Welcome back to the fourth module of “Your Brilliant Idea”.
Now this one is a short one (for me) because most of the work here, needs to be done by you (which explains why there is a layout change here with the various external links I’ve included in the Resources section)
In this module, it is up to you to DECIDE, based on all the research you HAVE done so far, whether you should:
- actually COMMIT to your “brilliant idea”, or perhaps
- start over again.
Let’s face it, if you’ve done all the research and testing that was talked about in the previous lessons, you should have a MOUNTAIN of information that can help you conclusively reach that decision!
I would strongly suggest however, that you NOW go and seek proper legal and financial advice from qualified professionals BEFORE you jump in too far!
These people are able to help you address ALL the legal and financial concerns involved in the actual establishment of your business, in relation to the specific situation in your country 🙂
If you DO decide to proceed with your idea… the word you have to focus on now is COMMITMENT – and stay on the path to DOING what is necessary to give that idea the best chance of succeeding!
Your objective remember, is to be different enough from your competition, so that you rise above all the noise in your marketplace!
And please, be wary of all those bright shiny objects I have constantly warned you about earlier… They are there to take your focus AWAY from what REALLY needs to be done!!!
OR NOT TO BE?
If you decide NOT to proceed with your original idea… please don’t be discouraged! THAT is a GOOD outcome, believe it or not!
Remember that “failure” IS very likely, so you can now go back and look at OTHER ideas with a more informed mindset 🙂 And that should give you a headstart with your next attempt!
YOUR BUSINESS NAME
Finally… a very quick note about the “name” you might choose for your business. To be brutally honest, if you are just starting out online, the simplest way to do it is to trade under your own name as a Sole Proprietor!
- It’s cheaper for starters – no unnecessary expense LOL !
- You have every legal right to use your own name.
- It’s easy to set up a bank account.
- And it helps build YOUR brand for longevity!
But don’t just take my word for it – please check further with a professional for advice on this!
As for any domain names which you might need later for your website/s? It does NOT usually matter when you register most of these, what your “business name” is.
My “normal” advice is that you should register (a variation of) yourownname.com first!
Set that up to use as your “base” to learn, to explore, and to fiddle, with the many different ideas etc you will have 🙂
You will, later on, probably be registering other domain names for the different products or services you decide to offer. But for now, don’t worry too much about them. If you want to worry about anything now… get yourownname.com 🙂
The “Resources” tab shows some external links you might find particularly useful at this stage of your journey.