Lots of people think that if they can just come up with one great idea, they’ll be set for life. The reality is, though, that coming up with the idea is just the beginning. Figuring out how to turn it into a product or service that’s commercially viable is the next step, but actually setting out and doing something about it is often the hardest part.
Focusing Your Vision
If you’re a creative person, you probably have a bunch of different ideas floating around your head at any given time. The trick is deciding on the best one for the current climate. When Steve Jobs returned to Apple in 1997, he famously stripped the product line of everything but the essentials.
For every iPod and iPhone the company produced during his tenure, there were likely another 100 ideas that never got off the ground floor. That doesn’t mean that you have to forget about them entirely though. The idea for the iPad reportedly came before the iPhone, but the company realized that the technology would be better suited for the phone market at the time.
Creating a Plan of Action
Creating a clear plan of action is the next step. Many small businesses owners start with an initial 90-day plan. While this may seem short-term, if you structure it accurately it will give you a much better understanding of your business. The first 30 days will be the learning stage: this is where you create a mission statement, set your goals, and start to learn more about your potential customers.
The next 30 days will involve progressively building your company’s brand while the final stretch will allow you to more accurately analyze your findings. Ask yourself how close you got to reaching your originally intended targets and if you still feel the same way about your business.
Protecting Your Investments
Last, but not least, is protecting your idea. Business can be a cut throat world, and you’ll need to take the necessary steps to ensure your product can’t simply be copied by others, especially in a world increasingly divided by contrasting labor prices. You will want to patent your product or intellectual property to ensure exclusive rights.
In the United States, you aren’t required to have legal representation during this phase. This ensures that even small businesses working on low budgets are able to protect their investments, but, at the same time, seeking advice from a specialist is highly recommended. Firms like Withers Worldwide can advise you on everything from trademarks to domain registrations at every stage of development.