So you have a great idea, a new way of doing business, perhaps a new product, or a new discovery, and now you need to articulate this idea and get it on paper. So what do you do? Writing a business concept is like creating a cover letter, like the type you would include with a resume. In this cover letter you need to explain what your idea is and how it functions, who your clients will be, why you are better than the competition, and most importantly, will it generate income. Once you have figured out these questions, you can start drafting the business concept.

Some of us have the ability to just sit down and write out what is in our heads, while some of us, like myself, have a hard time trying to coordinate the two! Here are a few points for those that have a hard time:

  1. Where does this concept fit? What industry? Try looking at the Internet for a guide/reference; you need to be able to categorize your concept in a specific area. The hard ones are always internet related, to this day all they have is “Internet”!
  2. Write out how your business will work. How will you get it to the consumer? How will you communicate with them, and provide them with the product/service. How will you reach your goals?
  3. Write down everything about your product/service. How will it be produced (product) and delivered. How will you provide the service? Will training be required? What kinds of skills do the team members need?
  4. What about you, what qualifications (education, job experience) do you have that relate to this concept?

Here comes the hardest part, try to get all of this on one to two pages! The best method is to use bullets. Start with an opening statement like:

What makes our product more competitive?

  • Lower production cost
  • Higher resolution
  • Changes color…

Now, once you’ve completed all of that, put the paper down and come back to it in a day or two. Fix the grammar, the possible spelling mistakes, and re-read it. Now, give it to someone in your family and have them read it and explain your concept back to you. Don’t interrupt!!! WE all try to jump in to explain it if they don’t get it right away. However, the reason you write the concept is so that others can understand it without you being there to explain, and if you’ve done a good job, the paper will work better than you!