Q: I have a great idea, but I don't know where to start. How do I get my idea up and running?
A: First, it's wonderful that the wheels are turning and a great idea has come to you! Here's what to consider before you move forward with launching it.
1. Is this a product- or service-based business?
It may be both, but define what the actual product is. You can do this by asking, "Why will customers come to me? What will they be buying?" Until you define this in very clear terms, you won't know what you're selling. Jane Wurwand, who started the skincare line Dermalogica, talks about this in her Featured Lady story at ladieswholaunch.com.
2. Where are you in your financial life?
You need to figure out if this idea needs to make money right away or if it can develop slowly. If you have a steady job, you might consider launching this on the side while you still have an income. If you are concerned about money, it's wise to have some level of income to keep you going -- you don't want to make hasty business decisions simply to put food on the table!
3. How does this idea fit into your life?
Define your goals for this business first. Is it side income to fund a few vacations, or do you plan on devoting your time and energy to this venture as a full-time occupation? There is room for everything, so don't feel bad if you only want to work on your project part-time. Conversely, you may want to invest yourself 24/7 into the business. Look at your goals first, and then decide what kind of commitment it will take to get there.
Entrepreneurship is a very time-consuming but exciting road. It takes patience, a great support system, and tools and resources. Get guidance and more at ladieswholaunch.com.
Text by Amy Swift, editor in chief of Ladies Who Launch