Turning a Business Idea into Real Business
Turning a Business Idea into Real Business
What’s the Plan?
Without going into the nitty gritty of business plans, the point here is that even though they are boring, hard to do, and take forever, a business plan is a crucial first step to success and entirely relevant. Skipping doing a business plan is stupid because it flirts with failure where there is no need.
Research, Research and a little more Research.
This is another bit that people sometimes stupidly leave out. You may think that you have reinvented the wheel but will anyone buy this fabulous new product? The best ideas unfortunately don’t always equate to the best businesses and often its just a slightly different slant on already proven concept that works best. Experience, costs, customer needs, competitors, delivery times, importers, distribution and compliance, these are the sometimes unforeseen factors can make or break whether your business baby.
Talk to as many people in the know as you can, potential customers, industry experts and businesses that already deal with your target market are all ideal sources of information. Carry out detailed surveys, post on blogs and business forums in order to get as much advice as you can and don’t panic if you get negative responses rather take the advice on board and continue to refine your idea till it works. Here is a useful article that deals with researching your business concept.
S.W.O.T. on it
No, I’m talking about hitting the books here but rather where you identify the strengths, weaknesses, opportunities and threats of your potential business. Click for Free SWOT pdf template. Run one on you, the business, partners, competitors, markets and products and make sure to write it down.
Knowing your weaknesses at this stage is often the most valuable piece of information you can have because you will have identified where you may need future help and where failure is more lightly to rear its ugly head. For the cocky buggers among us, remember thinking you have no weaknesses is in fact the biggest weakness of all.
U.S.P. : Unique Selling Proposition, What is it?
So this bit should be easy, right! What makes you and your product different from the competitors?. Remember, It doesn’t necessarily have to make people gasp at the though but it should be unique and most importantly it’s got to be something that your potential customers will want to buy.
This will be the most readily piece of info to grab the attention of prospective customers. Think of your USP as your soldiers in the trench, your first line of attack and the stick you use to beat your competitors.
Marketing, How are you going to get your Message OUT THERE?
OK so now you got to figure out how you are going to get your message to potential buyers. There are 101 ways to do this but which one is right for you. Obviously budget dictates to large extent and while some forms of marketing cost a lot and others don’t cost a penny, cost will not always be an good indicator of value particularly when it comes to a non science such as marketing.
For the majority of first time entrepreneurs, marketing simply means getting out there and meeting lots of prospects so having some presentation and selling skills will make a big difference.
How Deep are Your Pockets?
The amount of money you have to spend while not the bee all and end all is pretty still darn important, in others word, the more the merrier. What is absolutely crucially critically more important however is how wisely you spent it. For now your focus should be about promoting and marketing your new business and products so as to generate as many sales as it possible. A swanky new laptop, top-notch furniture and an office in a nice part of town can wait till after you have made your first million.
And finally make the Jump.
This is often the biggest obstacle, the fear of the unknown, the leaving a good job, the mortgage repayments. Its time to stop thinking and start doing. There will never be a perfect time or the perfect launch so sooner rather than later you just gotta trust in yourself and jump.
Turning a Business Idea into Real Business - To learn more about this author, visit Niall Devitt's Website.
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Everyone at one time or another has had an idea for what they thought would make a great business, however only a very small few ever end up turning this idea into reality. So what then are the most important bits of turning your idea into a viable business?
What’s the Plan?
Without going into the nitty gritty of business plans, the point here is that even though they are boring, hard to do, and take forever, a business plan is a crucial first step to success and entirely relevant. Skipping doing a business plan is stupid because it flirts with failure where there is no need.
Research, Research and a little more Research.
This is another bit that people sometimes stupidly leave out. You may think that you have reinvented the wheel but will anyone buy this fabulous new product? The best ideas unfortunately don’t always equate to the best businesses and often its just a slightly different slant on already proven concept that works best. Experience, costs, customer needs, competitors, delivery times, importers, distribution and compliance, these are the sometimes unforeseen factors can make or break whether your business baby.
Talk to as many people in the know as you can, potential customers, industry experts and businesses that already deal with your target market are all ideal sources of information. Carry out detailed surveys, post on blogs and business forums in order to get as much advice as you can and don’t panic if you get negative responses rather take the advice on board and continue to refine your idea till it works. Here is a useful article that deals with researching your business concept.
S.W.O.T. on it
No, I’m talking about hitting the books here but rather where you identify the strengths, weaknesses, opportunities and threats of your potential business. Click for Free SWOT pdf template. Run one on you, the business, partners, competitors, markets and products and make sure to write it down.
Knowing your weaknesses at this stage is often the most valuable piece of information you can have because you will have identified where you may need future help and where failure is more lightly to rear its ugly head. For the cocky buggers among us, remember thinking you have no weaknesses is in fact the biggest weakness of all.
U.S.P. : Unique Selling Proposition, What is it?
So this bit should be easy, right! What makes you and your product different from the competitors?. Remember, It doesn’t necessarily have to make people gasp at the though but it should be unique and most importantly it’s got to be something that your potential customers will want to buy.
This will be the most readily piece of info to grab the attention of prospective customers. Think of your USP as your soldiers in the trench, your first line of attack and the stick you use to beat your competitors.
Marketing, How are you going to get your Message OUT THERE?
OK so now you got to figure out how you are going to get your message to potential buyers. There are 101 ways to do this but which one is right for you. Obviously budget dictates to large extent and while some forms of marketing cost a lot and others don’t cost a penny, cost will not always be an good indicator of value particularly when it comes to a non science such as marketing.
For the majority of first time entrepreneurs, marketing simply means getting out there and meeting lots of prospects so having some presentation and selling skills will make a big difference.
How Deep are Your Pockets?
The amount of money you have to spend while not the bee all and end all is pretty still darn important, in others word, the more the merrier. What is absolutely crucially critically more important however is how wisely you spent it. For now your focus should be about promoting and marketing your new business and products so as to generate as many sales as it possible. A swanky new laptop, top-notch furniture and an office in a nice part of town can wait till after you have made your first million.
And finally make the Jump.
This is often the biggest obstacle, the fear of the unknown, the leaving a good job, the mortgage repayments. Its time to stop thinking and start doing. There will never be a perfect time or the perfect launch so sooner rather than later you just gotta trust in yourself and jump.
Turning a Business Idea into Real Business - To learn more about this author, visit Niall Devitt's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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