Business Idea, what next?

[MarkAdams1]

I wonder if you guys could provide me with some advice.

About three days ago I had an amazing business idea which is so unique and a definite niche in the market. I believe (in my eyes) that the idea would be a success as it provides both a customer and a vendor a win / win outcome (without going in to too much detail).

Now i'm at the point where I don't know what to do with the idea. I don't have the money to start developing this idea in to a concept nor would I be able to get finance because of my poor personal financial background.

Where do I go from here? Do I look for a business partner? Is there any websites or services that can provide me with support, advice or even to look at my idea and see what they think?

Thank you for your help.

 

[nudeytea]

All depends on the kind of capital you need to start the business to be able to give you a better answer and options.

Julia x

 

[MarkAdams1]

I think start up costs would possibly be around £5,000. That would aide the development.

It's not just about finance though. Maybe I need a mentor? Someone who can look at the idea and give me their thoughts and advice on how to proceed?

 

[garyk]

You need to run it past people to get some kind of 'validated feedback'. Don't be frightened of sharing the idea, too many startups guard their ideas and in doing so get no validation from others if it is a feasible idea.

The emerging trend now is to validate your idea *before* building the product.

Gary

 

[MOIC]

If you need realistic answers, you must give out more information.

Your choice.

You can't have both worlds.

 

[cucumber]

Test it. In a small, cheap and fast a way possible. When it doesn't work, in its present shape and form, you have a chance of learning how to tweak it so it does work… test it again. Until you get it working. Working means people actually buying it at a large enough amount. Opinions don't count. Payments do -- proof it works.

 

[Bryan_Centurica]

You need to run it past people to get some kind of 'validated feedback'. Don't be frightened of sharing the idea, too many startups guard their ideas and in doing so get no validation from others if it is a feasible idea.

The emerging trend now is to validate your idea *before* building the product.

Gary

I second this fully. I came across this short blog post recently - http://www.qualitynonsense.com/4739/nobody-gives-a-damn-about-great-idea/ - give it a read, it may offer some good insights.

On that note, having an idea and being able to execute the idea are two entirely different things, so even your idea turns out to be as great as it first seemed and you manage to properly validate it, you have to look in the mirror and ask yourself whether you actually have what it takes (not just financially) to execute the idea and make it as big of a success as you want it to be. If not then looking for a trustworthy business partner may be your best option - even if it means giving away a good junk of equity, as having 50% of a £5m a year business is still much better than having 100% of a £500 a year business.

Bryan

 

[Conglomer Group]

Hi,

Its good to conceptualize the idea through capabilities you going to take step as Entrepreneur than must be aware for the resources to perform that specific task.

Yes i would not regret that you may need amount of money or any partner to finance but if you are going to be one of the examples of history in business than you have to create value to your idea to become opportunity.

Feel free to share your thought to take suggestions further in this regard.

Good Luck !!

Regards
Conglomer Group

 

[vvaannmmaann]

Try Henry's thread?
http://www.ukbusinessforums.co.uk/forums/showthread.php?t=264005&highlight=idea+development

 

[SkoshBusiness]

Feel free to pop me a PM with more details. I am sure I will be able to help or at least point you in the right direction. I usually recommend that people in your position draw up an NDA so that you can share/discuss your idea without fear of it being stolen.

 

[iBusiness Forums]

Hi Wizza,

Congrats on your amazing business idea!

If you don't know how to start, or where to start, then you need to gather some knowledge or information on how to materialize your ideas.

Since ideas not put into action will only remain as ideas. So, before acting on it, gather all the needed information and seek the most qualified people.

Good luck