can’t remember why it was such a great idea. Sound familiar?
A good business plan strategy will take care of that problem for you. While a business plan strategy has many uses, one of the best is to get a million dollar idea down on paper before it vanishes.
First, you need to get down on paper the jist of your million dollar idea – right away. It is not recommended that you wait until you can write in any special notebook or boot your computer up. Grab whatever paper is handy and get the general idea down fast. Do this step right away, the rest of your business plan strategy depends on it!
Now you can go about the rest of your day safe in the knowledge that your idea can’t be lost. It is critical to write it down, because that action is telling your subconscious mind to figure out how to make your million dollar idea happen.
Over the course of the next few days or weeks, confirm the following and commit them to paper about your million dollar idea:
1. What is the market for your million dollar idea, and will you be able to compete in it? You don’t have to be the only person in the whole world who thought of it. You just need to be a big enough fish in the pond to be able to compete.
2. Can your million dollar idea meet the needs of that market on an ongoing basis?
3. How will you deliver the million dollar idea to the market? In other words, what resources, team, skills do you need to make it happen?
That’s all there is to it. By answering those three simple questions, you have taken your vague, undefined million dollar idea and created the base of a business plan strategy that will make it work
.
If this exercise has left you even more excited over your million dollar idea, your next step is to expand your base into a more robust business plan strategy.
Turning your million dollar idea into more than a mere dream takes little more than focusing on a few easy questions which will help create a basic business plan strategy. From there, you make your dream turn into a reality before you know it.
Be sure to visit SmallBusinessAccountingBackroom.com to get many more resources to help your million dollar idea become a reality, including samples of business plan strategies to take it to the next level.
