Maybe it came to you in the shower or as a flash of inspiration while you were on your way to work, or perhaps it’s something you’ve been dreaming about for years, needless to say, you were blessed with an idea and you’re ready to do whatever it takes to get it up, running and profitable.
With so much to consider and so much to do, all that lies before your and the steps involved can seem a bit overwhelming and that’s why it’s important that you break them down.
I’ve put together 8 things that I’ve used to help me bring my ideas to life they are all important things you should also consider and implement:
1. Determine What Problem Your Idea Is Solving
Let’s be real: there isn’t a product, service or idea that hasn’t been come up with or invented yet. So once you start working on your bomb idea, don’t get discouraged or deflated about the fact your idea probably isn’t as original as you thought it was.
There’s one very important thing that the other people who’ve had the same inspired thought you have, don’t have and that’s you. Your thoughts about your idea, your style, the way you execute, the way you do the things only you can do are what will make your idea unique.
If there are other people doing what you want to do use that to your advantage, I’m big on not attempting to reinvent the wheel if you don’t have to. Use your existing competition as a benchmark, study them – figure out what they do well, think about ways you can do it differently or better, also take a look at what they may be doing wrong and figure out ways you can improve.
2. Break It Down, Put It On Paper
An Idea is just an idea without a plan. The best way to make your business idea a reality is to put pen to paper, or if you’re more comfortable with a laptop, gets-to-typing then, either way, the important thing here is to document your idea and get it out of your head and into the world.
Writing out your idea will help you formulate a plan. Your plan will help you define what your business is, what you want it to become, how you’ll attract your first few customers, what your goals are, how you plan to reach those goals, and outline the structure of your idea and business. Writing forces you to organize and flesh out your business idea.
3. Research Your Market
Other than knowing what problem your idea solves, know who it’s for is just as important. Knowing who your ideal clients are, will help you figure out the best way to get in front of them so you can if there’s an actual demand for the product or service you plan to offer. Get to know your industry inside and out. Scope the competition to determine how you want to differentiate yourself, what will make your business different. Look into existing pricing. Will people pay the price you want? What added value can you offer that your competition does not.
4. Test It
Whether you’re selling weave or offering a service, you should give your product/service a test run, I started coaching because I was passionate about helping women make money but before I got started people would ask me for help based on what they knew about my past experience in the business world, so I tried it a few times to see not only how my clients would respond, and whether or not they got results but also if I enjoyed it as well. If you have a product let some friends and/or family try it out. Ask for feedback and tweak the product if you need to. If you offer a service, consider offering it at a discounted price for a few weeks to give it a test drive.
5. Figure Out How You’re Going To Fund It
There’s lots of talk about starting a business with no money or $100 but the reality is you need to be willing to invest in yourself if you want others to invest in you.
Every business requires some sort of initial funding. It doesn’t have to cost a fortune but it will cost you something. You’ll want to have some idea of what it will coast before you move forward.
Once you’ve figured out how much you’ll need to consider yourself in business, you need to figure out where that money is going to come from. Do you want to you your saving? Credit or a loan? Will you find investors or ask family or friends?
6. Get Your Mind Right, Mentally Prepare Yourself
Starting a business isn’t easy. You’ll have to do a lot of things you may not be used to doing, put in some long nights and wonder if you’re doing the right thing on a regular basis, but trust and believe if you stick to it your persistence will pay off. So prepare yourself, do your homework. Rejection or unforeseen problems, are all a part of the process be ready to deal with setbacks know they are setting you up for something great.
7. Choose the Right Marketing Mix for Your Business Idea
Marketing is what brings customers to you. Your product/service and company is what makes customers stay.
Don’t make the mistake of thinking if you build it they will come. You can’t rely solely on people to find you, you have to go out there and put yourself in a position to be easily seen and chosen. By knowing your market you should be able to find people who would be interested in and even love your product/service and your company. You need to give people a reason to choose your brand over another, if you do people who go out and tell others the word will start to spread.
8. Set Goals, Werk Werk Werk, and Evaluate the Results
Business is business, and your numbers are everything. Once you know exactly what you have to offer, a basic web presence / social media set up, and your marketing plan laid out, it’s time to determine your goals.
If you happen to meet your goals, that’s excellent good for you! If you don’t to worry that just means you need to tweak a few things. You’re on to something that could really work! This is when you go back to your business model canvas, bring back those extended product features, and expand your marketing plan.
And the end of the day it’s important to remember, you’re on to something that could really work! I’ll be discussing this in further detail LIVE on my webinar tonight. Tonight’s topic is Idea to Income: How To Find The Right Business Idea & Plan for Profit (If You Haven’t Registered Yet … Click Here)