The average person has at least four or more business ideas. If you action these ideas effectively, they will turn into income.
By using your ideas to provide customers with solutions to meet their needs. This could be selling products or services.
Everything starts with an idea. It’s what you do with it that matters. Keeping them stuck in your head will not profit you unless you act upon them.
Ways to Put Your Business Ideas Into Action
- Research to Determine if You Have a Valid Business Idea
There is a saying in the bible, “A wise man built his house on the rock. But a foolish man built his house on the sand.” Which house do you think will withstand the torrential storms? It’s the one on the rock because it was built on a solid foundation.
It’s the same with your business. Thorough planning and research are the foundational stages to start implementing your idea.
Rushing in head-on without finding out if there is a market for your product or service is a waste of time. Find out the needs of people by carrying out market research.
“Failure to do market research before you begin a business venture or during its operation is like driving a car from Texas to New York without a map or street signs,” says William Bill of Wealth Design Group LLC in Houston. “You have know which direction to travel and how fast to go. A good market research plan indicates where and who your customers are. It will also tell you when they are most likely and willing to purchase your goods or use your services.” Source
Market research is one part of the building blocks of your business. There are various ways to do this. You can go out and speak to people directly by sharing your idea for a business. Conduct an online or offline survey. Or, hand out questionnaires to the public.
The internet is another useful tool. Use it to research and get information about your competitors. By the way, a little competition is healthy. Don’t let that put you off. It proves there is a need for your product or service. Make your business different. Develop a unique USP (unique selling point) to stand out from your competitors.
In addition to the above, ask yourself a few vital questions…
- Who will buy my product or use my service?
- What problems will I solve using my business idea?
- Who is my targeted customer?
- Is my idea developed enough to compete against my competitors?
- Will I set up as a sole trader or a limited company?
- Will I work from home or rent out premises?
- Where will I get funding to buy equipment for my business?
- Do I have enough knowledge to turn my idea into a successful business?
- Have I got a clear vision to help prepare a business plan?
- Are there any financial risks involved?
The answers will help give you a bigger picture to support your business idea. And write your vision down.
- Start out Small
If your business blows up too quickly, it might also die quickly. This seems like a contradictory statement because you want it to grow. However, imagine within six months it takes off extremely well. Are you able to cope? Will you have the staff to help you manage? You don’t want to burn yourself out. Remember, you have a personal life apart from your business life.
These are some of the reasons to start small…
Gather experience: If your idea is not something you’ve done before, develop the appropriate skill. Maybe you want to start a food business, but you’re not a good cook. Learn how to cook. Practice. Ask someone to teach you. Take a cooking course.
After you’ve mastered cooking the food you plan to sell, start at home. Sell to local people, friends and family. When your small home cooking business starts growing, move into a café, takeaway shop or restaurant. Take little steps and move up the ladder. You will be in a better position to control the growth of your business.
Invest in your business: Learn from the masters. Whatever business you’re planning to start, someone else has done it before. Get a coach, a mentor or take a course. You will have to invest some money to do this. But it will be worth it.
Sir Richard Branson, who struggled to get his idea, Virgin Atlantic, to manifest said, “It’s always good to have a helping hand at the start. I wouldn’t have got anywhere in the airline industry without the mentorship of Sir Freddie Laker [founder of Laker Airways]. Now, I love mentoring young entrepreneurs. As American author and businessman Zig Ziglar said: “A lot of people have gone further than they thought they could because someone else thought they could.” Source (http://www.thesun.co.uk/sol/homepage/mens-fabulous/5276293/Sir-Richard-Branson-the-knowledge.html)
Monitor progress and observe what is working and what isn’t: Doing this will highlight the benefits your ideas are producing. Or show you what isn’t working.
Set specific goals and SMART targets (specific, measurable, achievable, realistic and time-related) to measure and monitor progress. Continue to review your goals. Make this an ongoing process.
Look at the sales, profit and loss of your product or service. If you’re making a profit, this is good. If not, figure out what’s not working, change or improve it.
What can you learn from your competitors to implement in your business? Don’t steal ideas, however. Use them to enhance your own.
Starting out small with your business idea will require less capital. Also, if you lose money initially, it will be on a lower scale.
- Teach Someone how to do Something
What skills do you have that someone else can benefit from? Are you good at giving advice or sharing your knowledge, such as consultancy (coaching business), driving (driving instructor), cooking (teaching people how to cook), blogging or writing (creating online courses/writing eBooks)? These are just some ideas of how you could tutor and earn money.
There are many people keen to pay someone to learn and master a new skill. This is a great service to offer. You will earn money while helping another person turn their idea into a business venture.
Having solid business ideas can be life-changing. Nevertheless, turning them into a lucrative business requires a lot of work.
Running a successful business and generating regular income will call for these qualities:
- Vision – Your vision is the mental picture of your business idea. It’s your step towards putting your goals into action. A vision defines the core values. It will guide you and keep you on track.
- Self-belief – Running a business means stepping out of your comfort zone. Sometimes you have to take risks and try new ideas and put new strategies into place. Therefore, self-belief is important. Never doubt your capabilities. Develop an I can do it Reward yourself when you achieve a goal. This will motivate you.
- Determination – Without determination, your business won’t grow. If you’re determined, it’s more likely to be a success rather than a failure. Determination will push you to the limit. But, you will give your all and not quit when the pressure kicks in.
- Flexibility – Be prepared to adapt your business to environmental changes. Embrace latest trends such as updating your website to make it mobile and user-friendly. Technology is constantly changing. Your business must reflect these changes in order for it no to be outdated.
- Self-discipline – Discipline will be your rock when things are not going well. It will give you the power to push harder and work towards your objectives. Discipline will turn your ideas and dreams into reality. It will set you apart from the others.
- Motivation – Mary Kay, founder of one of the largest and most successful cosmetics business said this, “You can go as far as your mind lets you. What you believe, remember, you can achieve.” Your dream will help keep you motivated. Remember the reason why you started your business in the first place. Recall the rush of adrenaline you experienced when your business idea became a reality. Create a network of like-minded people around you for support.
- Dedication – This will drive your passion. It will make you want to get out of bed when you’re tired. And work on your business even when you don’t feel well. Dedication will keep you focused on moving forward. If you want a successful business, you’ll do all you can to make it work. Dedication will help you get there.
In conclusion, many people have business ideas. But at the end of the day, only the ones who are prepared to do the work it takes will become successful. Passive Ideas won’t get you very far. Implement your ideas and watch them take shape into a fruitful future for you.