This column is written by Tara Palacios and sponsored by BizLaunch, a division of Arlington Economic Development.
“The way to get started is to quit talking and start doing.” — Walt Disney
We recently held a BizLaunch Webinar on “What to Do with Your Fabulous Business Idea.”
This got us to thinking we need to share the content of the program with our ARLnow Small Biz Focus readers. What are the quick steps one needs to take to launch your idea(s) successfully? We know you have a ton of ideas. How do you execute them? How did you get the momentum to start doing and quit thinking and talking about it?
Bringing your business idea to life is the step you need to take before you write your business plan. What do you need to know that you don’t know as an entrepreneur?
BizLaunch’s 6 quick tips to launch your fabulous business idea:
- Step One: Get Organized. Clear out the clutter, and clear your desk. Invest (minimally) in the tools you’ll need to launch your business. A computer. A notebook. Pen. Paper. Use a calendar system to incorporate milestones you need to accomplish to successfully launch your business. Also invest in a constructive way to maintain your notes and information you need to help bring the idea to fruition. Understand how much cash on hand you need to launch your idea.
- Step Two: Write Down ALL of Your ideas. Brainstorm. List all of the ideas you can think of to construct into a business. Ideas should include where you have the most background and expertise. Ideas of which you have passion, and are committed to. There are no right or wrong answers. You’ll want to capture everything, and write them down.
- Step Three: Use a System to Rank Your Ideas. Place your top ideas into four distinct categories. There is an “A,” “B,” “C” or Trash category. As you rank your ideas – ask & score the following questions up to 10 points:
- Are there opportunities in this industry?
- Do you have experience in this field?
- Are their regulations and policies which make it easier or harder to enter the market?
- How many influencers do you know in this space?
- Do you have enough cash?
- What is your potential target market?
- Does this idea make you happy just thinking about it?
- Do you have the time to dedicate to the launch of the idea?
- Do you have access to legal representation?
- Do you understand accounting?
- Step Four: Narrow Your Multiple Ideas (using the ranking system) to 1-3 that you can Execute. Any ideas that score less than 69% can be placed in the holder, an idea that scores above 90% can be left in the A category and narrowed down to the top 1-3 ideas you need to launch. After you have identified your top 1-3 ideas initiate a S-W-O-T Analysis. These are the strengths, weaknesses, opportunities and threats that can positively or negatively impact your business idea.
- Step Five: And then there was one. Identify the main idea that you’d like to launch after your analysis. Pick one idea that stands out as the “low hanging fruit,” where you will be able to maximize your return with minimal effort.
- Step Six: Time for Market Research. Investigate what it means to launch your idea into realty. What are the policies, regulations and certifications that can impact what you’d like to do? Are they insurmountable or do you have the tools you need to succeed? Identify the target market and understand who will be buying your product and/or service. What type of legal assistance will you need: contracts, partnership agreements or commercial leasing? Identify an accountant who could best help you with the books.
Keep these six steps in mind as you seek to execute your business idea. Remember, BizLaunch is only a step away if you need assistance. We can help you with what you need to do to make your idea reality!
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Is home ownership a goal of yours in 2023? Now is the time to make it happen! Grab a (virtual) drink with the area’s top Real Estate experts, learn all about the home buying process and on how you can get $1,500 towards your closing costs immediately!
Did you know the average Arlington renter will spend $150K in 5 years of renting? Stop paying down someone else’s mortgage! Join us for a Rent vs. Buy Happy Hour on Wednesday, April 5th at 6 p.m. via Zoom. If this time doesn’t work, we also are offering times convenient for your schedule!
A lot has happened in the local market since the beginning of the pandemic. Sip on your drink of choice and learn from Northern Virginia, Arlington and Washingtonian Magazines top producing agents! We will discuss the latest market updates, the home buying process and rent vs. buy cost savings. Please RSVP by clicking here.
Call/text Manavi at 703-869-6698 with any questions!
Synetic Theater Camps are a wildly fun, highly accessible choice for young people who love moving, playing games, and making memories. Registration is open now for Summer Camps (sessions June 20-August 25) and there are even a few spots left for Spring Break camp, April 3-7.
Located in National Landing, these performance-based camps are designed for students of all ages – no theater or performance experience required.
Led by professional teaching artists, campers learn acting, movement, and technical theater skills through the lens of Physical Theater. Physical Theater incorporates acting, movement, dance, mime, and acrobatics. If you’ve seen a Cirque du Soleil performance, you’ll find many similarities.
Most first-time campers are new to the performing arts, and teaching artists are well-versed in engaging students at all levels. Parents and campers report that one of the best parts of Synetic is the community, with many families returning year after year because they feel a strong sense of belonging.
Private School Fair
Congressional School to Host MONA Private School Fair Thursday, April 27 at 6:30 PM
Congressional School in Falls Church, VA is delighted to host the MONA (Mothers of North Arlington) at an upcoming Private School Fair. Private schools from around
WHS Spring Festival
Join us at the WHS Spring Festival on April 22, 2023, from 10am- 3pm at Wakefield High School(main parking lot). Come out to shop, play, and eat!
Shop local vendors, arts & crafts, new and used items, food vendors/trucks, and