Great ideas come to us when we least expect them. You could be in the shower one morning, sitting on the bus, or out in the countryside having a walk and a genius idea can slap you in the face and knock you for six.
When you have a great idea for a new product or service you might want to try your hand at turning it into a business and capitalising on it, and we wouldn’t blame you. But how do you convert a great idea into a viable business?
1] What problem are you solving?
If you want to make a bright idea into a business venture you must first ask yourself what problem you will be solving for your customers. What in their lives can you help to aid them with and make more efficient?
The key to any successful product is what it can offer to the people who buy it, so make sure you have a solid answer for this before you move on.
2] Who is your target market?
Once you know what your product is and what problems it can solve, you can start working out who your target audience is.
For example if the product is something which can help your remove weeds in the garden, your target market will consist of homeowners and not youngsters. Decide who your product will be most useful to and then you can set about creating an identity for yourself.
3] How will you brand yourself?
Branding is the key to success in any business, and if you don’t have a memorable brand you will be lost in a sea of startups. Branding will consist of a company name, logo, colour scheme and tone of voice which you use for your content.
You can look up online how to brand your business here https://www.inc.com/carbonite/brilliant-ways-to-brand-yourself.html and you will be able to get lots of handy tips on how to grab your audience’s attention.
4] How will you fund it?
Funding for your business is the first hurdle you will face and it is often the biggest mountain you have to climb when coming up with a viable business plan. To be a success in the business world you need money, and money will come from a number of sources.
You could save up your own money and use that, you could take out a loan like this https://smallbusinessloans.co/working-capital-loans-small-business/, or you could crowdfund and get the community to help you pay for your startup venture. Make sure you research the different methods of making money and be sure to choose the right one for you.
5] Will you hire help?
Will you go it alone or hire someone to help you out? This is often a big question when you start out your business because it will be a case of either being a sole director or being in a partnership with another person.
Decide what skills you have and whether you require anyone else to help, and if you think you do, choose someone you trust such as a partner, friend or family member.