Turning an idea into a business
Learn how to turn your idea into a business in less time than it takes to make a cup of tea.
Lots of budding entrepreneurs catch themselves thinking ‘So I have an idea… now what?’ Fill up the kettle and turn her on, because by the time the water’s boiled, you could have the makings of a great business bubbling away.
In this three-minute read, we’ll teach you five things that will help you turn your idea into a fully-fledged business.
Starting a business might seem like a scary, overwhelming challenge. And it can be – but it can also be an incredibly rewarding venture, both personally and financially.
So take a deep breath and dive into the world of entrepreneurism. Don’t worry, we’ll be here to hold your hand every step of the way.
You might even find that the path to success is a lot simpler than you might think, if you take it one step at a time.
And you already have a business idea… congratulations! You’ve mastered your first challenge in becoming an entrepreneur. But to turn your idea into a business, you must first figure out if your idea is even viable.
Here are five questions you should be asking yourself before you decide if you’ve got a golden idea.
1. What’s the need you’re fulfilling for your customers?
Businesses exist to help solve problems for people, so one of the first things you should be asking yourself is how your idea is going to help your customers.
Whether it’s a cheaper way for them to travel or a fun, new place to go on a Friday night, you need to be crystal clear in terms of how you’re helping them.
2. What current alternatives already exist?
Chances are, some solutions already exist for the problem you’re trying to solve.
But don’t throw in the towel just yet! Just because other solutions exist doesn’t mean customers won’t want to buy yours, too.
Understanding what other choices your customers already have will help you understand if there’s room in the market for your solution, too. That will help you develop a better product or advertise it more strategically.
3. What’s better about your solution?
Knowing how your product or service is better than your competitors’ is worth its weight in gold. Literally.
Knowing what makes your business stand out will mean that more people find out about your business, which will (hopefully) lead to more money in the bank.
If you don’t think your idea is better than your competitors’, then ask how yourself how you can make it so. Sometimes the little one percent differences go a long, long way!
4. How can you validate your idea?
Ideas are just theories until you test them. The next stage of turning your idea into a business is getting real evidence that your business will make money.
There are a number of ways you can do this, and you can learn more about how to carry out market research here.
And if you can’t find enough evidence to prove that your idea will work, don’t be afraid to go back to the drawing board – changing and adapting your idea is almost always necessary when building a successful business.
5. How will you execute your idea?
Once you’ve been able to prove that your idea is viable, it’s time to bring it to life.
Think about what you need to do to develop your first product or carry out your first service.
Who will your first customers be? How much money do you need to make your minimum viable product and deliver on this first sale?
All of this happens in the execution phase. Once you get here, congratulations! You’re well on your way to success.
Top 3 takeaways
- The first step to building a business is coming up with an idea
- The next step is finding evidence to support that your idea is viable.
- Don’t be afraid to change your idea or evolve your business if that’s where your research is guiding you.