— November 13, 2017
All well-established businesses started with a great idea. After all, everyone has problems that need solving either by a product or some kind of service and it is entrepreneurial people like you that see the opportunity to solve these problems.
Unfortunately, a lot of people have genius ideas that never see the light of day, as the process of turning such concepts into reality is definitely a huge challenge.
Despite these challenges inherent in turning a business idea into reality, however, a well thought out business idea can become a full-time career. There are a lot of success stories, in fact, of very young entrepreneurs making millions of dollars on business ideas conceptualized in their parents’ basements.
Turning your business idea into reality is difficult, yes, but it is doable. Take a look at the five steps discussed below to get your entrepreneurial journey going.
Step 1: Draft a plan to turn your business idea into reality
This is the most important part of turning your business idea into reality: making a business plan. It forms the foundation of every business, as it essentially tells you the objectives of your business, what your vision is, what strategies you will take, and most specifically, how you are going to get your business off the ground.
With a good business plan, you will have to conduct market researches either online or offline. You will have to define and conduct research on who your target market is, and at the same time, look at your competitor and how you can make your products or services different.
Indeed, with a good business plan, you will ensure that you don’t leave any stone unturned. The objectives you set will assure you of the viability of your business idea. Without a business plan, even the best ideas won’t work.
Step 2: Consider your financing
While having your office in a guest bedroom in your house or in your basement may be a bit inconvenient, it may be a better alternative early on, as you save a lot on maintenance expenses that you can pour into your business instead.
Of course, you can always get a loan from the bank, but in times of economic downturn, their interest rates may not be very friendly to upcoming small businesses. You can also get funded by individual investors, but make sure that theirs and your visions align.
At the end of the day, many small businesses start with minimal to no capital. Once you have a running, functioning business, it will be considerably easier to access finance to allow for growth.
Do not be tempted to get a loan just to finance an expensive office in the best area of town and overpriced equipment that you don’t need, or you may be forfeiting your future as an entrepreneur.
Step 3: Register your business
In many countries, registering your business is easy and doesn’t cost a lot of money, so you should do that as soon as possible. This will give you the freedom to start selling without having to worry about the technical aspects of it, like getting the bank to approve your business bank account.
Registering early also prevents somebody else from taking your business name first before you get around to it.
The same goes for domain names; once you have a good business idea, register the domain name immediately as the cost is almost negligible but not having it will have a major impact on your marketing later on.
Step 4: Hire technical staff
Take a look at your strengths and weaknesses and how they affect your business. Accept the fact that you can’t be good at everything, and that you are better off spending your time building your business than getting mired in the nitty-gritty of running a company.
For example, keeping track of your finances for tax and accounting purposes take a lot of time, and so does organizing your paperwork. You’re better off hiring someone to take care of those things so you can focus on more strategic tasks.
If you want to do something yourself personally, though, consider getting extra training to update your skills. You can get free courses online in areas like sales and marketing, as well as general business management.
This is especially important if your core skills are technical. No matter how good your product is, you’ll need to be able to sell it and manage the cash flow as well, or understand how it’s done, so you can be on top of all the crucial tasks your company needs done.
Step 5: Advertise your business prior to launch
Don’t advertise only once you have launched. Even before, it is important to let people know about your product.
Make sure to leverage the power of social media and advertise your company to build up excitement over your launch. Continue your marketing efforts afterwards; your business idea is not unique, and you have a lot of competitors.
Even if you are not a salesperson, or you have someone assigned to sales specifically, make it a point to put your business out without being obnoxious about it. Ask your family and friends as well to pass on the word in their own circles and neighborhoods.
The best way to advertise, of course, is through your website. It has a potential reach of millions of people worldwide, and you can’t afford not to have that reach.
You don’t even need to worry about websites costing thousands of dollars to make. There are website builders, like Bookmark, that uses artificial intelligence to design a professional looking website in your niche within just a few minutes.
Take the first step to fulfill your dream of entrepreneurial success. Act on your business idea; with a good business plan, clear business strategies, and an online presence through your website and social networks, you will definitely have a chance of turning your business idea into reality.