It has happened to all of us. You are in your living room, sitting in your office, or in the shower (it happens a lot in the rain), and an incredible idea comes to you. “Eureka!” You think. But how do you get from a simple idea to a profitable business?
Keep reading these five steps to turn your great idea into a business.
Look it up
Great minds think alike. There is a possibility that such an incredible idea has already been thought of before. Not only that, but it could also be that someone else has already turned it into a business. The first step to realizing if your idea is worth being turned into a business is to find out if someone else has already done so. It will give you two options. If someone else has already done so, you will be able to know their processes and offer of service or product and validate if it is worth moving forward, considering the competition that already exists. On the other hand, it could be that your idea is original and there is no such thing in the market. It will give you the advantage of offering a unique product or service, and you can have many business opportunities.
Seek the opinions of others
In Mexico, we love to keep our ideas for fear of being stolen or that the business “ceases.” But talking about your idea with people you trust will help you hear their opinion about whether they would acquire or hire your product or service. When you are an entrepreneur, you usually enter what is known as a “closed idea,” this means that because it is your idea, you think it should not modify it, that it is the only way to get the business going, etc. The opinion of others can open your eyes to challenges you have not considered, or it can give you options or new points of view to improve.
Create an identity
If your friends and family receive your idea well, it is time to create a brand. Today’s business world moves very fast so that what today may seem like an incredible idea tomorrow could be obsolete. As we said before, you are never exempt from anyone who wants to steal it. Start by choosing a good name and ensuring the website and social networks that may belong to you. Even if you don’t think you would use social networks, it is preferable to have your brand registered to prevent another person from doing so under another concept.
Develop an action plan
After reviewing the first three steps, if your idea still seems viable, it is time to make an action plan. If you already have the capital to start the business, investigate the legal requirements you must comply with, quote the equipment and facilities you will need, or think about interviewing the personnel you must hire. On the other hand, if you still do not have the capital think about the available options: you can ask for a loan from a financial institution or get a group of partners or investors. If you approach your local or federal government, you can also get financing for entrepreneurs. Another good option could be to come online collection platforms such as funding. Where those users who like your idea invest a certain amount to make it a reality. The best way to get this capital is to create a sales folder where you explain your idea and how you will do business with it. If it is a product, take an example or prototype to convince your potential investors that your idea will succeed.
Develop a plan aimed at your customers
You have already designed how to get the capital to start your idea. Now you must think: how will you get your first customer? You may have the best business plan globally, but you don’t have a profitable business without clients. Create a strategy aimed at your clients that thinks about their needs, their location, and how you can communicate with them. Once you manage to find those who want or need your service or product, sales will begin to arrive, and you can say that you finally have a business!
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