Define Your Business Concept

By now, you may have met someone rated as an expert in his or her field, connected to your idea. It is possible the result has been support and advice, although it could be the opposite. In some cases a negative first response may push you to prove him or her wrong and be a spark to ignite the fire of progress.

In any case if you have decided to go forward there is some basic preparation you should do to help you convince the right people of the viability of your idea. Now this is turning into a project and becomes much more fun.

Use your advisor, consultant or me as a sounding board. It is not in these peoples interests to dissuade you completely, but very much in their interests to help you put the show on the road, they may gain a new client from your success.

The loose definition of a business concept is 'The general idea behind a project, campaign or slogan' there are many definitions as the concept is very often theoretical in nature. However, you will have to communicate the concept to interested parties.

If you cant commit your idea to paper then selling it will be very difficult

The first task is to get your concept down on paper, or on your computer. I would suggest that you use a simple Power Point presentation for this. The presentation does not need to be elaborate, just communicate the following:-

The broad Idea ?

How your idea is better than the competition, if it exists ?

Who will be your target market ?

The location of the business ?

Future prospects, ideas for growth. ?

How it will make profit ?

Until we get to the business plan, where there will be a fully detailed cost breakdown and financial reports, interested parties need to understand where the profit will come from.

Also for your own benefit, write a short description of the proposed venture on one or at most two A4 sheets. This will firm up the idea in your own mind and after reading and revising this a few times position you better to answer questions about your idea.