Every idea needs a market.

Like many people out there, I consider myself a ‘glass half full’, positive person who can make things happen. I’ll give you 10 good reasons why I can do something, rather than 10 reasons why I can’t. Problem, what problem, there is no problem, bring it on and I will do it. Always seeing opportunities or business ideas, wherever I go.

I consider myself an entrepreneur and seeing all sorts of opportunities on a daily basis is part of the entrepreneurial spirit that sits inside a lot of us.

There’s one big problem, however, and that is we may have great ideas but we just can’t seem to make them happen or get them right.

Well, here are some tips on taking that entrepreneurial passion and bringing it to life, making you the king of the jungle.

Every idea needs a market. This market is made up the people who you believe would be willing to buy your product or use your service once you have introduced it. These people, known as the market, need to be understood and defined:

Who and where are they (demographics)? How do you reach them to tell them about your product or service and at what cost (marketing mix)?

How much disposable income do they have (market segmentation)? What would they be willing to pay for your product or service (value proposition)?

Can you deliver your idea at the right price, giving you enough profit to cover your costs (profitability)? What will the volume be and will this volume be enough to make the business venture worthwhile (business forecast)? Do they know they need your product or service yet (supply & demand)?

Sounds daunting. The list of questions you should be asking yourself and answering is endless. These questions are merely the tip of the iceberg. So where do you start?

I for one, seem to be a typical male who when driving, hates asking people for directions when I am lost.

So to overcome this, I tend to do the preplanning, always prior to setting out on my journey. This will include determining where I want to go, using what mode of transport, by when I need to be there and from where I am starting.

I use certain tools such as Google Maps and if it is a long journey, I may even do more research looking for information from others who have done the same trip. Sounds simple and rather obvious, but so many of us prefer to get lost on the way and sometimes after setting out on the journey, don’t get there at all.

This is the start to making you king of the jungle

So why should it be any different when you are setting out on your new venture? One of the biggest reasons for the failure of a new venture is that no time was taken to do a comprehensive business plan (your road map).

Not all business ideas are feasible and rather than finding out halfway through the development or even worse, once you have started trying to sell it, it is better to spend the time and effort upfront developing a plan, answering all the questions, which will come pretty close in telling you if you should continue or not. If you are going to, then it will help you to map out how you are going to get there.

There are hundreds of business plan templates out there, just find the right one for you. But don’t try and take any short cuts. You’ll get lost.

The main reasons for doing a business plan are to identify and describe the business opportunity including your objectives, to set out your strategy of how you are going to get there and in some cases, to attract investors or persuade for financing.

This same business plan, which is the basis of your business, can and will be used, often down the line, to set the direction for employees, help to describe to customers what you do and, in some cases, will be used to help you find suppliers that share the same vision and who will take you more seriously when they see that you have taken your business venture seriously.

When putting together your business plan, use the following pointers:

Keep your idea confidential, use good grammar, keep the plan a reasonable length, make sure it has an attractive professional appearance, use only solid evidence to back up your information, use lay terms to describe your products or service offerings, emphasise your own and your teams qualifications, analyse the market thoroughly, include complete yet not overly detailed financial statements and do not hide your weaknesses. Most of all, you must make it your own and believe in what you are writing. If you are stuck, there are a number of organisations that can assist you.

So, if you have a bright business idea or even an existing business and you wish to improve your performance or make a success of your new venture, then make sure that you have set yourself out in the right direction through putting together a well thought through business plan.

This is the start to making you king of the jungle.

bruce@marconmarketing.com.mt

Bruce Mackenzie runs Marcon Marketing.