Blog 2 – Planning
The initial process in starting a business is the “idea”. An idea may come to at any time. Personally all of mine come to me at night at around 3am, so I would always recommend having a notepad and pen beside your bed as million dollar ideas could be forgetting by the next morning.
My late grandfathers ideas always came to him in the middle of the night, he was an entrepreneur- an engineering genius and he used to draw machines sketches on the walls of his bedroom.
You may come up with idea after idea but research is then key. You need to ask yourself the following questions:
Is there a niche in the market for this product of service?
Who are the competitor’s?
After you answer these questions and you still see a niche, then you must research as much as possible to find out as much information you possibly can about your product/service etc.
The next stage will be cash flow projections and a business plan but these will be elaborated on in the next blog.
You may come up with an idea but when you look into it further there may be regulations or obstacles that will leave this as just an idea. No harm done, there will be plenty more idea so do not let that faze you.
On the flip side of things, businesses that are currently operating failing to plan is still planning to fail. From experience you get so wrapped up in the day to day running of a company and you forget to take some time out to plan ahead.
I cannot emphasise enough how important the planning process is and I believe it an area that is neglected in at least 90% of business today.
My advice for any company is to take one day a month and spend that day out of the office environment with no distractions and go through everything from staff, cash flow, sales, purchases, marketing, advertising, digital marketing etc with the key players in the business. You will find the areas that need attention by this method of brainstorming and act on these areas.
Until next Time!
Danielle McSorley ☘️