Many people have lofty goals and aspirations that they never realize because they were too afraid to fail or were too lazy to get the ball rolling themselves. It can be intimidating jumping into a market as a newbie, but everyone has to start there at some point.
At this time, the financial markets are not very stable and the economy is in such a state that many people are afraid to spend. This makes people afraid to start up companies because they fear the consumer will not buy what they have to offer.
Do not let your good idea go to waste. Capitalize on it before someone else does.
The first hurdle that you may have to overcome may be one of the largest ones; especially if you have a family that is depending on you to support them. The financial burden of a start-up company is great, and for the most part, it is all coming out-of-pocket.
You can get business loans, but they can be hard to come by, the interest rates may be high, and you still have to make monthly payments regardless of whether or not you turn a profit. You can also get investors, but to do this you need to know some people who have some serious cash to spare; and not many people have friends who are willing and able to finance a new business venture.
When you are pitching your idea to investors, the bank, or your family for their support, you need to sell them on the big idea. In order to make money, you need a product or service that provides benefits to the consumer.
An original idea is best, but even a modified idea can work so long as patent and copyright agreements do not get in the way. You need you idea to be great not just to you, but to other people.
This means you need to be knowledgeable of the market you are getting into and how your product or service will find a home within it. Your idea need to stand out from the competition, or even be in a league of its own.
You can find inspiration for this anywhere and everywhere. You just need to see a problem, figure out a solution, and then communicate that.
Make sure that when you are pitching your idea to the people who you want to support you that you present yourself in a professional and reputable way. Even if your best friend is going to be the financial backbone, you need to treat him like an investor at a bank.
You are going to be using his money and that is a big deal. You need to make him feel like he is making a safe investment and that he can trust you to pay him back and make him even more money as the business grows.
This means that your research is crucial. You need to know everything about your competitors, and everything about yourself.
You need to know how much cash you will need to make the product or buy the equipment necessary to run the business. You need to know if you need a working space and if you want to lease or buy, and where.
You need to know how much you will charge for whatever it is you are selling and how much it will cost to do the actual work or make the product. Number are going to be what you live and breathe, so make sure they are accurate and you are ready to do a lot of math.
You also need to figure out a marketing strategy, perhaps with the help of a marketing consultant. This may seem like jumping the gun when you are just in the preliminaries, but no one will buy what you are selling unless they know about it.
You need to know how you are going to advertise your company and where. Most start-ups choose to go through word-of mouth amongst their friends, and then advertise locally, and then try to go on a larger scale with web based CRM software.