Once you’ve had a flash of cash and decided to pursue your money making opportunity, there are a 4 steps you should take to bring it to fruition.
- Get some feedback
- Find out if it will sell
- Don’t quit your day job
- Write a business plan
Get some feedback
While you may think your flash of cash is going to lead to the next Apple or Facebook (and accompanying riches), you should first bounce your idea off some industry experts. Although “experts” can be wrong, they can often point out shortcomings in your idea and offer advice for improving it.
Note that industry experts does not mean your spouse or social network friends, but rather people that actually understand your idea is and how it will be used. They should be able to give provide you with ideas on how to manufacture, distribute and sell it.
Find out if it will sell
Determining whether your flash of cash will sell is one of the most important steps you can take. At some point you will need to figure out whether you can sell it profitably, but initially you need to know whether someone will actually pay for it.
The best market research tool today is crowdfunding. Not only does it help you understand whether there is any interest in your product, but also how it should be priced through the reward system. One thing to keep in mind is that crowdfunding platforms aren’t typically great for identifying prospects. You will need to do that separately through your social media contacts and then let them know once your crowdfunding campaign has launched.
Don’t quit your day job
Realizing a flash of cash takes money and time – no doubt you’ve heard it takes money to make money. You will need money to build and host a website, create a prototype, pay for leads, set-up a crowdfunding campaign, etc. Unless you’ve saved a lot of money already, you’ll need your day job to finance your idea. Additionally, if it doesn’t work out, you’ll still have a way to support yourself.
Write a business plan
Business plans aren’t hard and they don’t have to be complicated. You don’t need an MBA or have to be an Accountant. Simply describe what you want to do and how you are going to pay for it. Also, have a backup in case things aren’t going the way you planned.
There are thousands of websites devoted to business planning and there is even a list of questions on this website to get you started. You don’t need to answer every question, but having the answers is always beneficial.