Don’t Let Your Ideas Go To Waste: How To Your Business Off the Ground
Posted on May 28, 2013
Wanting to start your own business, but just don’t know where to begin? A million ideas, but none of them concrete? Well, first it’s time to pick one idea and roll with it rather than allowing ideas to fizzle while you attempt to perfect them.
Over the years, I have tried a number of times to figure out what I want to be when I grow up. The answer really is elusive. Finding my career came with a lot of pipe dreams that never had a foundation to stand on. It wasn’t until I stuck with one solid idea and committed to it that I found my path in life.
One of the best ideas I feel I ever had was to own a vending machine franchise. I didn’t want the average vending machines filled with sugary drinks or candy; my goal was to start the world’s first organic and healthy snack machines. Sadly, I slept on the idea and now they’re all over the place in areas that are health conscious.
Now that you have imagined all of the possibilities for this franchise, I am sure you understand why it could be such a hit. There are thousands of places that preach good health that could put something like this to use. There wasn’t (at the time) a ton of competition, so it would have fallen into the “trendsetter” category and paved the way for others like it. Well, long story short that wasn’t idea that I ran with. This doesn’t mean adding your own spin to an old industry can’t prove to be a sound plan.
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If you find that this may be an area in which you have interest and have the ideas to implement a good business plan, contact 1800Vending or one of the dozens of other vending machine companies to get started on the path to franchise ownership. Maybe you can come up with an innovative solution for what to put in them (it doesn’t have to food or drinks – Redbox anyone?) and become a global phenomenon.
It is quite possible that you have an even better idea, or maybe multiple better ideas. Declutter those ideas, weigh the pros and cons. And finally, narrow it down to one solid idea. It is here that you are able to build a foundation.
It is time to start your business plan. At this point I suggest hiring a professional who knows exactly what the demands of any new business are. If you have a friend or family member that is a business owner, you can save some money and ask for their professional opinions.
All the same, it is good to know that any successful plan starts with a solid idea, and moves upward from that point. What will your needs be? How much are those needs going to cost you? Who will be your target market? How many staff will you have to hire in the beginning? What will their salary be? What will you leave for your salary? What type of location are you looking for? There are hundreds of questions you will need to be able to answer; and a good business owner will have the answers documented in his business plan.
Once you have mapped out your business plan, it is time to get the financing. If you are lucky you already have investors, or maybe you have your life savings, relatives or extensive credit card limits that will help to cover these.
If you do not find yourself in such fortunate circumstances, it is now that you head out in search of the money you will need to get this thing started. All to often, businesses get started without a real vision of what they aim to achieve, don’t let this be your business. Finding a funding source isn’t easy, but if your idea is sound and the business plan is solid, there are always investors looking for the next big thing.
Business isn’t easy, and any readers of this website are already privy to some of the challenges you’ll face. That said, you don’t have to be a genius to start your own business. Hard work, determination and a sound plan are often the keys to business success. Get started and grow as you go. Good luck.