For many business minded people and entrepreneurs it often easier to come up with a variety of ideas for a new business and difficult to actually implement those concepts, a business concepts is a bridge between a idea and a business plan. To convert an idea into a business idea it requires adequate thinking and planning about how the products or service would be sold and who will buy it, the benefits of the product or service, the competitors and mode of delivery. The unfortunate thing is that there are many people with good (or even great) ideas that will never see their ideas actualized and in fact they will end up taking their ideas to the grave. For every successful business you will find at least one good( or even great) idea. I will highlight eight initial steps you take in turning that idea into a viable and successful business.
1. Imagine It.
You have to imagine and figure out if this is really what you want to do. You must know about the line of business you want to invest in, and also must be excited about making your business a success because this gives you the encouragement, zeal and passion to get through the ups and downs. You must be sure that the business is a good fit with your life and do some evaluations of your skills, personal traits, hobbies, passion and experience.
2. Make a list
You need to make a list of your reasons why you want to go into that line of business; you will also need a list of what you intend to do with your time. What are your interests and hobbies? What are you dexterous at? What are your strength and weakness?
3. Research it
To evaluate and decide if your idea is a working one, you will need to know if it meets a need and also if there is a viable market for it. You will need to do a research and survey by asking questions from people around, friends, relatives and also via distribution of questionnaires. There might be need to visit the chamber of commerce, also you will need to find out what certifications you will need if there will be need for that.
4. Stop talking about it
Recent research has shown that most people who immediately talk about their new ideas are less likely to implement it. Talking about an idea without doing it yet gives them a sense that that they are taking actions where as they are actually doing nothing
5. Think through all the necessary angles
Look and imagine the idea through an investor’s eye. Who are your targeted markets or clients? What are the challenges you will encounter and how do you plan to overcome it? What are the resources to take it off the ground? How will I market it?
6. Start moving and Launch
You don’t need to have everything to figure out before you launch your business, it is impossible to know the questions. You don’t need to procrastinate, when you delay you might loose the interest and you will end up killing that good idea. Ideas come to life in real life scenarios, but wisdom is usually found while you are in motion and not remaining stagnant.
7. Finance It
You have to think and analyse the cost and expenses you will need to start up your business. You will need to decide where you will secure the funds to get the business going. Many people use credit or their own cash or get help from the friends and family.
8. Plan it
You will need to draw up a plan of operations and how you intend to get your product or services noticed. You need to draw out a business plan for your business, the mode of operations, the number of employees needed, the location and many more.
To recap, good ideas are not meant just for only the thought but for implementation. Don’t let that great idea you got today go with you to your grave. Follow these eight basic steps
- Imagine it
- Make a list
- Research it
- Stop talking about it
- Think through all necessary angles
- Start moving and launch
- Finance it
- Plan it
Stop procrastinating on that idea, ACT NOW!