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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How To Turn An Idea Into A Business
If you have an idea that you know would make a great business, how can you turn that idea into something profitable? Many people have done it in the past – look at any store and you’ll see products that were once just an idea that people now buy regularly. How can you do the same?
Rather than have your idea and do nothing with it, if you truly believe it could be something big, you’ll need to take some action. A lack of confidence at this point could be the difference between success and failure, but confidence comes with knowledge, so it’s crucial to find out what you need to do. Read on for some useful information.
Pick One Thing
A lot of the time, people get carried away when they have an idea. They start to think about how they can scale that product and create an entire business out of it. They wonder what variations they might be able to add, and then they might start thinking about different ideas on top of the original one.
If you want to turn your idea into a business, you’ll need to focus on one core product, to begin with. When you do that, you won’t be distracted by all the other ideas you’re having; these can be put to one side, and you can come back to them in the future once your initial idea has moved forward.
Get Your Idea Validated
Just because you think you’ve got a great idea, that doesn’t mean it actually is a great idea. You’ll want to believe it is, and you might even want to create an entire business out of it, but the truth is that you are not objective, and it will take an objective eye to determine what will work and what won’t.
To get this viewpoint, begin by having your idea come to life using prototype molding services from Protoshop. When you have a physical product to show people, it’s much easier for them to understand what it is and what it does. Don’t just show this product to friends and family either; they will often want to please you and may say it’s a great idea even if they’re not sure about it. Ideally, you should show total strangers, perhaps at an exhibition or through a market research plan. Their feedback will be very useful, as they will tell you not just what’s great about the product but what can be improved. Using this information, you’ll know whether the idea is a viable one or not, and if it is, you’ll also know what changes to make to ensure it’s even better and that people will want to buy it.
Marketing The Product
Once you have a fully workable idea of what you’re making and you’ve done enough market research to ensure that it’s a good idea, it’s time to start marketing the product. You can do this in a variety of different ways, but social media is often a good place to start. Not only is this free (or very inexpensive), but it’s also where you can reach the largest number of people. Your market research should have told you where your target market spends their time, so focus on that platform, to begin with, and expand where and when you need to.
Marketing can also help you find larger clients, perhaps those who might like to stock your products in their stores, for example. It’s wise to have an expert with you for negotiations, whether that’s a business mentor or an attorney, for example, to ensure you’re getting a good deal.
Now you know how to turn an idea into a business!
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