There are now over 1.65 million businesses in the United States that have celebrated a twenty-fifth birthday. That doesn’t even include the millions that have been around for less time.
But these businesses didn’t sprout unexpectedly from the ground. They were built ground up by dedicated entrepreneurs working tirelessly to turn an idea into a business. And you can do it too if you know how to start. Read on to learn more.
Decide You’re Ready to Clock the Hours Needed to Turn an Idea into a Business
Why are you doing this? If you don’t have solid, clear motivations you could be setting yourself up for failure.
Get started by asking yourself why you haven’t gone through with previous side gigs and business ideas. For many, it is the lack of funds or business building know-how that hinder them from the start. Before you can start turning ideas into money, you need to push past self-doubt. For every reason why you can’t accomplish business ownership, combat it with a strategy for overcoming that obstacle.
Pick Just One Idea (No Matter How Much You Love the Others)
Look, you may have plenty of great ideas, but chances are they are in direct opposition with one another. Hone in on one idea that inspires you. It should be an idea that you are most passionate about while also being the most viable.
No cheating. No checking in with other ideas that might be fun as a bit of a detour. Give this idea your all.
Validate Through Testing
This is the step where you give your precious idea to a consumer. Will it be ripped apart or loved?
This stage requires a prototype, which does not mean the need to invest millions. It can be just a landing page or a pitch deck. The purpose is to measure reception from your chosen test subjects.
Focus on Your Value and Target Market
Take your observations from validating your product and return to the drawing board. Determine what value you are offering, who will use your product, and the problem you are solving. Knowing the answers to these areas will give your idea a clear direction.
An example of focusing on value is seen at www.ecosox.com, a company that focuses on quality, eco-friendly socks.
Make a Plan, a Business Plan
From your newly discovered value and target market, develop a complete business plan. A business plan will map strategies, give direction, and establish goals for your business as you continue down the path to market.
Business plans can range anywhere from 20 to 50 pages. Different sections and details necessary will depend on the business you are trying to create.
Execute Your Idea (Game Time!)
It’s time to move away from the drawing board and throw your business plan into action. Turn your product into a beta model or a minimum viable product (MVP) and get it into the hands of consumers.
From here your idea, business, and product will go through many transformations. Success may not come right away or at all. But that’s the fun of entrepreneurship.
Taking on Entrepreneurship from Idea to Conception
Entrepreneurs are no strangers to long hours, sometimes without any monetary compensation. But if you’re ready to burn the midnight oil and get started, following the steps above can help you turn an idea into a business.
Check out our blog to read more articles for aspiring entrepreneurs and small businesses.