How to Turn An Idea Into A Business

May 7, 2019 | Peyton Sawyer

 

An innovative small businesses idea can hit you at any time. It may be when you are struggling with completing a task or even while relaxing after a long day. It can be a simple idea or an idea that has already been done, but you figure out a way to do it even better. Regardless, the best business ideas will simply remain ideas without taking the action needed to turn them into reality. Take a look at some helpful ways to convert a great idea into an actual business.

Consider The Possibilities

The first step in considering the possibility of your idea transforming into a reality, is by asking yourself what the likelihood of your idea working out is. Take a look at some important questions to consider when you evaluate a business idea.

Know your target audience?

Identifying your target audience is an essential part of your business success. Knowing what consumers that will be interested in purchasing your product or services is a big part of executing a solid business plan. Visualizing what they look like, how they live, where they live, and the buying power they possess can give you the insight you need to grow an idea into a profitable business. Consider the ways in which you can reach them, and how you can convince them to choose you over the competition in your market. Consider how much your potential customers are willing to spend on a product or service, how often they will use it, and what makes them tick. In doing that, you should have a better grasp on how to market your idea, and in what area.

What issues will you solve?

Essentially, businesses address an issue that needs solving. Whether you are supplying a service that offers a solution for someone that does not have the skill or the time to do for themselves, or a product that can help them get a job done with ease, you are assisting with the resolution. Will your customers benefit from your idea? If so, figure out what problems your business idea aims to solve and be sure that your target audience knows how you can offer the assistance they require.

What products and services will you offer?

At this stage, your product or service may not be perfect or flawless, and they do not need to be. When evaluating your business idea, bear in mind that you have the option of adopting a Minimal Viable Product (MVP) once the business starts. Simply put, MVP refers to a technique to develop new products with enough functions and features to satisfy early adopters. The final product with full functions will only be developed after considering feedback from the early users. With that in mind, you can have a small-scale test launch to a selected group of users first to determine if your business is likely to take off.

How much working capital do you need?

Becoming a successful business owner is not an easy task, especially if you are new to the game. The initial start-up cost can be quite overwhelming, depending on the idea, or location, whether it is an online business or brick and mortar establishment. It is important to know where and how you can secure the capital needed to ensure sustainability and growth. You may be considering the use of your personal savings, funding options from your friends and family, traditional business funding, non-traditional funding online, angel investors and more. Evaluating your funding options before you begin to execute your idea is key.

Think About The Future

Creating a solid business plan can provide a strong base to help prevent the possibility of failure. When developing your idea, make sure to look into the future of your business. While you will not have an exact number of sales to consider, you can generate expected sales numbers depending on the market, location, services, and more. Be sure to consider any issues that may arise and how you expect to break even when they do. Consider your competitors in the short, and long term of your journey. You may not want to consider an exit strategy, but it is important in any business, to consider the worst-case scenario.

Don't be Afraid to Ask for Help

There comes a time, in every business owner's journey, that they will need to ask for assistance. Don't consider this to be a weakness. Having the courage to ask for help, can mean the difference between success and failure, and a great business owner or a bad one.

Get Some Feedback

Getting feedback on your idea and plan is essential. Having a third-party opinion can provide you will another point of view, or another area that you did not consider. To avoid the risk of failure, you may want to consider consulting with a business advisor or conducting some market research.

Consult with a business advisor

Seeking advice from a business advisor, or even enlisting the help of a mentor, family member or friend, can only provide you with valuable knowledge. Talking with people from different walks of life can provide different perspectives about your business endeavor. This information may prove to be invaluable.

Conduct some simple market research

To receive an unbiased result, think about doing some market research. Testing on a small scale can often provide enough information to get you started. There are several free tools that can help you get started, like using the free online survey tools that are available.

Enhance Your Idea

After you have taken the time to consult with business advisors and gathered the much-needed market research, you may want to tweak or enhance your idea. With the help of these valuable outlets, your business idea may be even more attainable and sustainable.

 

The road to success is often riddled with failures along the way. Just remember, that every failure brings you one step closer to success. Good Luck on your journey!