How To Turn Your Idea Into A Thriving Business
If you asked a cross-section of the American population whether they were happy with their current job or occupation, many of them would say no. In fact, recent statistics on job satisfaction point to nearly 80 percent of us being ready to walk away from our current situation and look for something more financially and personally fulfilling.
With that many people looking for the greener grass, there have to be some entrepreneurial ideas floating around in the ethers, just waiting to be grabbed and capitalized on by someone who has what it takes to turn dreams into reality.
Turning Dreams Into Profits
Whether you’ve experienced a recent epiphany, or your seed idea has been germinating for decades, it’s time to turn that idea into a real, bonafide business. There’s no time like the present to execute!
How can you get off the ground with the greatest chance of success? Just what does it take to turn your great idea into a successful and profitable business? Take these action steps, and you’ll see your vision become a reality in no time.
Understand What Problem You’re Trying To Solve. The most successful companies fulfill a need or solve a problem. Stitch fix took the guesswork out of finding fashion-forward pieces for busy professionals. Lyft is now a multi-billion-dollar company that provides rides for those who need transportation. Companies that survive long-term solve a pain point and provide their valued customers relief. For your idea to become marketable, you need to clearly identify what it is your customers need and want, and then devise a way to give them that solution.
Identify Your Target Market. You’ve identified your problem and come up with a solution. Now you’ll need to determine who this solution is for. What are they looking for? What have they already tried? Why have existing solutions and products not worked for them? The more you understand the search process of your customers, the more accurate you will be in devising a truly unique and special solution.
Create A Financial Plan And Stick To It. How much startup money do you have, and where will you get additional sources of funding? Coming up with a solid financial plan that includes revenue and expenditures, long and short-term planning, and preparation for unexpected expenses will be a key part in getting over that new business hump. With nearly 80 percent of startup businesses failing in the first five years of operation, you have your work cut out for you. Create a plan that makes room for growth and unexpected expenses, ride the waves of prosperity and spending with determination, and keep your “why” in the forefront of your mind to keep you moving forward. Resist the urge to start spending capital on yourself and other pursuits; invest all you have into the business to build a solid foundation for future growth.
Find Mentors And Other Support Systems. Even the most seasoned entrepreneur can learn a thing or two from other professionals who have been there, done that. Look for other business professionals who have built solid, sustainable models. Learn from them, collaborate with them, grow with them. Joining professional associations and engaging in continuing education opportunities will provide you with fresh ideas and inspiration to keep the creativity flowing. As you build your network, you’ll eventually be able to give back to others who are just starting out on their entrepreneurial journeys.
Build And Test Product or Service Prototypes. A proof of concept is something you develop to test with potential clients and investors. Testing your product or service will help you to develop an optimized version of your product, saving you valuable time and money in the process. Though your prototype may not be a completed version of the product, clients and investors should get an adequate idea of how it is intended to be used. This will create buy-in and customer loyalty as you continue to improve these first versions of your product or service.
Identify Ongoing Sources Of Capital. There are more ways than ever to raise funds for a startup. An experienced entrepreneur will tell you to bootstrap your way through the process, researching, creating monetization strategies, and building a proof of concept. You may also check out loans from financial institutions, friends and family, crowdsourcing, and grants. Do your due diligence and find the channels that would work best for you.
Don’t Give Up! Starting a business is hard work! To make your idea work for you, it is essential that you keep going, even as you face challenges. As you persist and systematically work through roadblocks, you’ll gain confidence and competence that can lead you to lasting success.
We’re Here Too!
At MaxGroup Business Solutions, we have seasoned professionals who can provide expert advice on all things related to starting your dream business. We have been there, done that; we want to share our experience and strategies with you, too! Providing expert marketing solutions, financial advice, and solid business strategies that encourage growth, we will take your idea from here to stratosphere with your partnership and commitment to success. Join us today and see how exciting the entrepreneurial journey can be! Visit www.maxgroupbusiness.com for more information.