4 steps to turn your idea into a business

4 steps to turn your idea into a businessIn our last post, we looked at 5 steps to test your business idea. But how do you now turn that brainwave into a business?

Here are 4 steps to get you started:

1.  Find your market 

There’s no point launching a product or service if no one needs it, wants it or can find it. So before you start designing your website or ordering stationery, make sure you can answer these questions:

  • What product/s will I develop?
  • Is there a market for my products?
  • How big is the market?
  • What is my target market’s biggest issue and how will I solve it?
  • Are there opportunities in the market for my product?
  • How big is my potential market share?
  • Do I need any specialist qualifications or certification to get started?

2.  Check out the competition 

There’s a market for your idea – great! But is anyone else doing something similar? And are there gaps in the market for your unique approach? You’ll only know by answering these questions:

  • How much competition is there?
  • Who are your competitors?
  • What are they doing well – and poorly?
  • Can I offer something unique to the market?
  • What is the competitive advantage of my idea?
  • Are there any market or industry trends that could positively or negatively impact my entry into the market?

3.  Write a business plan 

You’ve done your research, so now it’s time to take action. Begin by writing a business plan, outlining your objectives, competitor and market analysis, goals and offerings. A business coach or mentor can help with this, and there are hundreds of business plan templates available online.

Need funding? Your bank or investors will want to see your business plan to assess its viability. Even if you don’t need an injection of funds, basic business, marketing and financial plans will help you stay on track as you build your business.

4.  Get down to the details 

You’re now ready to execute your plan. Here are some questions to ask as you do:

  • Do I need a shopfront, online presence or both?
  • What tools and equipment do I need?
  • How will I reach my customers?
  • Where will the business be based?
  • Do I need to employ staff and offer training?
  • When will the business launch be?

It’s also wise to create some sample products or order an initial run. Send these to people you trust and ask for their feedback. That gives you a chance to tweak before market launch.

What challenges have you faced when launching a business?    Share your story below. 

 

Comments

  1. These are all great points, Vicky. I think the foundation of them all is “What is my target market’s biggest issue and how will I solve it?” If you can identify that need and give them a solution, you will be successful. One of the things I’ve learned is that you don’t have to have a massively huge market; if you fine-tune your product/service to a group that could really benefit, you’ll be successful. People are willing to pay to get exactly what they want. It’s our job as business owners to figure out “exactly what they want” and then deliver it.

  2. Great post And I would also add, find out what they don’t like when you build your website or produce content – people don’t always read! hahah! so what inspires and triggers them to connect with you! great job! p

  3. One of the challenges that I’ve faced in the past when launching a business related to the “why” or chief aim behind launching the business. I found that there needed to be a driving force behind why I woke up each morning. One of the discoveries was that once I identified that, it helped tremendously with all the other items 🙂

  4. Great post!

  5. Thanks for sharing Vicky. Great checklist and I like Jackie Harder’s comment about fine-tuning your product/service to benefit a specific group for success.

  6. Great checklist! So many never complete a business plan and it is crucial to success!

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