You only have to watch a few episodes of Shark Tank to see what an idea that is not yet a business looks like. You will also notice that unless the idea has a solid business case around it the Sharks tend to dismiss it pretty quickly.

So if you have a great idea and want to turn it into a business you need to plan. You need to work out the right steps, you need to tick all the necessary boxes and make sure every t is crossed and every i is dotted. How well you plan the transition from idea to business will have a lot to do with if it succeeds.

It may be that when you start planning you find out the idea won’t work or that you weren’t the first, or even the second, to think of it, but that is ok. Putting the brakes on an idea before it is a business will cost you a lot less than closing down a business because the idea was not what you thought it was.

Find people you can trust to help you. Put non-disclosure agreements in place to protect your intellectual property if you have concerns and don’t be shy about paying a lawyer if you really want to protect yourself. To make your idea into a business make sure you do your research and have a plan in place, there are no guarantees in the world of business but you can greatly increase your chances of success by doing your homework and getting a solid plan in place.

Want to hear more about turning an idea into a business? Why not attend The Consultants’ Community next event at 7am on Tuesday 13th March at Hemingway’s in Manly?

Get your tickets here: