How To Convert Your Idea Into A Business – First I would love to congratulate you as you are thinking to be an entrepreneur. It happens when you are sitting somewhere or walking down a path or in my case working out in a gym and an idea will stick to your mind.
A lot of entrepreneurs sit on their ideas for months or years before taking action. Some people can’t find the time to start a business because they work 40 hours a week and have a family. Some are scared to take the plunge, while others don’t know how to set their business idea in motion.
But this is the time, this is the right time to start the idea and take it to the next step. Let me help you understand 5 basic things you need to do to convert your idea into a business.
1- Talk About It With
Once you have a business idea that you think has real potential, don’t keep it to yourself! Share it with trusted associates for their help in refining and perfecting your vision, especially if they’re within your target market as a potential customer for your business idea. Make sure to ask questions: Do you think this business idea has potential? How can I flesh it out? Would you buy this product or pay for this service and if so, at what price?
After you have developed your core business idea, some market research is in order. What other players occupy the space you want to pursue? How will your offering be similar or different? And where will your customers come from?
In the research process, be sure to focus on more than the success stories. Is there a similar business you can look to that didn’t find success? Ask yourself what you will do differently.
3- Business Plan
Most people count business plan as the first step but I personally think, it comes after research.
Business plans can be formal or informal, but they allow you to crystallize the core components of your business before launch. Things to consider: your business “story” and how you will frame it to potential investors and other interested parties, financial and operational goals, projections, and how you see the business scaling over time.
Prototyping is an essential early step in business planning. It allows you to test out whether or not your vision is feasible.
And “prototyping” is not just for outfits that make physical products. A prototype can also be a simple website representing the future business that you use to collect email addresses from interested parties. If you are after a specific niche like fashion or cooking, you might also consider creating a blog that will help you find a following, so you don’t necessarily need to go out and build a fully formed product—the goal is to validate that some people are willing to pay for what you’re planning to create.
5- Raising Funds
Consider how much money you need to start up and how you would like to fund your new enterprise.
These 5 steps are the basic steps to convert your idea into a business, let me know if you would like to know more and more specifically about your business idea.
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