3 Phases of Business Development

"An idea that is developed and put into action is more important than an idea that exists only as an idea." Buddha

I have had dozens of ideas for businesses I have wanted to start. I recall my first in a 5th grade computer class--WAM Cafe. With my 2 best friends, Annie and Mimi (Waller was the W). I wasn't the most successful girl scout, but my intention always guided me to rise above what I was doing wrong according to conventional standards, which is key in running a business. THere is no room for perfection in business. You can set your standards high, make decisions from a place of integrity and form relationships based on showing up better in your work and life and follow through on commitments, but that which is overlooked, comes back to you with negative feedback or is just not right to begin with, must be brought to your awareness, taken responsibility for and then let go. Action is the only way to promote and maintain a sustainable business.

Here is a resource I found on the SCORE Nashville website:

The Idea Phase

In the back of your mind, you’ve had this germ of an idea about starting your own business. In the Idea Phase, you begin to seriously explore the possibility of actually doing it. You consider the “what-ifs” and bounce the idea off friends and family to gauge their support and to get their advice. In this phase, you start writing down your ideas and the advice from others. In this very first phase of planning, SCORE’S 3+ hour evening workshop, “How to Really Start a Business”, would be a good place to start. The workshop offers a wealth of handout material and the cost is nominal. Call the SCORE office in Nashville any weekday morning at 615-736-7621 for details.

The Feasibility Phase

Having explored the “what-ifs,” you are now ready to do some serious investigation as to whether you really should go into business. The Feasibility Phase is the “Can I really do this?” stage. At this point, you begin to ask and find answers to important business realities, such as:

! Where should I locate my business; what would it cost to be here or there?
! Is anyone else in the area in the same business; how can I compete successfully?
! What type of equipment/supplies do I need; how much would they cost?
! If I want to open a home-based business, do I need a license; are there any restrictions
prohibiting a home-based business in my neighborhood?
! Do I need financing? If yes, where do I start?

The Business Plan Phase

A business plan is a written document that describes your business in enough detail to focus your efforts and demonstrate to others, including your prospective investors or lenders, the serious thought and planning that have been going on in the first two phases. The business plan is the “can do!” document. A business plan is required to obtain start-up business loans.