Everyone has stunning business ideas but just having a mere business idea is like a ship in the harbor. Most individuals are struck with a business idea and don’t know how to move ahead and climb the ladder of business actuality where that business idea will get validated. Initially, you have a business idea and you prepare a business plan for it. This business plan further needs to be demonstrated by investors. Therefore for turning a business idea into reality you need to answer the question of how to pitch a business idea which will have a problem and solution briefly explained.
There are several reasons why a business fails but it is mostly because of poor planning. The solution I recommend is to move forward and take that business idea and break into specific goals and milestones that will help to measure the progress and then a track record can be maintained.
Let’s see how we can make it possible to turn a business idea into the next multi-millionaire company.
1) Research market and start paperwork:
Individuals are pumped up with their business ideas and think that it is a full proved successful idea, but is there a market for it? It happens with many businesses launch, only to find someone else has already had the same idea. Or the potential market is so small that the income source is quite less. That’s why you need full market research for your idea and the market to ensure your idea is going to be successful and get you the money.
There are different market dynamic which helps to figure out market research like SWOT analysis, Porter 5 forces model, DRO’s, BCG matrix, etc. These dynamics will give your strong output and will help you to get answers to the following questions
What is the demand for your idea?
How much will the audience buy my product?
If it is a service, who will use it?
Who else in the country already has the same business as mine?
Are they successful?
How much price should I keep to beat my competitor?
These answers will make a business idea to move the ladder up and you will get to see some pictures for your business. Even if it’s only less amount of data you should start recording PowerPoint slides or typed paragraphs in MS Word. Ultimately writing something down is the baby step to start with to make it real. Also, you will have all data which might require in the
2) Creating a network for sharing the specific plan to get help:
Though it is said that a single person can start a business but it is time-consuming and you lack a lot of opportunities. If you need funding then create a list of people you know who might help, if you need an advisor for starting a business make a list of it. Having a network is always beneficial as there are more people and more new ideas. If you don’t have a network then you need to attend specific business events where you can meet new businessmen and pitch your idea to them and get started. Certain businessmen are genuinely looking for a partner to start a new business, these events are the best place to meet your future partner or building a network for your business.
3) Positioning your product/service:
Now you have ascertained that there is a market for your idea. So it’s time to prepare your position for your business. You need to understand that consumers have a very tight attention span to know new products/services because they are already using some other product/service so you need to be an attention seeker. You have 30 seconds to showcase your idea to consumers this will make consumers into a potential customer.
Always start with the advantages. What your product or service will look like. How it will satisfy them. Explain it in language that your target customers would like to give it a shot.
When MasterCard came they didn’t come with an approach to use our card they introduced themselves as “There are some things money can’t buy. For everything else, there’s MasterCard.” The audience understood the company’s intentions immediately. So now if you have a slogan try it with Family and friends or on the social media platform.
4) Source of capital:
Entrepreneurs generally don’t start with just money, but yes some amount of capital is required to start with. There are various sources for capital raising like self-funding, taking capital from the business network or friends, credit cards, loans, etc. Well, it depends upon the amount. There are certain angel investors and venture capitalists who are always looking for new business in which they can invest in and take profits are their income. To be honest, choose whatever source you want but remember each source has its pros and cons.
5) Brand building:
The most successful businesses are recognizable in many ways: Name, logo or slogan, and so on. These factors help to build goodwill for the company. You don’t have to be a big company to be known worldwide. Therefore you can build a quick new brand that catches recognition.
For eg: Amazon has a logo that has the arrow pointing A to Z. From the logo, they want to show that they have all the products. Other companies are easily known by their logo like KFC, Pizza hut, etc. So if you’re traveling you can easily see this logo and you know that these outlets are close enough.
This way you can develop your brand personality by making your product or service as a unique identity.
6) Start the business:
After considering all the above steps right from doing market research, creating a business network, positioning in the market, finding the relevant source of capital, and brand building you can now make that business idea into business reality. Once you go live all practical work starts and with daily new challenges the experience you’ll be getting is truly helpful. Always be persistent and determined for the goal. Patience is what you need to turn a business idea into reality.
For aspiring entrepreneurs, business owners and freelancers business ideas will not turn into businesses. It does not matter how hard you worked but if someone builds and executes a business plan with specific milestones that person will be successful. Actions speak louder than words so stop dreaming and start executing.