Why Didn't I Think of That?

Do you find yourself scribbling ideas for businesses on random pieces of paper? Do you tinker with inventions in your basement workshop? Are you consumed with the idea of meeting the needs of the baby boom generation or Generation Y?

You might be nurturing the seeds of the next Big Idea.

Every successful business starts with a single great idea. It's what happens next that can determine whether you face success or failure. Fortunately, there are many resources available for burgeoning entrepreneurs to help you take that idea and grow it into a successful business that could allow you to quit your job, or provide needed income in retirement.

Hatch That Idea
Fortunately, there is no need to reinvent the wheel. There are tested processes in place to help you determine if your big idea is viable.

Market Research
First question to ask yourself: whom is your business targeted to? Who is the customer you envision? What should you charge? Gather information at industry and governmental websites and associations, such as your local Chamber of Commerce and the U.S. Census Bureau, and begin to understand your market. Use your research to size up the competition and test the usefulness of your product or service.

Two of the greatest resources for fledgling entrepreneurs are the Small Business Development Centers (SBDCs) and SCORE (Service Corp of Retired Executives). Both offer free and low-cost help. Meeting and networking with other business owners in your area is an excellent way to get advice from people who are already doing what you are considering. It's invaluable to take the time to gather information and insight from others before you dive in.

Finding Funding
When you are satisfied that your idea is ready to go, you'll need funding to get it off the ground. Options for financing start with you.

Where to Look
Sell off assets. Jewelry, boats, cars, or second homes can all be sources for funding a start-up.

Borrow against home equity, insurance policies or investments.

Family or friends may be willing to invest, but be sure to get an agreement in writing.

Tapping credit cards is another option for quick and fairly cheap capital. If your business thrives, you'll be able to pay back the loan quickly. Of course, if the business fails, you'll still have those bills to pay. So, think through how you will use credit and the risk involved for your new business.

Keep your day job and use your income to slowly grow and fund your passion. It's true that the tortoise often beats the hare, so take your time to get your grounding and hatch your idea with your feet firmly on the ground.

Wachovia Can Help
Wachovia offers a full menu of services for small businesses, including research tools, lines of credit, online banking, insurance, and human resource solutions. A Wachovia Business Check Card is ideal for business expenses, and is welcome at millions of locations world wide, from office supply stores to online travel agencies to quick service restaurants. You can even pay your bills with it.