HOW TO TURN YOUR IDEA INTO A BUSINESS
Congratulations on having an idea for business. The next step is to validate that it is going to work and make money. Many entrepreneurs have great business ideas, and often forget to do the necessary research. A business plan can help you map out the business to look at the financials to see if it will be profitable enough for you to continue.
We often only seek help with individuals we know, about the idea. While this may be helpful, it’s not good enough to see if your idea will work and is a good one.
Asking friends or your immediate circle often have a biased viewpoints. First, because they know you, second, often they are cautious and wouldn’t take risks when it comes to starting a business. This in itself is where the struggle begins.
Below is some advice on what to do next.
Do your research with individuals you meet outside of your personal circles, whether they would be interested in hiring or working with your business.
Starting a business takes time and effort, especially in the beginning. Without funding you may have to do everything yourself to see it through. Don’t underestimate the time it takes to properly research your idea. The best advice that I received when starting my business in 2015, is get yourself a business mentor. I’m lucky I did because back then I started a copywriting business and the model was not working as well as I had thought. Most people outsourced writing to Asia, and even though the writing wasn’t great, I was hired anyway to sort through the mess.
My business has since turned into digital growth and engagement solutions, because of 17 years experience in the Communication and Marketing space. Always look at your key strengths to run a business. Mine is engaging with stakeholders, communication, user research, optimisation and I get really excited about data analytics.
The key is to believe in your talents and find a business mentor that has started on a similar journey to you. Someone that’s been in business for a while, and is open to sharing their wins and failures with you.
I reach out to leaders who have started as a one-person business and have since grown into many, to learn and share stories that we both can benefit from.
Starting a business is very much like riding a roller coaster. The highs and low make it a very exciting ride. A successful business doesn’t happen over night, it takes a lot of work to get the right business model. Once you do, I’m told it get much easier.
Remember even with competition, there’s really enough work to go around for everyone.
What circles can you share your business idea with now to receive feedback? If you don’t have one, why not share your ideas in the comments below including why you think it’s a good idea. The community of this blog and myself will offer some feedback.