5 Steps to Turn Your Business Idea Into A Reality
Do you know how many people try their hand at entrepreneurship each and every month? About 550,000. The good news is, with the right business idea, there’s plenty of room for success – even if the competition is that intense.
So what happens when you’ve got that awesome idea, but you’re just not sure where to go from there? While there’s no magic formula for guaranteed success, there are certain steps you can take that will not only help you validate your idea but also get the ball rolling. If you’ve been circling the drain in the brainstorming phase for too long, here’s what to do.
Figure out the ‘why’ and the ‘who.’
You may have come up with the greatest idea since sliced bread, but if you don’t know the reasons why it’s such a great solution and who would be willing to pay for it, your chances of success will be slim. The first step in turning your business idea into a reality is to determine what problem it’s going to solve and for whom. (If you need help identifying your target audience, Hubspot’s free Make My Persona tool should get you on the right track.)
Research your market.
While your idea may be special to you, it’s highly unlikely that it’s entirely unique. Chances are there are already existing businesses out there that offer similar products or services to yours. That’s not necessarily a bad thing. In fact, it means there’s actually a market for what you’re going to sell. What you’ll need to do is figure out what will make your business different or better. Do some research on your potential competition and start thinking about what will set you apart from all the rest.
Start making connections.
Just as you should be researching your competitors, you should also spend some time studying your prospective clientele. The best way to do this is to go straight to the source. Hit the streets and start talking to your target audience. Determine whether your product or service is something they’d actually use and if so, ask them how much they’d be willing to pay. Any feedback – even negative – can help you refine your idea and make it even better before you take it to market.
Drill down to the details.
During the brainstorming process, your mind is abuzz with lots of different designs, plans and directions in which you might go. But until you lock in all the details, you won’t be able to move forward with your idea. Sit down and hammer out all the fine points – what specific product or service will you be offering? How much will you charge? How will you market it? What is your brand name? It’s essential that you become intimately familiar with all the details of your business concept before you launch.
Figure out the ‘how.’
Now that you’ve hammered out all the pertinent details of your new business concept, and you know why and who you’ll be targeting, the last step in the process is figuring out how to bring your idea to life. One of the most important factors here will likely be funding. Will you pursue a business loan, speak with investors or perhaps even start a crowdfunding campaign? If you’re launching a product, you’ll also need to figure out how to bring that product to market.
Kicking around the “next best thing” in your mind? The steps above should help you take that business concept out of your head and make it a profitable reality. By taking the time and putting in the extra effort to carefully plan out your new venture, you’ll dramatically improve your chances of being successful.
Abby Yetter is the CEO and Chief Consultant of Bright Ideas Small Business Solutions, LLC. She is a driven, enthusiastic businesswoman, with a talent for organizing the chaotic, and branding the unfamed. Abby strives to use her creativity, and experience, to solve the many problems of small businesses. With a background based in customer service management, social media, technological organization, sales, marketing, and customer experience specialties, she enjoys taking everyday complications, and finding the newest, most productive ways to execute the tasks.All stories by: Abby Yetter