Naperville Business Lawyer on Coming Up With a Business Idea in 2019
New Year’s resolutions have long been a way for people to motivate themselves into doing something positive. Many people, for example, make a New Year’s resolution to lose weight or start going to the gym. Others commit to going back to school or spending more time with family. It is also common for would-be entrepreneurs to resolve to put their ideas for new businesses into action in the coming year. But, where do these ideas come from and how does one know if an idea is good enough to build a company around?
In my practice as a business law attorney, I have helped many clients turn their ideas into successful, sustainable businesses. I have also worked with many others whose ideas were marketable as improvements to existing companies. Before you decide what to do with your business idea, it is important to fully understand how your idea can be put in into practice.
Know Where the Idea Fits
Regardless of whether you have been developing your idea for a long time or you were suddenly struck with a flash of inspiration, you should keep in mind that the idea does not need to be revolutionary in order to be successful. Your idea only needs to affect your intended customers in such a way that encourages them to choose your product or service.
The first step in turning your idea into a reality is figuring out how and where your idea might fit into the current market. It may worth creating an entirely new business, or you may be better off selling or licensing your idea to existing companies. For example, if your idea is an improved method of manufacturing hand tools, you may decide to invest in creating a new line of tools using the improved method. On the other hand, you could to decide to pitch your idea to companies that already make hand tools and reach a profitable licensing agreement.
Do Your Homework
A good idea is just an idea until you have researched it thoroughly and determined that it is likely to work. There are a variety of ways to research your idea, including formal market studies and industry surveys. Be careful, however, because it is possible to manipulate stats and numbers to show whatever you want the data to show. With that in mind, you should also talk to friends, family members, and others that you trust to give you honest feedback. See through their generic, supportive words and understand what they really think about your idea. If you are concerned that people you know will not be honest to avoid hurting your feelings, use online resources to bounce parts of your idea off other entrepreneurs. Just be careful not give your idea away without realizing it!
An idea that exists in only your head or on a cocktail napkin is a start, but it is not going anywhere until you flesh the idea out in detail. Doing so usually requires developing the idea on paper—or a computer—so that you can clearly lay out the opportunities and challenges that may arise. Your notes, including all pros and cons, will provide a basis for an in-depth business plan down the road. They will also be useful if you choose to save your idea for a later, more appropriate time.
Speak With a Naperville Business Lawyer
If you have an idea for a business or to improve an existing business, contact an experienced DuPage County business law attorney for guidance. We will work with you in developing your idea and turning it into a reality. Call 630-756-1160 for a confidential consultation today.