How to Turn Your Idea into a Business

how to turn an idea into a businessYou’ve just had an amazing concept for a new business, but it’ll never happen, right? After all, how can you realistically turn an idea into a business?

Is it even possible to develop a fully-fledged, profitable enterprise out of a single, inspirational thought?

It’s important to remember that even the largest international companies once started as a basic idea. Ideas are what make businesses – and there’s nothing to stop you achieving the same.

However, there are some fundamental things you’ll need to bear in mind if you really want to succeed. Here’s a guide to help you.

Ideas are what make businesses – and there’s nothing to stop you achieving the same.Click To Tweet

How to Turn an Idea into a Business

1. Get A Plan in Place

Every good entrepreneur starts with a plan. A good business plan will help you identify where you want your company to be in one, three and five years – and will also show you how to achieve your goals.

It’s a vital stage, so if you need help from a professional business advisor, make sure you get it. Otherwise, Gov.uk has some useful templates and samples to help you.

2. Assess How Much You Can Give

Before moving forward, ask yourself how much time, money and effort you can realistically devote to this venture – as start-up companies are like babies, they require a lot of each!

Rest assured, it is possible to set up a business whilst working full-time and it is also possible to start a business with little or no money, but it takes a lot of juggling and a serious amount of dedication.

For more information, check out our handy guide on how to start a business with no money.

3. Spot the Problem

The best business ideas solve problems for customers. You only have to look around you for real-life examples. Gillette became a market-leader for razors, because they developed a blade that was less abrasive on the skin.

Innocent Smoothies achieved success, as they realised people wanted drinks which were more natural and free from additives.

Before you get started, ask yourself this important question – how does your business idea solve a problem?

And – just as vitally, do any other existing businesses already solve the problem successfully? Is there room for you in the existing marketplace?

The best business ideas solve problems for customers.Click To Tweet

4. Identify Your Market

You’re ready to turn an idea into a business – but who is going to invest in your products or services?

It’s important to know your market right from the start; as your entire business plan should be tailored to appeal to them. After all, if they don’t like your business, you haven’t got a business.

Find out as much as you can about your target consumers – their buying habits, where they look to find companies like yours, and what convinces them to buy.

Conducting market research is putting your customer first. Market research will help you understand your customers, their needs and how they want their needs met. You will be amazed just how much your customer’s opinion could affect and/or change your plan – but it’s usually worth the hassle.

You can also use the result from your findings to create a marketing plan for your business; thereby creating a strong foundation from the outset.

Conducting market research is putting your customer first.Click To Tweet

5. Build A Brand

You’ll need a great brand if you want your business idea to flourish. Customers fall in love with brands as much as they do products. The greatest brands are simple, memorable and distinctive.

Brands have personality, and they represent themselves consistently at all times. Perhaps most importantly, they have a key ethos that drives everything they do. Just think of Nike’s ‘Just Do It’ – which powers the entire company, from product development to social media marketing.

Can You Really Turn an Idea into a Business?

Short answer? Yes, you can! Even top entrepreneurs like Anita Roddick, Arianna Huffington and Richard Branson started with just a single idea. However, setting up any business requires careful planning; not to mention a lot of determination.

Remember, there is plenty of support available for start-up companies. Moneywise have a useful guide on financing; or alternatively, you can explore the option of working with Business Angels. Gov.uk also has some useful tips and advice.

Have You Turned a Single Idea into a Successful Business?

Starting up a new business can be daunting. However, many start-ups are thriving in the UK, so there’s obviously plenty of people giving it a go! So can you.

If you started a company from a single idea, tell us about your experiences. Did you find it tricky to get going? What advice would you offer other people who are about to do the same? We’d love to hear from you!

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9 Comments

  1. Great post and tips – I have had my own businesses of one type or another most of my working life. I love working for myself. Kaz x

  2. I have a plan and am slowly working on it and am part way through this process. Thanks for sharing. This is a really useful post for me. Angela from Daysinbed

  3. Great tips. I have had loads of ideas over the years and it truly does take dedication to follow through.

  4. Fantastic advice here! It’s so easy to just wade into setting up a business without planning it properly, but that’s how you run into trouble!

  5. Fabulous tips. I think one of the things that we forget to do is be really honest about what we can dedicate to a new venture. H x

  6. Setting up a business is tricky work and in a way blogging is a business. While I might work other jobs on the side, being a blogger makes me an entrepreneur and I am always figuring out ways to monetize and generate profit.

  7. Sarah Ella (Mumx3x) says:

    Great tips and advice. Getting a plan in place is really the key! I think you certainly can turn an idea into a business, plaything is possible if you put your mind to it! Great post.

  8. Kerry Norris says:

    These are all fab tips. Shared it with my hubby as he has lots of business ideas x

  9. I’m doing this at the moment. A very helpful post to read. x

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