So you just found out a business idea that may fill a potential market. How to develop a business idea into a business? Make it count. Keep in mind that a business idea is just an idea unless you execute it. There is a wealth of ideas and options out there, but the real challenge is to turn them into a real business. Somehow, entrepreneurs tend to think that spotting a gap in the market and coming up with a viable solution serve as a basis for a good startup, but it doesn’t. At this stage, the only way to turn your idea into reality is by refining it to turn that raw idea into something marketable. And in order to do that, your initial idea will have to go through key fundamental steps and these are discussed below.
Research & analyze the relevant markets in relation to your idea
Think ahead and carry out extensive market research to offer something different and better that’s already being offered on the market. If you want to get off the ground, you’ll have to do thorough research and understand the ins and outs of your market. Stay updated with the latest trends and research your competitors in-depth. Do your homework by analyzing market research reports, trade press, articles and newspapers. You’ll get a lot of useful information about your customer’s needs and your competitors. There are no secret recipes for successful businesses; it is only a matter of consistency and diligence.
Ask for help from business coaches and mentors
To increase your chances of success when developing your business idea, seeking advice from the relevant entities could turn out to be your best asset. Learn from those who have been there, done that, and you will find the appropriate support and mentoring. Turbine’s Pre-Incubation Programme is one of them. This programme offers one-to-one support to aspiring entrepreneurs in developing their business idea into a profitable business within 12-weeks. With our help, you will learn the business language and have all the necessary tools to set your business up for success. Even more, you will benefit from experts’ workshops, weekly business coaching sessions, networking opportunities and business angels to whom you can pitch your initial idea and embrace a winning strategy through our Test Drive. If you want to become one of Turbine’s protégés, connect with us right now through hello@turbine.mu and become a leader in your target market.
Present your Business Idea with a detailed Business Plan
Rather than agonising over the aspects of your idea, take your thoughts and put it on paper. Clarify your business idea by setting out what you want to achieve and how you are going to achieve it in a fully-fledged and comprehensive business plan. It will play a key role in selling your idea to lenders, investors and existing shareholders. Now, if you are worried about not getting it right at first, you can still seek help from an external entity to bring you closer in achieving your vision. As mentioned earlier, Turbine’s incubation programmes will give you the entire support to turn your idea into reality, and it also includes the implementation of a carefully thought-out business plan for your venture. You will save invaluable time and energy if you seek the right help and will definitely improve your chances of winning investors and customers.
Develop a financial forecast
The next step would be to know your figures and organise your finances to make sure you keep paying the bills while your business idea is getting off the ground. An adequate financial forecast will set the direction for your business and project your future outcomes such as revenue, income and expenses. It is vital to factor in all your possible costs and understand your magins. In this way, you’ll know how much money you should put on the table, and what type of financing is best suited to your business. Your survival depends on your ability to generate revenue, so take your time to do your research and kickstart your future profitable business.
Test the water
Another crucial but often neglected step is the testing part. Before diving headfirst into your business, take some time apart to test your idea. You need to know whether or not your business idea is feasible. To remove uncertainty, make a prototype to send to potential customers and investors and you will know if there’s a demand for your idea. You may also conduct focus groups to get opinions on the same. Try to spend as little money as possible right now to get feedback on the product or service before bringing it to the market. Then, try to integrate the feedback and recommendations you gathered to refine your idea in a cost-effective way. This will also save you time and money in the long run and eliminate the assumptions that you have on your business idea.
Ready to put this business idea plan into fruition? If the answer is yes, you’re in for an exciting plunge in the business arena. From concept to reality, the development of a business idea is definitely not an easy task. It might be risky, and you’ll probably have to be patient to get there. But at the end of the day, keep in mind that while some ideas might be highly profitable, others turn out to be failed dreams. If you want to put your idea into action today, follow the right steps, get the right help, and repeat the process to improve your chances of success.
Need more guidance to jumpstart your entrepreneurial journey? Contact us now through hello@turbine.mu for more information.
