6 Tricks to Convert an Idea into a Business in 2017
By The Circus Works Team
As always, we’d mope about 2016 having deceived us with the ever constant pace of time. Ideas have come and gone without a notepad as an accessible utility we could exploit and work on for later. Now that 2017 is here, the ‘later’ is now and the past is your fuel.
We’ve already been witness to companies based on great ideas that then did not constantly innovate and/or weren’t competitive enough to sustain their market leadership positions. Let’s face it, Blockbuster should have thought of the ideas behind Netflix and Redbox – and made them a reality – well before these two companies rose to become their competitors without the head start.
So if you’ve got the proverbial notepad at hand now, let’s walk through a few ways to convert that one epiphany into an idea and then into a business that can be the spectacle you’ve imagined it to be.
Every great idea, more often than not, starts with finding out a problem faced by quite a handful of people. These people are your target audience and the problem is what has to be diagnosed. Moment you have the near perfect scalable solution, you start discovering the why and how of the product and the diversity in application. Observe the competitors and business modules that are similar to yours. Being passionate is definitely half the job done when starting, but constantly designing seamless ways to make the idea into a physical solution is what takes the glory. 90% of start-ups fail and the fine line that separates it with the 10% is indulgence and reasoning.
2. Get the Product just right
The continual process of designing and redesigning is laborious and requires relevant research information. One needs to be tirelessly burning the midnight oil to find why the problem hasn’t been addressed yet and if it has, how would the masses love it best. Surround yourself with the idea and let solutions be found at entropy. Keep with market demands and study new channels to broaden the business into avenues that can use your idea. Once the prototype has been theoretically delineated, you have a representation of your idea and now you get this snowballing.
3. Seed and Development
Asses the viability of the start-up you’re about to set in motion. Think about the kind of development and research that you’d require to make the idea a solution that is resolute and stands taller than any similar products in the market. Identifying the kind of product that will be the ideal solution for the people facing the problem is paramount. A careful survey of failed start-ups determined that 42% of them identified the “lack of a market need for their product” as the single biggest reason for their failure. Estimate the potential, plant the sapling and aim for stronger tangible development. Garner advice and opinions as to the potential of your business idea from as many sources as possible: friends, family, colleagues, business associates, or any industry specialists you may have access to. Once canvassed and tested, your product is ready to be launched for official business.
4. Work towards gathering the right resources
Here’s where you get out the notepad and jot down what is required monetarily as investment and work force. Make a to-do list and allocate funds, contacts and pull up the final zip to the jacket that is on the brink of converting itself to a full-fledged start-up. Don’t scale too fast. Pace it out well and plan the release of the sluice gates for funding. Every step of the way will require monetary compensation, so decisions about utilizing should be taken with a board of associates that are as passionate and practical about it as you are. Resource management is harder and more tedious than when viewed initially. The crunch is where most firms shrivel towards failure.
5. Hire smart and consult well
Hiring the right people for your business is fun and scary, but you’ll know when they come across. A customer support team too is necessary to assist the end user connect better with the product. You’ll have a lot of people who need the product as part of their everyday lives, but need solid assistance to understand the functioning of the product with 100% accessibility. Now, the trickiest part is to get out the right communication. The brand needs to speak for itself and that is done through thorough campaigning for awareness of your product. The people need to connect with your idea and why it’s out there and to solve what problem. Hire a set of professionals who evangelize your vision and work towards solidifying the business. Set up a business pre-nuptial agreement to draw expectations from the people you work closely with at your firm. The team you hire to carry forward your idea through strategy can make or break your effort all up to this point. Consult the right agency and hire like-minded visionaries to propel the start-up engine to its rocket fuel.
6. Expand-Mature-Possibly Exit
Once the phases have been carried out systematically and with panache, you now have the opportunity to expand and scale up the idea that was once scribbled at the end of a parchment. Adapt the idea to several other industries and provide your solution as the only option to the universal problem. Maturation takes time like great scotch, but once the cork is opened, there’s a bit of success wafting through the air that gathers the attention of on-lookers and observers, patiently waiting for a stable start-up turned juggernaut firm amidst the best. Finally, once you’ve made the conversion from an idea to a successful product, there are a few questions you could ask yourself. While some companies continue to grow the top line at a decent pace, others struggle to enjoy those same high growth rates. It could be said that entrepreneurs here are faced with two choices: push for further expansion, or exit the business. The choice is entirely yours because after-all, the idea was too.
In conclusion: Always keep dividing your processes and plot them phases to systematically smoothen the pulp of your juicy idea into a business that makes lives around you less complicated. So take the plunge. Ideas come to a few and fewer want to dive into a pool with ambition and vision. We’re rooting for you.