Have a New Business Idea?

01 Feb Have a New Business Idea?

“I have this great idea! I’m going to make a fortune!”

It might be time to slow down and take a deep breath. Sometimes people run with a great business idea without having a real plan. We have seen this turn into an open drain that is very hard to seal off too many times.

Recently, we had a potential client come to us with a business idea that he was really excited about. While he was ready to pull the trigger to invest a substantial amount of money and figure it out as he went, we pointed out enough red flags that he slowed down and had us vet the idea fully.

Since he was shifting into an industry about which he had very little knowledge, we started out with a lot of research on the industry itself and the competition. We also created a business model that is very manageable but can also be duplicated so it can grow whether our client is involved on a daily basis or not.

The idea definitely has “legs,” as we say, or is potentially quite profitable. Our client is happy that he did not wing it and based on our research is actually considering pursuing a different angle that involves much less money up front.