by Lina Martinez
Are you someone who has some fantastic ideas but doesn’t know what to do with them? Putting great ideas into action can be difficult, but in order to turn your dreams into the next best product or service, into something real, there are a number of necessary steps you need to take. Innovations such as social media and crowdfunding have meant that nothing is off limits and the opportunities are endless.
What is your goal?
First of all, the idea you have, does it solve some kind of a problem or fill a need? In order for your idea to be viable, you need to know what you want to achieve, what specific problem are you trying to solve? Try to be objective and look at it from someone else’s point of you. Put yourself in the consumer’s shoes and think about whether you would pay good money for this product or service?
Who are your customers going to be?
Do you know who your target market is? Who is it that you need or want to appeal to? What problem do they have that your product or service can solve? Do you know how much money they have? Where they live? How much education they have? What do they do for a living? Are they single or do they have a family? How much disposable income do they have? Where and how will they use your product? Hold a focus group to find out and make sure there is a market there.
One step at a time
You can’t go from an idea in your head to a successful business overnight; there needs to be small steps to build a business. Before you invest, create a prototype, build a minimum viable product or a prototype first, it could be a presentation or a sample of the product you intend to make to show your potential customers - just to make sure the idea works. Doing this could save you a lot of money as instead of spending a fortune only to find out that your product or service isn’t quite right, it’s better to do it beforehand, get some feedback and make the necessary changes before it goes to market.
Where’s the cash coming from?
Do you need start-up capital to get this idea off the ground? If so, do you have some savings, or do you know people who will invest in your business? Do you need to go looking at Commercial Properties for somewhere to work? Look for funding or government grants that will support new entrepreneurs and recent graduates. Get up to date your taxes, find out what you can expense and what you can’t.
Remember, if this idea doesn’t work this time, don’t give up. If it’s time to cut your losses on one idea then so be it, but move on to the next project, take the experience and lessons with you on to the next and keep persevering.