You are pulled from your sleep with a million dollar idea. 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?
You can solve that problem by making use of a good business plan strategy. Among a number of great uses, getting a million dollar idea down on paper before it disappears is a critical use of a business plan strategy.
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. Is there a market for your million dollar idea, and can you compete in it? It’s not necessary to be the only one who had the idea or offers it in the marketplace. 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? Said another way, what type of skills, team, and other resources are required to make it work?
And there you go. 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
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The next step, if you continue to be excited over your million dollar idea after answering these questions, is to expand your business plan strategy into an even more detailed action plan.
Answering a few simple questions to create a basic business plan strategy is all it takes to turn your million dollar idea into more than a dream. 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.
Tags: business plan strategy, business strategic plan, million dollar idea, Small business