Do you have a big idea for a new business? Big ideas are fabulous, and they can provide you with a big payoff. On the other hand, they are often also riskier, more time consuming, and require a larger investment. So what can you do?
One way to manage a big business idea, is to dream big, but to think small. Consider your idea (a new restaurant, perhaps?) and think about whether there are mini or even micro versions of that idea. Using our restaurant example, you might think about a much smaller bistro space, and figure out whether you can make a decent margin using that business model. Or for an even smaller investment, a small catering operation with a rented kitchen might get you on your way, or even a #foodtruck or #foodcart. If you can start with one of those tinier businesses and have a plan to scale, you can reduce your risk at the outset, and build as you go.
Do you have any other big ideas you'd like to shrink down to a more manageable size (or have you used this approach successfully)? We'd love to hear your story.
Megann and Steve, Partners in PANOPTIKA, are working for our clients every day to help they need to know to make better decisions in their complex business environment.
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