Have a business idea?

By Paul Newman

Most people sometime in life will have a business idea that they are thinking of. But sadly, that’s where it often remains just an idea, because as we begin to think more about the business idea, and perhaps do a little research, we are daunted by a host of questions that begin to emerge, like; Where do I start? Who can I talk to? Where can I get help in bringing my business idea to fruition? Do I need a business plan? How am I going to finance it, and so on.

The good thing for aspiring Indigenous entrepreneurs, is that today there are a many sources of business help and advice out there from government agencies, like Indigenous Business Australia (IBA), to professional business advisors in areas like finance, law, information technology and human resources that you can tap into, often free of charge, before you invest too much time and money into trying to bring your business idea to life.

But the big question still remains – where do I start?

A good point to start with any business idea, is to begin to “map it out” on paper so it can become visual dot points on paper, and not just in your mind. So brainstorm the key dot points or headings you are thinking of, and put pen to paper. Once you have those mental ideas and thoughts mapped out in front of you, then the next step is to add your questions you are thinking of under each dot point.

Next step is to then try and prioritise which points and questions you need to action in some type of chronological order, so you have broken down your “business idea’” thoughts into small and manageable chunks or tasks to deal with. Once completed, the next step is to nominate a specified and realistic timeline that you can action each identified task.

From here you can then undertake some more specific research on any of your identified questions in the initial mapping out stage, and on any additional questions that have arisen during this time. This is where you can begin the next step of identifying who you may need to now talk to about your business idea, such as your accountant, or a government business advisory service for help andadvice on next steps in starting a business.

If your initial research on your proposed business idea has given you the confidence that your business idea has some potential merit, then from this initial “business idea” mapping out exercise, you will have obtained essential advice and information for you to now begin the next important phase of writing a “Business Plan” to really bring your business idea to fruition.

Good luck with your business idea!!

TIPS

• Map it out by creating headings in point form.

• List your questions under each point.

• Prioritise your points.

• Create a time line.

• Identify your resources.

• Implement your idea into business.