How to turn an idea into a business
Do you have a good idea? Do you want to turn an idea into a business? Excellent, because in today’s article I want to teach you how to turn an idea into a business.
There are many ways to make money in this life, one of them is investing and another is creating a business.
HOW TO TURN AN IDEA INTO A BUSINESS
The first thing you should know is that turning an idea into a business is a whole process. This means that different stages are involved in the process.
Stages that I will show you next.
The first step to converting an idea into a business is to shape it.
You can not build a company without knowing that you are going to do it.
Usually, when an idea occurs to us, it is because we find some problem or unmet need.
The best thing at this point is to begin to analyze why that idea does not exist in reality. Maybe it did not occur to anyone? Can it be because it generates many faults? Maybe it requires very large resources or efforts?
The next step to turn an idea into a business is to pass it through a series of filters.
The first filter is to analyze if the idea is FEASIBLE.
What does it mean feasible?
Feasible means that the idea can be done or what can be done. That is some way to turn an idea into a business is not something outlandish, but it is possible.
The next step is to analyze if the idea is VIABLE
What does a viable mean?
Viable means that the idea can be carried out. This refers mainly to the processor the road.
In summary, to turn an idea into a business, it is essential that it be feasible and viable.
You may like this- How to turn your blog into a profitable business
The next step to turn an idea into a business is to see the degree of availability and usefulness of it.
What does availability mean?
Availability means that the idea, apart from being carried out, can be used in a short, medium or long term. This is related to viability.
What can be done, can be.
But at what time will that idea become a business?
After this, we must ask ourselves about the usefulness of the idea and this has to do mainly with the market or target audience.
What does utility mean?
Utility means that it really is something necessary for people. That your idea is really going to cover a need (or you can create it) but that assures you in a certain way that people will want whatever you are creating.
At this moment the idea is in the world of ideas.
So you need to start working on it to gradually materialize it and thus turn an idea into a business.
It is key in this stage that to that idea (or dream if you want to call it that) you start to put certain limits, controls, and analysis.
What I’m talking about?
I’m talking about the time to turn an idea into a business by defining goals, objectives, mission, vision and other elements.
Next, we will see each one of these elements.
The first step to really turn an idea into a business is to set goals for it.
I am a faithful believer that the best way to establish objectives, is using the SMART methodology.
This means that the objectives should be:
Have a time.
I recommend you then, to establish SMART objectives within your idea, to then be able to address a better strategy.
Your idea is brewing for some reason and that is why you have to capture that reason through the mission. That mission is what will tell people, what your business does.
How to write the mission of a company?
The best way to write the mission of your business is to answer the following questions:
- Who is part or compose the business?
- What is the purpose of your business?
- Why do what your business does?
- For those who do what your business does?
It is key that when writing the mission of your business, identify clearly that purpose or reason d’être of your business.
Finally, when converting an idea into a business, the mission has a key function.
It keeps you steady on the horizon without straying from the road.
The mission of your business helps you not only to show others your purpose but also to remind yourself of it and not deviate from that path.
# 7 – Create the vision of your business
The next step to turn an idea into a business is to establish the vision, the horizon you hope to reach.
What is the vision of a company?
The vision is a statement or a manifesto that indicates the horizon or where a company is headed. It’s like looking to the future and see how far you hope to go.
To have a vision is to see beyond what you can.
By having a vision you can free your imagination and carry your idea, even further.
The difference between the mission and the vision of a company is that the first say what you are, and the second where you want to go.
# 8 – Put together a business plan
The next step to turn an idea into a business is to start putting everything into a plan.
And this plan usually has a name that you’ve surely heard sometime.
It’s the BUSINESS PLAN
Why is the Business Plan important, Mariano?
The Business Plan helps you to clearly define what you want to do, how you are going to achieve it and what resources you need for them.
It is a document that encompasses the company from A to Z.
Moreover, nowadays the business plan is not only to shape your business, but it is a document that can help you get investors to convert your idea into a business.
Who has to put together the business plan?
At this point, I would like to give you personal advice.
It is not convenient for people outside the idea or business to build a business plan.
It is true, there are companies that can guide you or do all the work, but it is key that the people who developed the idea get involved as much as possible.
Then I will leave some links so you can move forward in creating your business plan, I hope you are useful.
Models of business plans
Below you can find an excellent compilation of 40 examples of business plans for different items
I hope you liked this article and that you have learned how to turn an idea into a business.
Remember that it is key to follow all these steps so that you can turn your ideas into reality and not only remain in dreams !!!