Updated: Feb 8
A simple and easy to follow guideline to bring your business from an idea to reality.
Humans are natural creators. Besides our ability to reproduce, we have cognitive functions that allow us to change our environment and circumstances in a big way. Pretty exciting, right? And now, post Covid, we are in age of technology that allows startups to reach a broader audience as never before seen. The internet is truly the new gold rush frontier in this aptly named age of the Entrepreneur. Here we will talk about the key five steps (Concept, Research, Plan, Execution, and Maintenance) to bringing your idea from paper to an actual business.
Grab your laptop or phone and follow along because we are building a business.
Step #1 - Concept
Ideas, we all have them. But how do we sift through our many ideas through the day and note which ones have success potential?
First off, always make sure to write the idea down. I personally keep a small journal in my bag that I write my ideas for content or businesses in as it strikes me. Never carry a bag that is okay, make a notes section in your phone to jot down those creative juices. DON'T JUDGE IT! Just get it out to begin with.
Next, we refine the idea through an analysis structure that I call the sales pitch.
A. Does is fill a need? As a product or service this should be something that has to with food, health, shelter, or safety. If it feeds a basic necessity, then the urgency to buy is higher. If it is a secondary need like; automation, making something easier and more accessible, marketing, or education those are big sellers as well.
B. Who is our demographic? Who would use this service or buy this product?
C. What is the overhead? Overhead in business is essentially operating costs. You would need to make that initial money spent before you can profit. Do you have money to start this? Get exact amounts to compare in price point of how this service or product does on average.
After this line of questioning, we should have at least narrowed down a couple of ideas.
Step #2 - Market Research
Market Research is essential in predicting the success of the business in a real way. Google what this product or service averages as far as annual income or profit (keep in mind any overhead expected).
Look at your competitors. It's rare to have an original idea these days. If there is a comparable product or service, you have to have something that makes you stand out. Maybe it's your niche or quirky branding? Maybe it's your target demographic. Either way, you can always learn from your competitors' successes and triumphs. Scope out their reviews on Google, Yelp, Amazon, and App stores. What do customers like about it, and not like about it? Have you used this product or service; how could it be improved to meet your own needs.
Compare pricing. a good business practice is to charge 2-3x the amount it costs you to produce the product or service. Factor materials and time. What is the average cost of this price or service? How can you justify your pricing to your consumer? What is the average extracurricular budget of said consumer?
Step #3 - Business Plan
Now that we have established the concept, consumer, and price; it's time to build our business plan. A plan important to achieve any goal, but this is especially important for legitimizing your business. Make sure you patent or trademark your idea before going past the business plan. You can Google business plan templates, and I'm fairly certain they have templates for them on Microsoft Word and Publisher.
In this plan you will name your business and establish your brand. You will identify your target demographic and observe the need for your service or product. This plan will itemize overhead costs as well as estimated profits. You will Establish how you will market to your consumer (social media, Facebook Ads, Google Ads, Word of Mouth...etc.)
Step #4 - Execute
The Good Book says, "Faith without work is dead."
This is where the faith in yourself and your business is backed by action. This starts with securing your headquarters whether that is at home from your computer or a brick-and-mortar business. Create a logo for your brand. Canva is a free website where you can make such marketing for little to no cost. Set up your official website. Even with a physical business you need to have an online presence. Establish your social media. Hire your team (if needed). Secure inventory and establish a shipping line. create your marketing strategy with your online presence and reach out to possible customers in your own line of reach. Get active in your community and get foot traffic for your brand.
Step #5 - Maintenance
Business, like life, doesn't stop at the finish line. Your brainchild will require your attention, nurture, and care. Keeping inventory, updating content or products to keep interest, following and tracking trends. Is this something you want to do yourself or pay a third party to do so? What is the common rate of pay or cut that should be extended to such management? Ten to fifteen percent is the common cut of a management team. What about expansion? Is this a repeatable business model that you could franchise?
Moment for Momentum
By you finishing this post, I believe, you are clearly ready to make big changes in your life. It's time to implement these five steps: Concept, Research, Plan, Execution, and Maintenance, not just in your professional but your personal life. I encourage you to not just close out of this article. I encourage you to act, while the motivation and energy is high, ACT! Give yourself just 2 minutes jot a couple of ideas or at least sales pitch some that you have. Get the ball rolling! If you have comments or questions, I encourage you to comment below or reach out on my social media. If this helped or struck a chord, share this with your friends and family. If you want some more personal one on one coaching please look to my services page where you can book a one-on-one personal consultation. Resources are here and ready at just a click of a button, all you have to do is act on it.