If you have recently graduated college or you are currently studying and have had the ‘next big idea,’ it’s hard to know exactly what to do with it.
Whether it’s a big or a small idea; if you want to turn it into a business, below are the steps you’ll need to take.
What Will You Do?
The first thing that you need to work out is what you will do. Sure, you have an idea of a product, but what is its use case and how will it be adopted? Once you have this, you have your general guide for which direction your company will go in.
Do You Need a Store?
One of the biggest hurdles to opening a business is finding a location which you can afford. Consider whether your need a store, or whether you can operate your business from a warehouse. Sites like the Groupon Coupons page for Orvis manage their inventory just fine without a physical store presence.
It All Comes Down to Money
Unless you’re lucky enough to be given wealth, it’s likely that you’ll need financing.
If your idea is solid and you just need the startup capital to get going, then a bank or business lender is going to be your best bet. They will require a lot of paperwork to show your current position.
If you believe that you can bring a product to market quickly, however, don’t want to approach a bank or a lender, consider crowdsourcing as a financing option. By offering consumers a discounted unit price, they agree to give you their money in anticipation.
On the other hand, if your idea is still in its infantile. Perhaps it’s a slither of code which will have a great effect when introduced, but right now is theoretical, then a startup funding firm is a good option.