I find myself in a constant state of "Oh, I have a good idea!", and to be honest not all of them are near to what we qualify as a "good idea".
.. And to set one thing straight, new ideas in the equine service business is quite difficult in the first place, and often there are few limitations when I come up with an idea. So therefor I have made i scale to where we rank ideas from bad to good;
- Bad ideas. Just, bad ideas.
- The ideas you come up with after a long night out on the town
- Creative ideas.
- Really good ideas
A good idea is good enough that it pays to bet. A good idea will require a great deal from both you and your surroundings for (let's be honest) decades to come (at least in the equine business). A burning commitment and a glowing faith is a prerequisite, but unfortunately it is not enough. At some point you have to be really realistic and think through some critical questions. You simply have to consider whether it is life made or whether you need to make some adjustments before moving on.
This 6 questions will get you started;
- Whats the idea? The core idea? Explain it in simple words.
- What is the idea representing? What are you going to sell with the idea?
- To who?
- To which price?
- Anything is possible.. or?
- Are you in love with your idea?
This means - first of all you should formulate your business idea. It should be explained simply and clearly. One type of acid test is whether it is easy to understand for others. Try to formulate the idea with a maximum of three sentences.
Okay - now we have an idea. But what are we selling?
What need should we meet in the market? Is there something people need and are willing to pay for? Of course, the answer should be a resounding yes.
So - who is going to open the wallet? Who is the target audience for what you offer? How big is it? Do you have a special expertise that should be cultivated? Many may pay extra to be a customer of just you.
So next question - what on earth is this going to cost? The price is often decisive so here you have to do research - what does the market say? Where does the distinction between cheap and expensive go? Where does the price difference between amateur and professional go? Do a market research!
Then comes my weakness .. ANYTHING IS POSSIBLE !! I think anything is possible.. and it's perfectly normal for your head to spin head over heals of your ideas. Often I have the feeling that I'm absolutely brilliant, but it can quickly turn into a feeling of hopelessness soon after. Then I'm suddenly up there again - the guiding line MUST be to stay focused on one idea. Your core idea. What is your primary idea / primary industry? The one you have the most faith in.
But. Because there is a but here. Is there something you've overlooked? It is very easy to fall in love with their own idea and it is therefore advisable to talk to more people and listen to the feedback.
Falling in love may be irrational in nature, but glory it is so nice! Not to fall deeply in love with one's own idea is almost impossible. The mixture of dopamine, oxytocin and adrenaline makes you feel intoxicated about how good your idea is. Right here, it's important to take a step to the side and clear your head. Note to self: I know my idea seems more beautiful than everyone else's ideas here and now - but always take a reality check.
Make a business plan
- What's your vision?
- Business idea - how to earn it?
- Market - who, where, what is your market?
- Competitors - who are they? what do they do? how can you beat them?
- Finance - how to kick things of
Your vision doesn't have to be a novel. But think carefully about what should be the purpose of the business and what it is you should give your customers. Write down what your business objective is. Something you can strive for. Set yourself some hairy goals.
My one questions now is: What kind of impact should we have?
As mentioned earlier, you should formulate your idea simply and clearly. It can be an art for many.
Perhaps the biggest challenge is defining the target audience. Who are you addressing? Who should buy the product?
Then, identify your competitors. Check who possibly offers the same as you and what sets you apart. Feel free to seek out your competitors and see how they do. Ask and dig, as if you are a customer. Find out what works and why.
When it comes to finance, you need to find out what you need to realize your idea. Set up a budget and keep it a bit like a buffer. What do you need??
Then you need to find out what are your strengths, your weaknesses, your opportunities and your threats.
Once you have mapped all of these points, you need to make a progress plan. Make a detailed plan for where you are going. Specify what will happen when. That way you always have a good overview of how you approach the route.
And last but not least - throughout the process you must keep the belief in your own idea. It is the most important key to success!
And finally ... when can we define success? When can we say that we have achieved it?
What is success? This is a factor that will vary with everyone. Success is not the same for everyone.
What do you want to achieve? Is the goal that your idea should be a hobby industry? Are you going to live off it? How big does it need to be to define it as a success?
Is the goal to learn as much as possible, achieve development, or network?
Always set yourself goals that you want to define as success in the first place - in that way it is easy to go back to see “did I reach my goals”?
Your success factor will change over time, and in two years you probably won't think as it does today. That's why it's nice to go back to see - yes, I actually achieved my goals.
Anyone interested in reading the story of how equitationbylinn.com was made?