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If inspiration struck you with a genius for a business idea, you’re among the chosen few. Coming up with an idea for a new venture can be painfully hard, even if you’re entrepreneurially minded. But you’ve foregone the difficult step, so you’re ready to make your idea a reality. The question is – how can you do that? If you’re struggling to get your idea into motion, never fear. Here are six essential tips to turn your idea into a full-fledged, functioning, and successful business.
1. Write a Well-Crafted Business Plan
Writing a comprehensive and detailed business plan should be one of the first steps on your entrepreneurship journey. Writing a business plan helps entrepreneurs clarify their goals, strategies, brand mission, and more. When you detail these various elements, you will know how to approach verticals like operations, marketing, and sales. When embarking on this exercise, ensure you are thinking of even the most minor details and future events (like what to do for funding in the event of sale or foreclosure) to set up for even the most unexpected of occurrences. Because if there’s one clear thing, it’s that business is full of unforeseen ups and downs! Having all your systems in place will thus be invaluable in the future when you really need strategies for success. Once you’ve got your business plan in place, learn how to start a business with ZenBusiness.
2. Find Your Niche and Value
Although you’ve got a winning business idea, it will be critical to test for its efficacy. When doing so, the main factors you need to consider are niche and value. When it comes to your niche, your product or service should ideally occupy a place in the market that is unique or revolutionary. At the very least, it should offer something other competitors don’t. You can distinguish this by doing a competitive analysis to understand what your competitors are doing in the space and how you can do better. Value is another critical factor, as your business can only grow insofar as the value you provide to consumers. You could provide value by fulfilling a market deficiency, fulfilling a customer’s unmet desires, or making your customer’s life simpler. Understanding niche and value will help you identify your target customers, how to sell to them, and how to price your products or services.
3. Sharpen Your Business Acumen
To be a successful entrepreneur, you need to be well-versed in the tricks of the trade. Going back to school is the best way to develop a cohesive business skillset and sharp acumen. Enrolling in an MBA program will be highly beneficial, as you’ll be able to build your knowledge of business, strategy, and development. You will also be able to apply your learnings on leadership and self-awareness on the job. Opt for an online MBA program that allows you to achieve your degree while still managing the myriad of other responsibilities and tasks you’ll have as an entrepreneur.
4. Build an MVP
An MVP is a minimal viable product. Much like a sports MVP, this product (or products) will be your star in attracting clients and securing wins (like increased sales and interest). This could be one product or a line of products that embodies your brand and idea and is the basis by which clients will buy from you. You can use your MVP to pitch your statement to investors and generate feedback. This will also help you gain feedback on improving the product and optimizing it for sales.
5. Launch an Online Shop
We live in an undoubtedly digital age. While having a strictly brick-and-mortar presence might have worked in the past, today, it is critical to cater to the growing demand for e-commerce. Launching an online shop will enable you to reach more customers while simplifying sales and operations. You will also make your products and services more accessible! When setting up your online shop, ensure that it is SEO friendly and ranks well on Google and other search engines. User experience mapping will also be critical, as this will enable you to clarify your website journey so that it is fast, optimized, and easy for the user to navigate. This can help improve sales and prevent site bounces.
6. Create Your Own Board of Advisors
Surrounding yourself with the right people is half the battle in business. Having people who support you, advise you, and have experience in the same industry will be invaluable for your growth. Such people will be able to guide you on your journey and help you avoid mistakes that you might have made without their advice. Like all major companies have a board of advisors, why not build up your own personal board of advisors to guide you with wisdom from their own experience? To do so, you will need to network extensively and build contacts in your industry. Attending local business chapters and networking events will be a great way to do this.
Gaining lots of advice can be helpful and meaningful, but take others’ experiences with a grain of salt. After all, every business situation is unique, and not all advice can be applied to your context correctly and meaningfully. In addition, don’t let too many voices deter you from your vision. The bottom line is that input and advice are essential, but proceed with your gut instinct and carefully evaluate any information you receive.
Converting an idea into reality is never an easy task. Starting a business is like birthing a child – you will need to take on immense responsibility, regardless of the consequences. No one will be as invested in your idea as you, either. This means this entrepreneurship journey is uniquely your own to craft as you wish. Taking the time to lay the groundwork for your startup will distinguish a mere idea from a successful business!
Article by Lucy Reed
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