5 tips for exploring a new business idea

Updated: Jan 23

You have a business idea... Now what? Explore it babe!

How many times have you come up with a cracking business idea whilst contemplating, having dinner with friends or looking for something that you just can't find? If you're like me, then I'm sure the answer is TONS, but how many of those ideas have you actually explored? Or have you just pied them off with thoughts of "I couldn't do that" or "someone is bound to have already thought of it", well let me tell you now babe, your ideas are always worth exploring.

So often I will find out that my clients have been sitting on an idea for years before actually taking some steps to explore it and test it out, usually the first step of exploration comes from a place of change in their life such as motherhood or redundancy but, what about if you were to explore this now even if you are employed or already have an established business of your own?

I've put together my top 5 tips for exploring a new idea below and this is the perfect opportunity to treat yourself to a new notepad, because who doesn't love new stationary? I just treated myself to some new bits from Paperchase's new range supporting Camfed (Campaign for female education) check it out here (not an ad).

5 Tips for exploring a new business or product idea

1. What's the big idea?

Write it down, really get to the bottom of what the business is all about and how it would make money. Ask yourself these questions:

- If I had to describe my business or product in 2 sentences what would those sentences be?

- Do I need any training of development for my business or product idea?

- Give your business a name! It doesn't have to be the name you take to market but by giving it a name you are already making it a reality

2. What is your 'why'?

Work out your why, it helps hugely if you know what the purpose of your business is and also gives you more confidence in bringing this idea to life, ask yourself these questions:

- Why do I think this idea would work?

- How will this idea benefit people?

- How would bringing this idea to life benefit me?

3. Who would benefit?

Who would this business or product serve? So, whilst the ideal answer would be 'everyone', you'll need to really think about who this would benefit and ask yourself these questions:

- Am I my ideal customer or client?

- If not, describe who this product or business would benefit

- How does it benefit them?

- Give your ideal client a name, bring them to life and keep them in mind when planning your business

4. How does it fit in?

Is this something you could do alongside your current commitments? Work out the time you could dedicate to this business or product idea alongside your current commitments, even an hour a day to start with could create a blossoming business .

5. What support and resources do you need?

What do you need to get it off the ground? Things to consider:

- Finances, do you need investment? Do you need to separate your personal & business finances?

- Support , where would you need support to get this idea to the next stage of exploration?

- Self-development - what skills do you feel you need to develop to get this off the ground?

- Childcare or further support at home, is this something you might need to help give you the time to dedicate to your budding business or product idea?

Need a little bit of help to start you off?

As I said before, every business idea is worth exploring, it doesn't mean you have to dive straight in, you can go at your own pace but getting a better deeper understanding of what would be needed to bring it to life will give you options babe! If you are struggling with exploring your business idea, would like someone to bounce these questions off or simply to seek some advice on what the next steps would be, I have 8x 60-minute exploration calls available in my diary each month within which I can help you answer these questions, get a better understanding of your idea and support you in planning next steps, you can book a exploration call here

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