After a long struggle to get a favorable idea for your business, the real challenge is yet to come. Of course, the idea generation is a crucial step, but it is not all enough for the newbie. Now, instead of juggling between the future possibilities, it is time to focus on your action i.e. convert your dream idea into a reality. “A dream doesn’t become reality through magic; it takes sweat, determination and hard work” as spoken by Colin Powell. Here are some steps to give you an insight on how to execute your idea.
Also read: Top 5 simple steps to generate a wonderful business idea
Share it with your group or attend the start-up programs
“You are the average of the five people you spend the most time with.” – Jim Rohn, American entrepreneur, author, and motivational speaker
As a beginner, your business idea is perfect according to you but what about the world? Building your dream business is far away if you don’t discuss it with others. Take your time to have a chat with the knowledgeable and interested people who will help you to take your mind towards the right path.
Additionally, the startup programs are also a great way to learn how to create your business plan and pitch it to investors.
Seek help from the supportive business mentor
“Mentors have a way of seeing more of our faults that we would like. It’s the only way we grow.” – George Lucas, American filmmaker, and entrepreneur
Sometimes it becomes essential to take advice from another person, but it is difficult to find the one who can help you in a positive way. However, it is a fact that a mentor acts as a counselor and rectifies your mistakes, but he must be friendly too. As many entrepreneurs are successful in their business after following the path guided by the experienced person, you must share your idea with the adviser who will mold your business dream to the right direction.
Also read: Which is the best startup idea
Look for the trusted co-founders
“Entrepreneurship is a team sport. One person can do only so much.” – Steve Case, Co-founder and former CEO of America Online (AOL)
After getting some suggestions from the mentor, it’s time to find your business partner whom you can easily rely on. Having a cofounder will help you distribute the work stress, solve the problems more effectively and most importantly share the startup cost and other expenditures.
Research the market to find your probable customers
“Get closer than ever to your customers. So, get close that you tell them what they need well before they realize it themselves”- Steve Jobs, Former CEO of Apple Inc.
The next step is majorly devoted to the customers, as your services and products are all for them. It is imperative to research the market before you go ahead with the launch of your product. Market research will help you underst and the needs of your customers, identify opportunities in the market, formulate marketing strategies and forecast sales. It will help you analyze your competitors and minimize business losses.
Design the prototype of your product
“I love taking an idea… to a prototype and then to a product that millions of people use.” – Susan Wojcicki, CEO of YouTube
After concluding the market research, it is time to launch your first MVP i.e. Minimum Viable Product. The “prototype” of the product is named as MVP. A prototype helps you underst and the interest and taste of the customers and also attract investors. One can also share this prototype with his friend’s group and family as well. However, it is important to keep the cost of the prototype as low as possible.
Look for the fundraisers or investors
“That’s the secret. Convince yourself that your startup is worth investing in, and then when you explain this to investors they’ll believe you”- Paul Graham, venture capitalist
Have faith that your business idea is perfect and share it without any confusion. The market is full of investors who are eager to invest if you can take them in your confidence. Contact the potential investors or companies who can join their h ands with you and feel free to communicate your vision behind the business idea. However, accelerator programs are another choice for easy access to funds.
Choose the precise location for the launch
“Start where you are. Use what you have. Do what you can.” – Arthur Ashe, tennis player
This is a very crucial decision for every business or startups to choose the location and work area of the business. Even if you want to get established globally, you must begin with the right place and location according to the feasibility and requirement of your services or product in that specified area.
Get a website
“If your business is not on the internet, then your business will be out of business” – Bill Gates, Co-founder, Microsoft
The market is full of competitors. Thus, it is important to promote yourself through various marketing techniques and right now, online marketing is a major option to choose among them. With the help of your own website, you can connect to your customers and gain their attention towards your business.
Follow different marketing techniques
“If I was down to last dollar of my marketing budget I’d spend it on PR” – Bill Gates, Co-founder, Microsoft
Marketing helps to build your br and’s image and reputation in the market. Marketing is a combination of advertising, PR activities, sales, and promotional offers. It will help you reach the right customer and increase your sales.
Launch and managing the business
“No business in the world has ever made more money with poorer management” – Bill Terry, Major League Baseball first baseman and manager
Once the above steps are dealt with, it is time to launch your business. While launch, take care of the timing as it can greatly determine your success graph.
Even after working on the whole path, never lose focus of objectivity of your business and the required output from the business.
Be prepared for the feedback and something new
“There is no failure. Only feedback”- Robert Allen, American businessman
Don’t forget to take feedback from the customers. Consider the feedback and take it positively even if the result is negative. Remember, feedback is essential for further improvement and to know that what is lacking in your services or product?
So, running a business is not like a cup of tea and it requires lots of hard work and planning. Most of the business owners fail to take the business to the right direction. You must not forget the fact that getting started with your idea is the best way to establish your dream business. Follow these major steps to turn your business idea into a great reality.
Also read: 10 significant reasons for writing down your business idea
