Concept To Customer: How You Can Turn Your Great Idea Into A Successful Business

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When you have a great business idea, the excitement will propel you into a frenetic launch. You are naturally eager to get it made and sell it and become the next Jeff Bozos or Elon Musk. Hold on a moment though. The statistics are sadly going against you. Almost a third of businesses do not make it past the first year, and half have failed within five years. The statistics are against you. 

Of course, that does not mean your idea for a product or a business is not going to work. If it is a viable idea and you take the right approach, you could be well on your way to making millions within a few years, but patience is key here. 

Let’s take a look at how you can take your concept and turn it into a great – and successful – business.

Research your market

You may believe you have come up with a failsafe idea, but will it sell? Many businesses begin operations only to discover that someone else had the same idea and had entered the market first.

Perhaps it is a totally unique product, but the future demand is so limited that you will never be able to profit from it in the long run. To ensure that your idea will truly meet a need, you must conduct a thorough market study of both your idea and the target audience.

Begin by performing a SWOT review on your plan. This is where you spend some time identifying all of its strengths, weaknesses, opportunities, and threats. Get everyone who is involved in the business on it, or ask your friends, family, and associates to help you if you are going it alone.

You should speak with as many people as possible at this stage. Reach out to people on platforms such as Twitter and Linkedin – many people are receptive to cold outreach methods to talk about potential business ideas.

Expect some pushback because your idea is unlikely to appeal to everyone, which is fine. Some of the most audacious ideas were met with skepticism at first. The point is that you listen to a variety of perspectives and use the information to direct your research and preparation.

This should give you a better idea of whether your idea is worth continuing with and developing, or whether it is better off shelved for now. 

Create a business plan

If your market analysis indicates that you should continue, the next move is to create a business plan. This should lay out all of your goals, financial forecast, and how you intend to grow your business. This will be especially vital if you plan to seek funding for your start-up from an external source or investor. The more detailed your business analysis and financial strategy are, the higher your chances of attracting funding.

Your financial plan, which forecasts how the numbers will add up, is an important aspect of the overall business plan. It should provide accurate projections of overheads, cash flow, revenue, profit/loss, and investment stages, which are typically forecast over three to five years. These statistics would, of course, be largely speculative, but they must be based on facts, so do your diligence.

Your business plan also needs to show how you are going to go about actually selling your product. Will you be simply manufacturing it and selling to distributors and third parties for them to sell, or will you bypass that and sell it directly? Both of these have pros and cons and should be weighed up carefully. If you are selling to consumers directly, you should have an idea of how to market your product, but these tips for DTC ecommerce are also helpful.

Find your place

Once you have worked out that there is a gap in the market for you and your product, it is time to find out exactly where that is and plant yourself there. You need to have your product and business elevator pitch ready – what exactly is it that you are offering customers with your product or service, and can you explain it in thirty seconds? This messaging is crucial, so test it out on your friends, family, coworkers – maybe even set up focus groups made up of your target demographic to see what they think.

Build your brand

McDonald’s. Google. Coca Cola. Disney. You recognize these brands immediately through their logo, color choices, slogans, and tone of voice. This is created through branding, and it is a key concept that you will need to be able to get your head around if you are hoping to create a successful business. Branding experts and professional marketers can be employed to help you, but you need to have that input if you want it to be authentic and true to your vision.

The importance of consistency cannot be overstated in branding. Your brand should be a constant reflection of your values, but it should also represent the values of your target audience. Consider your product or service as a human or an animal to help you build your brand personality.

Legalize your business

You have your idea, you have your product, you have worked out who you are selling to and how you are going to sell it, you have built your brand. Now it is time to formalize everything and legalize your business. You may want to seek professional legal advice to make sure that you have all the necessary paperwork and licenses in order.

When it comes to turning a business idea into practice, patience is a virtue. By following the steps above in the correct order, you should be able to avoid the pitfalls of building your business on shaky foundations. Most importantly, keep trac0 of what you are doing. Take expert advice and listen to constructive feedback. You never know, you may well be the next Jeff Bezos or Elon Musk!

The Aspects Of Your Company That Determine Modern-Day Success

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It’s hard to compete with other businesses in the modern economy. The marketplace is so crowded because entrepreneurs have more opportunities than ever before to build their own companies from scratch and enter the industry. How does a business stand out in such a busy marketplace? Consumers have more options than ever before, but that means they don’t have the time to assess every single option which is available to them. So, you have to make sure that your brand is more noticeable than the others. It’s all about maintaining relevance in a fast-paced world. These are the aspects of your company that determine modern-day success.

Branding.

You need to build your brand if you want your company to be successful in the modern age. Branding is essential to making your business stand out in a crowded industry. Otherwise, consumers would struggle to differentiate between different companies. After all, you and your rivals probably sell very similar products or services. So, you need to create an identity for your company that is unique. Your business needs to turn heads, and a powerful brand statement can help with that. Perhaps you could run your company in an environmentally friendly way, for example. This would show your target market that you care about the planet, and that would help you to connect with people. There has to be a relatable side to your brand.

Digital strategies.

In the digital era of today, your business needs some effective digital strategies. For starters, you should focus on your online marketing campaign. You need to create professional and engaging content so your company’s website shows up on search engines at the top of result pages. As was explained in the introduction, consumers have so many options in the modern world that they don’t have the time to weigh up all of their options. They’re going to opt for one of the businesses they find first, so you need to learn about SEO to ensure that your site shows up on the first page of search results related to your industry. Additionally, you could consider creating a mobile application to make your business more digitally accessible. You might want to get help from experts who offer app design services. They could help you to develop a well-designed application that gains new customers for your company and makes your business much more successful.

Reputation.

Obviously, a company’s reputation has always been important in the world of business. Yet, as mentioned earlier in the article, the expectations of modern brands have changed. People expect more of modern businesses. High-quality goods are essential, of course, but your competitors offer the same thing. And if you have competitors with better reputations than you, then consumers will feel that it’s safer for them to choose one of those businesses. Your company needs a good reputation if it is going to stand out.

You should rely on your existing client base to help you achieve this. Consumers listen to a company’s happy customers more than they listen to the company itself. You’re more likely to listen to a customer who says “this business is the best” than a business saying “we’re the best”, after all. So, you need to focus on your current customers. They can make your company look more appealing to the market. You could encourage them to spread the word by giving them rewards for doing so. Maybe you could enter people in a prize draw if they share a particular post of yours on social media. They’ll have the opportunity to win something, and you’ll receive help with your marketing.