- What makes me Passionate about this idea?
- Where does this fit into my grand Plan?
- What is the actual Product I will be offering and do people want / need it?
- How much will it cost and will I make a Profit?
- What People do I need on my team in order to make this happen?
- How do we set up the Production of this product or service?
- How will I Promote it?
- How will my Performance impact in it’s success (who do I need to be, what do I need to do)?
So you have an idea for a business – fantastic. What a great place to start? Then, you have another small business idea, then another small business idea, then another small business idea. Before you know it you a book of small business ideas. You feel amazing. What is this incredible energy and this abundance of inspiration? Oh oh. Then reality hits. Your book of great small business ideas is full – but you haven’t made a bloody cent! I suggest as many business coaches do, that you always carry a notebook or recording device. These days, most of us have an iPhone or other smart phone that we can record record and take notes with. I have lots of small business ideas – some of them I’ve tried, others are in the ‘maybe’ pile and some will never see the late of day because they were bloody stupid to start with!!! Not everybody can be Richard Branson and have a gazillion successful business ideas. Don’t forget the reality for him and Virgin is that they haven’t all been successful. What sets Richard Branson apart from the average person is action (ok so there’s probably more then 1 thing that sets him apart – anyone been to Necker Island yet?). What do I mean by action? Well you can’t have an idea, register a business name, company or url and hope it all happens. You need a business plan for starters. I don’t mean the huge tomb that you needed back in the day to get bank finance. I’m talking a 1 or 2 page mini plan (which I can help you with by the way) to see if your business idea has legs. I suggest setting aside a few hours to work on this (and do some research). Remember this is a ‘legs’ test, not your new business bible. The you need to ask yourself the following 8 questions to work out if it is a great small business idea.