I know what it’s like... An idea hits you like a lightning bolt. It’s going to revolutionise the way everyone on earth communicates/drives/works/exercises/relaxes/farms ferrets. It’s so cutting edge, yet if you don’t act now (and by now you mean before yesterday) someone else will be hit by the same bolt of lightning and take your millions.

So what’s the first thing you do? I would say call Neo Marketing, but this isn’t about us.
You would probably search for a suitable domain name, and a correlating business name. That’s fair enough, but you should stop right there. No logos, no websites, no flyers, no Google Adwords, no newspaper ads. What you need right now is a plan.

I know you’ve heard everywhere before that you need a business plan. It’s true. It serves many purposes, not least as a reality check. When completing a business plan you need to be completely honest with yourself so you can foresee any issues before they arise.

If you’ve seen Dragons Den you’ll know what I mean. Most folks on that show have arrived with a business plan that inevitably says:
•    Our product is completely unique
•    We have no competitors
•    It will sell itself
•    We will target everyone between 10 and 100
•    It will cost £500 to set up
•    It will turnover £3,500,000 in the first year of trading

Don’t fall into the same trap of using your business plan to pat yourself on the back. Here are some questions to ask yourself:

There is a gap in the market, but is there a market in the gap?

Your product doesn’t need to be completely unique, but its USP should be. What do your potential customers do now to solve the problem that your product would fix? Is your your product more advanced/simple/affordable/desirable/accessible?

Do you have the funds to give your concept it’s best chance at success? Think: manufacture, warehousing, transportation, shrinkage, advertising, promotion, wages, rent etc. Remember, it’s not good enough to spend the same amount of money as an established company/brand/product and expect a better result. More money usually equals more exposure.

Who are you really targeting? Who is your core market? A Ferrari Modena can be driven by anyone with a drivers license, is desired mostly by men between the ages of 20 and 30, although those that can actually afford and purchase the Modena are men 40 and older.

After your business plan is complete, you will know who you are talking to, who your competitors are and what they are doing wrong. From here it’s alot easier to name your business or product, decide on corporate colours, design a logo and a website and choose which promotional avenues to exploit.

So next time you're hit by a lightning bolt, relax (possibly roll around on the ground to stop the burining) and write your business plan. You will be richer for the experience.