How to Turn Your Idea into a Business

“Turning an idea into a business is not easy, but it is possible”

We’ve all had that one great idea, but actually executing it can seem impossible. Well, your gut instinct isn’t necessarily wrong – turning an idea into a business is not an easy task. Starting a business takes time, money, and resources, but if you are seriously dedicated to your bright idea, there is a way to make it come to fruition. Read on to discover how to turn your idea into a business!?

Research

Research is typically the first step in any strategy. The first thing you should do is research your competitors and specific market. To have a successful business, there needs to be an opportunity for your service or product within the market. Your product or service must solve a problem or meet a consumer's need to succeed. Ask yourself what problem your idea solves. If your idea doesn’t solve a particular problem or isn’t very unique, it’s probably not your million-dollar idea. If your research shows that your idea does solve a current problem, then you should start to compile your research in a document. After conducting some research, draft a SWOT analysis. A SWOT analysis identifies the strengths, weaknesses, opportunities, and threats of your business. Knowing this information helps you strategize and overcome identified weaknesses or threats. Through research and analysis of your product or service, you should be able to have an idea of who your target market is. Based on this information, you can create buyer personas and better understand how your target audience thinks, feels, and acts.?

Seek Professional Advice

Seeing a business consultant can help you develop a proper strategy to help turn your idea into a business. Business consultants tend to have various connections that they may be able to set you up with. These professionals will help ensure that your idea is worth pursuing and that you check every box along the way.?

Build a Team

Building a business by yourself is nearly impossible. You will need to hire some help, especially if your business idea is going to be brick and mortar. However, don’t be quick to hire just anyone. You should be sure to hire qualified candidates who share your passion for the company and want to help you grow your business. Building a team is a costly process, and can be especially tough for new ventures. However, if you hire the right individuals, you can end up saving time and money.?

Finance

Financing is probably the most challenging part of turning your idea into a business. If you don’t have the money to fund a start-up (like most of us) then you may need to find investors. It’s smart to start with options that carry little risk. For example, talk to your friends and family about your idea and see if they seem interested. Personal savings and crowdfunding are other viable options that pose the least amount of risk to your credit in the early stages. More experienced entrepreneurs may pitch their idea to venture capitalists or angel investors, with the possibility of gaining more funds in exchange for company equity. You’ll also need to create a financial plan and budget to lay out how much money you need to fund the company. Furthermore, a crucial step in financing is identifying how your idea will make revenue. A sustainable business is a profitable one. If your business doesn’t make money, it’s likely to fail.?

Create a Business Plan

A business plan is a written document that identifies the goals of a business, the methods for achieving those goals, and the given timeframe. A well-developed business plan guides you through each step of starting and managing your business. Your business plan is what you’ll use to attain investors, so it must be strong. Traditional business plans tend to be very detailed and can take a while to write. Business plans usually include the following sections: an executive summary, company description, market analysis, organization and management, service or product line, marketing and sales, funding request, financial projections, and an appendix. If you aren’t super familiar with business plans, it may be a good idea to have a professional develop one for you.?

Solidify Brand

Once you’ve solidified your business plan and found investors, it’s time to start thinking about promoting your business. You will want to come up with some sort of marketing plan. It might be smart to hire a specialist to help you with advertising your business since you’ll be busy handling other aspects of your company, especially at the start.?

Taylor Precourt

As an entrepreneur myself, I have a great deal of experience with turning my ideas into a business. I’ve created a consulting firm where I am a strategist striving to help other business owners build out their dream companies. Please reach out to me at [email protected] if you would like to collaborate and develop initial strategies to get your idea and business off the ground.?