Insurance Marketplace, Inc Blog
Whenever you have that “Eureka” business idea, you always have this second thought if that idea will actually work or is good enough to take action on. Knowing when it’s time to start a side gig or better yet leave your current job is quite challenging. I listed some guidelines to assist you if it is worth acting upon your idea.
Patented or Protected Business Model
To better protect your business idea, it will be best if you have a “moat” or what you can call a potential obstacle competitor that you’d have to compete with your business directly. An example of this is a patent, which is an exclusive license which would make it challenging for the competitors to copy your business model.
If your business lacks a moat, then it is back for the drawing board for you and your business idea.
Share Your Idea
Most ideas evolved into something not by hiding them in a box but by sharing them. It can be critical, however, by circulating your concept, you will be able to strengthen and evolve it into a healthier thing. You are upping your chance of survival by allowing it to adapt to feedback and input. As a bonus, sharing gets you in the habit of pitching and defending your idea.
Have a Cunning Plan
Diligence should apply to startups and writing a business plan is an excellent way to start it. A business plan will force you to address your shortcomings and decide whether or not you can overcome them. A business plan can be a time and energy saver for you.
Trust Your Gut
Sometimes, you do have to trust your gut. Brilliant minds weren’t able to achieve their success in just purely relying on facts. The more you think of your idea and talk about it repeatedly, you will soon realize that you cannot abandon it. The more you trust in your plan, the most likely that it will be successful.
Up the Ante
As an entrepreneur, you need to find an approach to up the ante. Startups are lean and should operate with care, but until you take a bold action to transport your idea to the real world, it will just remain as an idea.
Starting a business is scary, but, once you have a business plan and determination, you can face the challenges. You have to make sure that you patent those ideas and to believe in what that idea will become.
Make sure that you get an insurance plan once you have that idea ready to implement. No matter what challenges, keep on moving forward! At Insurance Marketplace, Inc., we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (541) 779-0177. Get your free quote today by CLICKING HERE.