Turn Your Idea Into a Business of millions
That’s sound wonderful.! But until you have a proper path to follow, you can’t bring your idea into a reality.
Today’s world is the place of ideas more than a place of skills. Skills can be achieved by anyone but innovation is rarely achievable.
Since anybody can have a brilliant idea, but only few can turn their idea into a reality. If you have a brilliant idea and can’t figure out “where to start?” so you already have started because the business of millions begins with an idea.
Entrepreneurs always manage to take out their ideas to the world and the good is that anyone can be an entrepreneur because every person is capable of generating the ideas. The ideas that can the change the lives of people. But the bitter fact is that many people don’t know how to bring the idea into a reality. Here is how you can bring it to life. Have a look at the steps below.
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Validate the Market
It’s the first step of the overall process to turn your idea into a business and should be done before introducing the product/service into the market. It’s important to know that:
- Does your idea has the market?
- Who will be the target market?
- How will it solve the pain point of people?
Market validation is the test of a product concept against the potential target market.
Test the viability of your idea and determine if you really do have an idea worth offering to the market or not? Such validation is often very helpful to reduce the risk and shorten the time to know about your market and customers.
Preparing the Questionnaire
While preparing the questionnaire, you should focus on your idea and avoid the deviation from it in order to get the right results. It’s the most important step in the market validation because it is the basic tool to measure the validity of your idea. Arrange the interviews in your target market and reach out to them with the proper question set.
Ask both close and open-ended questions to get them into the discussion that:
- why do they need the product/service?
- What will make them buy it?
- How frequently will they need to purchase the product/service?
- How will it solve the pain point of them?
- what’s the value for them in the product/service?
You need to understand the emotions of your target market. You will also need to undertake the social/cultural and environmental issues to know that how easy/difficult it will be for your target market to adopt your product/service and the level of acceptance by the environment.
Also Read: How Emotional Triggers Get People to Buy
Analyzing the data
The Final step is the Analysis of the collected data. Analyzing the data makes you one step closer to turn your idea into a business immediately. I recommend using SPSS software for the analysis. Although, it will be little difficult to use at first, but it gives clear and great insights. After 20-30 interviews, you would already have the clue that:
- Is there really a market exist for your idea or not?
- The market segment is profitable or not?
- Does your idea have the solution for people’s problem or not?
However, the data will make it clear that what actually your target market wants. What are the amazing and what are the worse parts of your idea. Also, you will come to know about the cultural/social issues.
Learn more about Market Validation
Make a Prototype
There comes a point after the validation is to test your idea. Develop a prototype of your idea what you intend to sell. When it seems a perfect product/service to you. Then, begin with the market research.
Ask your friends and family, neighbors and target market to try it out. If the reaction is positive, so it means you have made it. If the reaction is negative, then just don’t give up come back and figure out what does it missing? Where are the adjustments required? After improving the product sample. Reach to your target market again and ask them again to try out.
Making a prototype of your idea can lead you to turn your idea into a business in a very quick time. Testing your sample will make you know about where you need improvements. This type of market research allows you to get the full insights of your product concept and make it better before you sell it.
Build a Team
Now you have a perfect product in hands. Now you are ready to go into the market with a complete product. Now you are on the point where you know you can turn your idea into a business.
This is the time to build your team and market your product to make it reachable to your target market. You will need to create the awareness of your product in your target market. Find the people for your team who has a similar view like you and start planning to execute your product idea.
Also See: How to Influencers for your product
You can even write a business plan once you sell small batches of the product and see the response that the product is getting. You can have anyone in the team. It’s not necessary to have someone with a professional degree to turn your idea into a business. The team member can be your friend, your cousin or might be your teacher. But remember always build a diverse team.
For example: If you have developed an App. So you don’t need every member of the team to be an app developer. You also need people with marketing skills, finance, and management or people who can turn your idea into a business successfully.
If you follow the above steps you will soon find yourself in the market with a successful business model. So build the team with a mission and vision and starts off with your new business.
Also Read: Top 5 Business Ideas