Entrepreneurs Can Bring Their Ideas to Life With These Steps
Turning a great idea into a successful business requires quite a few steps, including coming up with a solid business plan and researching your competitors. It’s also important to learn all you can about your customers and their needs; where do they typically shop? Is there a gap in the market that you can fill for them
Luckily, there are countless resources available that can help you reach your goals, so think about your immediate needs. Follow these steps from BuyAndSellABusiness.com to start turning your dream into a reality.
You Don’t Need to Start a Business to Own
Acknowledge that you may not need to start a business to own one. There are thousands of business owners looking to sell their well-established businesses for many valid reasons - from retirement, to health concerns, to wanting to start a new chapter in their life. Buying versus starting may not be for everyone, but it’s a viable path to ownership. Some top-level perks include: easier financing options (due to financial history), established brand, loyal customers and product-market fit. In summary, buying a business is cheaper, less risky and potentially just as profitable as the chase to start and build a “Unicorn”.
Learn all you can about your competition
Just about every business owner faces some form of competition. Even if you’re in a purely creative business, there will always be other makers who are vying for the attention of the same customers you want to attract. Learning everything you can about your competitors can give you some insight into what your next moves should be, so take a look at their websites, social media accounts, pricing, and even packaging. Once you’ve developed a customer base, conduct surveys to find out whether they’ve ever shopped with these other companies and if they considered it a positive experience. All of this information will play a crucial role in the way you develop your business plan and set new goals for growth down the road. To get a better understanding of what it takes to launch a venture, read up on a good start a business guide to get started on the right foot.
Create a stunning brand
Once you know what your competitors are doing, you’ll have a better idea of which direction your own brand and marketing strategy should go in. Shopify notes that building a meaningful, recognizable brand means coming up with a strong mission statement and logo, so think about how you can make your business stand out. Do you want to utilize eco-friendly materials and sustainable practices? Do your goals include finding ethically-sourced or local supplies? Including this information in your statement and on your website can help you connect with your target customers while letting them know what they can expect from your business.
Write your business plan
When all the research is done and you have a strong idea of what your business operations will entail–including how many employees you’ll have and the amount of startup money you’ll need–writing your business plan will be a cinch. It’s crucial, however, to consider what you’ll be using the business plan for. Some entrepreneurs create their plan as a guide for the first couple of years that can be amended and built upon as the business grows, while others need a precise plan to show lenders and investors. SCORE suggests thinking about how all this information will benefit you before you begin writing.
Manage your expectations
Even with expert planning, it’s important to keep your expectations realistic, especially for the first year. Starting a business takes a lot of time, patience, and hard work, and even then it can be a challenge to find consistent success. Many entrepreneurs keep their current jobs for a little while in order to have a bit of a cushion in place, or they get started from their homes to keep overhead costs and risks low. Keeping your expectations and goals realistic in the beginning will allow you to use your best judgment when it comes to making changes to your business plan, finding funding, or offering new products or services.
Whether you’re coming up with a great business idea or buying and building an existing business, seeing it through takes a lot of persistence, but it can be hugely rewarding to
Contributor: Gloria Martinez
Gloria loves sharing her business expertise and hopes to inspire other women to start their own businesses and seek promotions in the workplace. She created WomenLed.org to spotlight and celebrate women’s achievements.
Opinions expressed here by contributors are their own.
BuyAndSellABusiness.com launched a private Slack community designed to help people connect, share insight and ask questions about buying, selling and growing businesses or franchises. Apply to join here.
Remember, if you are interested in receiving the latest business news, insights and opportunities from BuyAndSellABusiness.com, you can subscribe to our newsletter here or join our text messaging list here. Also, if you are not a BuyAndSellABusiness.com user yet, what are you waiting for? Click here!
