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.
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.
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?
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!
Latest posts by Money Nuggets (see all)
- 8 Simple Ways to Keep Fit On a Budget (Gym Membership Not Required!) - January 15, 2020
- How to Set Powerful Financial Goals - January 1, 2020
- 15 Smart Financial Goals to Set for Yourself in 2020 - December 31, 2019