by Sheren Javdan
October 6, 2014
Have a great business idea that you want to bring to life? Coming up with a great business idea can be exciting and invigorating. Coming up with an idea can also be the easy part. Figuring out exactly what needs to be done, to bring the idea to life, can be an extreme challenge.
So many great ideas never turn into a real business because of the challenges involved.
Follow these steps to turn your business idea into a reality.
1. Create a Business Plan
Business plans are an important tool to help you organize your ideas and business goals.
When on paper, it is easier to visualize and strategize exactly what must be done and how long you have to achieve your business goals.
Drafting a business plan does not have to be complicated. A business plan can be either formal or informal, handwritten or typed. The act of putting your thoughts on paper alone can help you get your ideas rolling. Remember, the business plan can help provide you with extreme clarity.
Include factors like funding, who you will need to assist you, legal obstacles, whether you should form a corporation or LLC and how much should be budgeted to launch the business, if it’s deemed viable.
2. Talk About Your Business Idea
As mentioned, coming up with the idea is the easy part. Once you have developed your business idea, talk about it with your trusted friends, family and colleagues.
Make sure to seek out a diverse group of people who are willing to give you honest and constructive feedback. Nothing can be more detrimental to your business plan than hearing nice but dishonest feedback.
Ask a lot of questions such as: Do you really think my idea will work? What should I do different? Would you buy this service or produce? How much would you pay for it?
Remember, because you are seeking feedback from a group of diverse individuals, not everybody will be on board with your idea. Do not let that discourage you. Pay attention to overall trends in opinions but do not let the one nay sayer bring you down.
3. Research Your Market & Competitors
Researching your market is an important step you must take once you’ve developed your business idea. You need to be aware of what your potential clients want, need and how much they are willing to spend for it. The only way to get this information is through asking.
Once the information is collected you must analyze it. Analyze the data to look for common trends and gaps in the feedback. Is there a common thing that everyone likes about your product or service, or on the contrary, a common thing everyone dislikes.
Look into what your competitors are doing and what you can do or not do to set yourself apart. What will set your product or services apart from theirs?
It is important to use the feedback and adjust your business idea accordingly. Remember, during this process your are opening yourself up to learning things that can both positively and negatively affect your business. Be open to the feedback and making changes, do not become too attached to your idea.
4. Start Small
To avoid investing too much unnecessary time and money into your idea, be sure to start small. Test your idea in a smaller local market to help sort out any issues before you invest at a larger scale.
If your business idea fails at a small scale, there is no way it will be successful at a larger scale. Remember to modify whatever element fails before attempting to sell your product or service a second time.
Before committing to a large scale market or different geographical location, it is imperative that your product is successful at a small scale.
5. Give it 100%
The best time to launch your business idea is when you are 100% ready and committed. Keep in mind that nobody will love and nurture your idea more than you and as a result, nobody other than yourself will be able to bring your dreams to life.
So go out, have fun and bring your idea to life!