Business Ideas: Your Plan and Business Actions

Have you ever wondered how you get your business ideas, and plans, into action and make progress with your dream business?

Your business ideas need clarity in what you want and where you are going.

I think we’d all love to wake up in the morning feeling invigorated and excited to greet the day because we have a business that is fulfilling and adds meaning to the lives of others, as we help solve their problems.

Begin today, write down your business ideas…

Where is this journey taking you? Your business ideas can take you on a fun adventure – when you know where you want to go and know the steps you need to put into place to get there.

  • Having vision and a mission for your business to use in setting your goals and objectives – will help you keep clear and focused.

Successful people understand the importance of planning in their lives. If I were driving from Texas to California, I would need to have a strategy – a plan.

This is how I used to think, ‘Well, of course, that makes sense, I know what my plan and goals are for my business ideas – I don’t need the tasks of writing this down! It just uses up time and feels like I am procrastinating in getting started on the real work.’

  • I was procrastinating by not writing out my business vision, plan and goals!

I often hear – “I want a better life!”

Great, what do you do next?

  • According to Lee Iacocca, the former President of Ford Motor Corporation and Chairman of Chrysler Corporation, “The discipline of writing something down is the first step toward making it happen.”

Support your vision, and your business ideas, and make a plan on what you want to bring into your business (and life). Write it down and stay focused on your end goal (your vision) at all times.

  • Don’t have time, or even the mental energy to do this? So…

How do you free up your time and move forward?

Put your business ideas into a strategy, and then into action. When you write a business plan, it is enlightening and brings clarity to your thoughts on paper. And, your written plan is a guide to refer back to, often.

  • You will get your direction and focus on where your business is heading and where you want to go with your business.
  • Based on your plan, you can take small action steps to get clearer, and get focused on what to do next.
  • You will be able to create a business plan that is truly aligned with who you are.
  • You will start to understand how you can make a bigger difference in the world with your gifts.

So what are your business ideas, your business plan?

You really don’t need to feel overwhelmed.

Your strategies will form and the tactics will come from your vision and your plan, as you get clear. Writing out your business ideas, your vision, and your plan to make it happen will help you get clarity..

You will grow and understand where to focus your energy to maximize your results – and learn what you can clear off your plate so you are moving towards your dream business.

The Business Idea Merit Test

A business idea is merely a thought or concept that has not yet materialized. They are a dime a dozen, and almost everyone has conceived a product or service idea. Your idea only has merit if it adds value or solves a problem for the intended consumer without too many limitations or disadvantages. The window of opportunity has to be right by providing something beneficial that is currently not offered by direct and indirect competitors. And you must also be willing to modify it if necessary.

The Purpose of Idea Merit Test

Before your begin developing a business plan for your new idea, conduct a brief idea merit test survey. Describe your business concept on a piece of paper to show to potential consumers, and then ask them to complete a simple one-page survey to determine their interest in the product and gain additional feedback. This can help you determine if your idea has merit, and you can use the feedback to strengthen your original product or service idea.

The Idea Merit Test Questions

After you describe your product of service idea on a sheet of paper, ask 10-15 people in your potential target market to complete a short survey. The survey contains ten questions. The first seven components use an easy-to-use Likert scale as follows:

0 = Non-existent

1 = Minor degree

2 = Moderate degree, but somewhat vague

3 = Moderate degree, but quite clear

4 = Major degree

5 = Extreme degree

To what degree does this business idea:

___ 1. add value or help solve a problem for me?

___ 2. provide immediate benefits to me?

___ 3. provide delayed benefits to me?

___ 4. have limitations?

___ 5. have disadvantages?

___ 6. appear to be alterable or modifiable?

___ 7. offer me something I would consider buying today?

The last three questions allow for feedback to help you improve on the idea:

8. Would you purchase this product?

___ Yes

___ Maybe

___ No

If ‘yes’ or ‘maybe’, how much would you pay? ___________

9. What do you like most about this business idea?

10. If you could make improvements to the idea, what would they be?

Further Information on Each Survey Question

1) Value: People do not purchase products and services. They buy solutions to their problems and things that add value to their lives. So, if they do not see the value in your idea, it will be apparent in the cumulation of your responses.

2) Immediate Benefits: Most people want to realize instant benefits upon a new purchase. People tend to place more value on immediate consequences than on delayed consequences.

3) Delayed Benefits: Some products or services may not provide immediate benefits to the user; however, the value created or problem solved is realized weeks, months, or even further down the line, such as financial investments.

4) Limitations: Limitations are the positive things your product or service cannot perform or that others can do better, and no product or service is without limitations.

5) Disadvantages: Limitations are positive things your product or service is unable to perform. Disadvantages are negative things that occur as a result of using your product or service. Disadvantages do not necessarily kill the idea, however, the benefits must clearly outweigh the costs.

6) Modifications: Based upon the limitations and disadvantages, your respondents may have ideas for modifications. This will become more apparent in question #10.

7) Window of Opportunity: Are people in the right mindset and is this the right timing for your idea now? The ATM machine and its counterpart the ATM card gained popularity in the mid-1990s. What few people know is that the ATM was invented in 1939. However, in 1939, people were simply not ready to allow a machine to handle their money instead of a person. The window of opportunity for this idea was several decades away.

8. Willingness to Buy: This taps more into question #7 by asking them directly if they would buy it or not, and also how much they would be willing to pay. This information is key before developing a business plan.

9: What They Like Most: This simply offers you insight into the best part(s) of your idea. Hopefully, people will leave good comments in this section for you to build upon.

10. Improvements: This provides feedback on what they do not like about the idea or what they would like to see changed. Do not view this as negative feedback. Instead, use their suggestions to make your idea better and stronger.

Summary

Many nascent entrepreneurs believe the first step to launching a new venture is writing the business plan. A business plan is a blueprint for execution. You should not spend any time, energy, or other resources writing the plan until you are sure your idea has merit. A quick and easy idea merit survey is a good tool to use.

Electrical Contractor Business Ideas

I would like to share with you some electrical contractor business ideas.

I will be sharing some ideas that you may want to think about if you are currently in business as an electrical contractor. Or if you plan on going into business in the future. Electrical contractor business ideas are just that, ideas.

But what about the electrical contractors that have followed proven methods for profitability, time freedom, and business systems. We could say that those business principles are ideas. But at some point when company after company after company create success, with those business systems. Those ideas become solid business principles that are proven to work time and time again.

I would like to go over some of those electrical business principles with you. Here I will list in bullet points some of the electrical contractor business ideas that I will be going over.

I wish I could just write one article and cover all of the basis that you need in order to have a solid foundation for your electrical business. I will list out the items I will cover. Check back often, as I will go through each one step by step.

I already know that almost everyone reading this, that owns an electrical contracting business will want to know what are the secrets to marketing.

How do I get the phone to ring?
How to get more jobs?
How do I find the best electricians?
How do I make higher profits?
How do I control labor and material cost?
How do I market correctly to increase my call volume during the slow time?
What is the silver bullet? Just give me the silver bullet.

These are all very good questions, and I will answer all of them. But what a lot of electrical contractors don’t understand or simply refuse to address is that it’s what you do that makes all of those things happen in your business.

So if you are someone who thinks that you can skip the small stuff, bypass the systems, ignore business numbers and systems then reading this is not for you.

But if you are tired of –
Feeling like you’re going in circles.
Tired of not having time to do much of anything outside of your business life.
Tired of not making the profits you know you should.
Tired of feeling like you are all alone in getting your business to that next level.
Tired of having huge gross profits, but small net profit.

Tired of being the marketer, book-keeper, electrician, call taker, etc etc.

Then read below and let me walk you through the first part of the system that has worked for so many other electrical companies.

Electrical contractor business ideas

Here are the subjects we will be training on and going over, in no specific order.

Marketing plan specifically for electrical businesses.
Understanding, tracking, and using your business numbers. (The 11 numbers you must know.)
Examining the health of your business as it is today. (The 20 vital statistics.)
How to increase profit in your business.
How to get more business because of your price increase. (I know that one sounds crazy.) Just wait!
Planning for growth
having a specific business plan that goes from where you are to where you want to be.
Managing employees.
Proper steps to go from a 1 man shop to 10 and maintain a very high profitability.
Daily performance reports
Developing a training plan.
Analyzing how your local market thinks about your business and what you offer.
Developing operational excellence.
Developing an exit strategy to sell or hand over your successful operation.
And much more…

Today I would like to start by asking you. When was the last time you sat down and seriously thought about what you want your electrical business to look like? And how much would you like to make in pure profit 5 years from now.

This is where I like to start, because I’m sure we all know of those electrical contractor business ideas or plans that went something like this.

They started their business 25-30 years ago. They are still working out in the field. They have to be there every day and are tired of dealing with putting out fires all day. Their bank account goes up and down just like their call volume does. They have very little or no retirement and drive a service truck that doubles as their personal vehicle. They have no idea who will buy the business after all those years of hard work and dedication, because without them the company will fold.

I could go on but the point is that regardless of where you are at today, you will only get to where you want to go if you know exactly where you want to be.

I will get to the meat like marketing etc, in another article but for now just take some time, sit down and think about how much money you would like to make. Is it 200,000 in pure profit? maybe it’s 1million in profit. What do you want to make? Write that number down.

Next think about how often you would like to come in to the office 2 hours per day, 1 time per week, 1 time per month, one time every 3 months. Even if you are there 12 hours per day now. Even if your current office is your home. It does not matter. just picture what and where you want it to be. Write down how much time you would like to spend working in the business.

If you do or don’t have a commercial office location, then what will that office look like? NOTE!!! on the office. Most electrical business owners do not see their business office as an asset. The electrical business will pay off this commercial property and you will be able to sell it at a profit when that time comes. Some people split up the building and rent out multiple commercial units for long term income month after month. Write down what that office building will look like.

Think about how well your business is running with systems. Even if you are currently are a 1 man shop. Think about and picture your electricians coming in the morning. How well the operations manager gets them in and out. how well the president that you put in place to do your task runs the company. think about how you can pull up any data that you want about your business numbers and operation on the internet from anywhere in the world. Write out exactly how your business flows and operates like a well oiled machine.

Now that you have a thought about how you want your company to operate and have your 5 year goals written out in detail. We can move on to the next subject. In my next article I will be discussing if you should go up in price and the common misconceptions that are associated with your product and service pricing.

“Taking your electrical business to profit ( on the fast track)”

P.S. If there are any specific areas of your electrical business that you need assistance with feel free to call or email me, and of course it will be (on the house.)

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