The best way to write down business ideas in a way you can act on them effectively is by developing a business ideas book. This is a notebook where you will write down each idea that pops up in your head.
It is more or less a book where you will write everything that comes to your mind as a business idea, where you will outline each of these thoughts, and where you will also note some additional things about these thoughts to make it easier to act on them.
It is in our nature as human beings to dream and envision a better life, a better environment, and a better world. Note that you can have ideas for starting a new business, but these ideas tend to come and go and can be lost if we don’t act on them immediately.
With a properly developed business ideas book, you can take notes so you don’t forget your ideas. It is also important to have this book with you at all times especially since business ideas come to our brains at the most unconventional times and places.
No one knows where and when good business can pop up. And once we fail to remember those thoughts, we may have lost them forever. You can leverage the business ideas book to remember ideas and also act on them.
Steps to Write Down Business ideas in a Way You Can Act On It Effectively
To ensure you can act on those business ideas effectively, you must develop your business ideas book in a way that will bolster your creativity. You must reserve one page or piece of paper for one idea, and on each page, here are 6 different fields that you must fill out:
Table of Content
The Name of The Idea
This is the very first field to fill out when writing down your idea in a business ideas book. This field will differentiate one idea from another. Most often, we tend to have more than one idea, and this field will ensure your business ideas book is organized and easy to comprehend.
This is where you can put a name to each business idea that comes to your mind. For example, Vintage Cloth Shop can be the name of the first idea, while the second business idea can be named Neighborhood Women Clothing Shop, and so on.
Description of the Business Idea
According to experts, the three questions you need to ask when writing down a business idea are Which, What, and How. The first part of a business idea is which business you intend to start. Note that this can be retailing, wholesale, manufacturing, consulting, and so on.
The next stage of a business idea should be about the subject of the business. What you will sell. Then the third aspect of a business idea is how you intend to sell those products or services.
To ensure you can act on those ideas, you must answer these questions and fill in the answers into the form. For instance, the business idea is to start a retail store that will sell vintage wear to women in Florida and will also offer free shipping to all clients.
Current Market Practice
This is a very important aspect of your business ideas book as it helps you to start thinking about the market. In this field, you have to take into consideration the market you intend to cater to or cover with this business idea. Note that you don’t need to include a massive analysis to complete this field.
You only have to answer some questions about the target market and main competitors attributed to the business idea you are writing down. The main objective of this field is to encourage you to think about some basic directions you need to follow in the future in terms of market research especially when you decide to implement a business idea.
This is where you have to talk about the next steps you may likely take if you plan to act on this business idea. According to experts, this will make you more focused on the next step of each business idea.
Although you can choose to leave this field blank if the next field – possibilities of realization, is really big. Describe 3-5 future steps you have to take on each of the business ideas. This may include some brief analysis, talking with friends, writing a formal business plan, and so on.
Possibilities of Realization
In your business ideas book, this is more or less a combination box where you can choose one of three options: great, medium, and low possibilities. Take your time to consider the possibilities of realization of the business idea you are writing down in your business ideas book.
Note that you can have business ideas that have low possibilities to start may be owing to a higher need of finances required for the startup process. Howbeit, it is recommended you don’t fill in great possibilities if you know genuinely that you cannot start that business in some shorter period.
Quality of the Ideas
Simply put, this is the field that will tell you what business ideas will have to be improved before you go with future considerations. Ideally, you can choose three different options: great, medium, and low quality of a specific business idea.
As you jot down all previous fields, you will indeed realize something about the quality of your ideas. Note that this also will help you with improvements to all business ideas. If quality is high, then this idea can move to the next steps of the business startup process.
Truth be told, a business ideas book is something that will help you become more effective when you are looking to come up with many great business ideas. You can go about it differently, especially since the content is what matters most.
It is also important that you always have that piece of paper or notebook or your mobile phone to update your business ideas book when you come up with something worthwhile.
When you have the time, you can then invest around 10-minutes to fill all previously mentioned fields. That way, your job for this one page in a business ideas book will be done and you can have all the information you need to act on the business idea when necessary.