Ideation Tips: Start Your Own Business

Have an idea for a venture that you want to get off the ground? Find tips to how to plan a budget and write a business plan. Step 1. What will your business be? You can think of business ideas in the following 2 areas:     • Products     • Services Define your target audience -age, gender, interests or education focus etc.     • Talk to your friends and family about your business idea     • Learn business jargons: entrepreneur, stock, income, profit, budget etc. Step 2. Finance • Finance is the science of managing money and a good financing plan is important to sustain your business. It involves locking down start up funding, understanding the concept of venture capitalists, and managing money from design to sales. • You need to make sure that your business makes profit. Throughout your business process – from design to marketing and sales, record your revenue and expenses. • Calculate your estimated overall expenses and revenue and find your profit. Your goal is to have a total estimated profit that is greater than zero. Step 3. Design your product or service business • Organize your idea in paper • If your business is a product, draw what your product would look like. • If your business is a service, draw a flowchart to answer the “who, what, where, and how” of your business plan. Step 4. Naming & Marketing: • Choose a name and a tagline that best defines your idea. • Create a tagline to better define what your business is about • Create a logo for your company • Write marketing copy to sell your product or service to your customers • A thorough business plan will help us better understand what your business does and how you expect to run it – attach one to your entry for better understanding! | Find More Ideation Tips | Enter BKFK Contests |