Dragon’s Den

So you read Blog # 10 – ‘Just Do It’ and you feel that now you are ready. You believe you have a unique idea for a business and you have saved up some money and you are confident that it is NOW or NEVER. What is the next step?

  1. Don’t quit your job and go ‘all in’. Why is this the first step? Because if you think that now is the time to ‘go-for-it’, remember you still have to eat and put a roof over your head. Some of us may go and live in our parent’s basement while we sow the seeds for our future fortune, but not all of us have that luxury. So keep your job and your paycheck while you work every spare moment on laying a firm foundation for the future.
  2. Make a business plan. Next week I will devote the complete blog on how to make a business plan. You probably have been thinking about your future ‘business’ for a while so now is the time to commit your ideas to paper. Once your idea is committed to paper, make a realistic list of what you will need to achieve your dream. These lists will form the basis for the business plan.
  3. Talk to a pro. Find a mentor, advisor, accountant, elder, etc. who has ‘been-there-and-done-that’. It will serve you well to discuss your ideas with someone else, if only to see if you can turn your thoughts into words.
  4. Don’t spend any money – yet! All the above should not cost you anything.

By now you are getting excited. Go back and reread # 1 above. You are still not ready! You are probably rehearsing your presentation to the Dragons on Dragons’ Den. Not so fast. Watch the program a few times and you will see that the only ones that succeed have a well thought out plan and can present their ideas and answer questions in a cohesive and rehearsed manner. If you can’t and you do audition and get on, The Dragons will cut you up if you are not prepared. So do your homework before you take that step.

If you would like to discuss your ideas or plans and require an experienced sounding board, call us at 416.488.1801 – we can help!

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