How to Turn Your Idea Into a Business
How many times have you said to yourself when a new business is born ‘I thought of that!’ For many of us the answer is too many and if you have a business idea which you think could be a success then you need to act quickly and turn that idea into a business. I remember a buddy of mine in college some 10 years ago telling me about a taxi service idea which would operate from a smartphone, he did nothing about it and then boom, 5 years later Uber comes out and blows the market away whilst my friend watches on from his 9-5 office job.
There are a string of successful people like Lloyd Claycomb who actually delivered when it came to setting up a business based on their bright idea and here what you need to do to follow in their footsteps.
The first thing that you need to do when looking to create a business is believe that your idea has what it takes and that you too have what it takes to become a success. Much of the reason why people don’t follow through on their ideas is because they are scared of failure so they never even try. Before you start with anything else, you need to adjust your attitude and mind frame to one of success.
Research, Research, Research
In this early stage you need to do a vast amount of research, you will need to research your target market, look into suppliers, production, packaging and logistics, you need to understand who your competition will be and how you can beat them as well as looking in to how much money you will need to get the business off the ground.
Regardless of what your business idea is, you are going to need some money to get it started and once you have researched how much you are going to need, it’s time to go get it. There are a few options available to you here, you could look into a bank loan, apply for grants or look for investors who like your idea. For all of these methods of getting money, you will need a solid business plan which clearly maps out how you will turn the business idea into a functioning and successful business.
Just Do It
Much like the Nike slogan, the key to starting out in business is just to go for it. Too many people sit on their hands instead of kickstarting their business or spend far too long trying to minimize any future risks. It is definitely important that you spend time on research and seeking finance but it is also important to get started sooner rather than later. The fact is that you are bound to make some mistakes when you first start out and these are going to be important because you need to learn from them in order to be a better business person. Stop waiting around and go after that business!