How To Take An Idea And Turn It Into A Business
Ideas are like flowers – they come and go, but some take longer to blossom than others. With that said, having great ideas is not what makes or breaks you as an entrepreneur.
It’s executing on your idea that does! Taking one good idea and making it succeed is the key to success. Plus, being able to pull out of your wallet has allowed many entrepreneurs to build large business empires.
So, how do you develop your skill in taking your dreams and turning them into businesses? Here are five tools you can use to start doing just that.
1. Do something you love
This isn’t very specific, I know, but I want to make sure you understand the importance of this tip.
The first thing you need to do as an entrepreneur is to identify your why. Why do you want to be rich? Why do you want to run your own company? What are you trying to achieve with your life?
Your why must be bigger than “I want to be wealthy.” Or even if the argument for wealth is more powerful, your why still needs to be larger than that.
An example of someone who doesn’t have a strong why is Dave Ramsey. He wants to be wealthy so he can give away money to people and say “you should be like me.” His reason lacks depth.
Prepare a business plan
Before you take your idea from concept to reality, you must have a clear picture of what it is you want to do! This article will go into more detail about this, as well as some other steps for taking your business idea from dream to doing-thing.
Having a business plan set out all of your goals and strategies is the next logical step in developing your business.
A business plan is a way to make sure that everyone else knows exactly what your dreams are and how you intend to reach them. It also helps keep you motivated as you grow your business since everything is written down.
There are several types of business plans, so choose one that fits your needs best. Some examples include: mission statements, value propositions, goal charts, marketing strategies, and financial projections.
Examine your financial situation
Before you even begin thinking about launching your business, you need to make sure that you have enough money to support it. If you don’t, then you should reconsider whether or not this is really a good idea!
You will need to establish what kind of budget you can comfortably operate under, as well as how much money you have right now.
It’s very possible that you’ll run out of cash before your business does, so try to be aware of that. Also, making too many assumptions could put a strain on your finances.
For example, if you assume that you’ll earn $1,000 per month from your business, but instead you only get $500, then you may need to rethink your plans. Or perhaps you overestimate how much revenue your products or services will generate.
Both of these things are totally fine, it’s just important to be honest with yourself about your current state of affairs. Once you do, you can work towards getting into a better place long term.
Blogging isn’t cheap, which is why there are lots of people out there who make a living off of their skills and talents. So don’t feel like you must limit yourself because you think you might not have a lot of money.
There are ways to manage your money, and using those can help you achieve your dreams of running a successful business.
Establish your company’s structure
The second step in taking your business idea from concept to reality is establishing your company’s structure. This process includes determining who will do what, where you’ll have your initial meetings, and how many people you need to include in each role.
You can use our template or create one that fits your needs. You’ll want to make sure everyone involved has clear understanding of their responsibilities so they know who to turn to when things get complicated.
It’s also important to consider what kind of formal education or training someone needs for their position.
Registration with the government
As we mentioned before, starting your business is not easy. There are lots of legal requirements that you must meet in order to do so. This includes having proper licensing, registering your business with various governmental agencies, etc.
In fact, some of these steps can be done by others on your behalf while you focus on other things (like finding employees). These people will then have permission to run your business for you!
By doing this, they’ll take care of all the tedious administrative work so that you don’t have to. Most likely, they’ve already gone through this process and it costs nothing but their time.
If you’re ever in a position where you feel like you can’t continue due to lack of funds or resources, you can ask someone to help out as we suggested above.
There are many ways to fund-raise for your business, and most don’t require too much money up front.
Obtain insurance
Before you start your business, you will need to have some type of coverage. This includes having liability insurance, professional license coverage, and sometimes business ownership coverage.
Liability coverage is important because it protects others from lawsuits due to unintentional acts or injuries they may suffer at your workplace.
You can usually get this through your employer, but if you are self-employed, you should look into getting private coverage as well. For example, Health Insurance for Your Business comes in very handy since you can choose which health plan you want to use.
Business licenses and registrations require proof that you are who you say you are! Getting photos, documents, and receipts can be done via PayPal or another online payment system.
Some things to consider when choosing your insurance policy include how much coverage you need, what kind of coverages you desire (medical, general liability, etc.), and whether you prefer traditional or no-frills policies.
Select your team
Team members play different roles in business, but there is one thing they all have in common — they contribute to the success of the business. This includes supporting each other’s careers, promoting each other, working together, and creating overall teamwork.
Everyone has their own job title, but what really matters is whether those around you believe in you and support your career goals.
As someone who will likely work for your business later, this can be tricky at times. If you’re not sure if people are supportive, test them by giving an informal notice. Say goodbye during lunch or after work, and see how they respond.
If nothing seems out of place, then chances are good that everyone supports you!
Teamwork means more than just getting along with others – it also means making decisions as a group and stepping up when necessary. This may mean offering ideas or asking questions, depending on what situation you find yourself in.
It can be difficult to ask for help, especially when you don’t want to make waves. Does anyone else feel like there isn’t enough time due to workload? Or maybe you’ve got a project due soon and you’d like some extra supervision.
Whatever the case, don’t hesitate to get into action!
Running your own business comes with its share of responsibilities, so don’t shy away from adding new tasks to your list.
Know your customers
As we mentioned before, creating a business isn’t just about having an idea that people are going to pay you for – it’s also about knowing who those people are and what they want from you.
Your potential clients or buyers will form opinions of you depending on how well you know them — and their perception of you can have a big impact on whether they choose to do business with you.
Aspire to be known as someone who goes above and beyond the normal standards, but don’t get too carried away with being the best there is.
Be aware of how others in your field operate so you can keep up, but don’t overdo it. People will notice when you go out of your way and stick around after meetings to ask questions or check things out, but don’t become a pest!
Running through all the possible scenarios and possibilities is part of your job as a business owner, but staying focused on what needs to get done and keeping yourself controlled at times can be quite difficult.
If you see something happening that might hurt your project, chances are other people have talked to him or her already, so try to back off.
But if you must take action, do so slowly and professionally, and make sure not to undermine his or her confidence in you.
Focus on customer service
Starting your business is not like buying a boat; you don’t get to choose whether or not it sinks! But what you can do, and should always be focused on, are the three Cs: customers, costs, and consistency.
If one of these three doesn’t exist, then your business won’t survive. I’ve seen lots of businesses that fail because they focus too much on having a big budget or getting good marketing materials, instead of figuring out how to provide good services to people that pay for them.
Customer service is probably your biggest asset as a business owner. People will spend money on things they believe in, so by offering quality products and services, you have built up your brand.
Your reputation as a seller will keep people coming back for more even if there are alternatives available, while your ability to satisfy others will win over new buyers who may be looking for the same thing.
