Some individuals, especially those with an entrepreneurial mindset, can come up with numerous ideas daily. They observe their surroundings, see an opportunity to meet a need or satisfy people around them, then come up with an idea on how to achieve those goals.
Some of these ideas may be downright fantasy-based (flying cars to solve the traffic problem, maybe?), impractical (personal vending machine, anyone?) or funny (a shower that instantly burns fats, don’t you wish there is such a thing?), but there should be one or two ideas that can bloom into a real business- if given the right thought process and attention.
So how do you filter the right idea from the impossible ones? And once you have that great one, how do you hold on to it and convert it into a thriving business?
Gemma Reeves of FindMyWorkspace share how to convert simple idea from a small seed into a profitable business.
How to turn a Simple Idea into Business
1. Pick one idea to focus on.
If you are the type of person who generates a lot of ideas, it would be a great idea to always have a notepad or your phone ready to jot down your ideas in. Otherwise, it might be hard to rely on your mind to take inventory of all the ideas running through your head.
And remember- if you cannot even explain an idea in words or illustrations, it might be too unrealistic to even consider.
So choose an idea from your list of ideas- ideally one that fits your passion, interests, vision, strengths and available resources. Your idea is called a hypothesis at this point.
2. Turn it around and around.
Review this hypothesis from different angles. Play the role of an investor- does this idea have a good chance of earning money? Is there a demand? How can you get your supply? Is the timing right?
A raw market study can point out the opportunities and flaws connected to your concept, and help you decide if you should proceed forward with developing it or not.
3. Discuss it with trusted people.
Find people to bounce your idea with- more experienced entrepreneurs or professionals who may know the market or industry you are aiming for, more seasoned business people, friends who may be classified under your target market, family and friends who will tell you the truth.
Sometimes, the simple act of discussing an idea out loud with others can help you decide if it is feasible or not.
4. Respond to the information that you’ve gathered.
What are the tweaks you need, based on your rough market study and discussion with others? Fine tune your hypothesis based on everything you have gathered so far.
5. Develop your basic product or service.
Now it’s time to create that product or service- the tangible representation of your hypothesis.
Focus on the primary function and do not spend a lot of time or money beautifying it yet. This is only a prototype- you only need to the core features to show how it answers the need that you want to address.
If it requires a lot of money to create a basic product sample- you can create a presentation, illustration or idea board, instead.
6. Test market.
Get your prototype to your target customers’ hands and note how they respond to it. This is just your minimum viable product so it doesn’t have to be perfect it.
Think about and test the different elements, such as the price, features, positioning- by experimenting with unique messages, marketing programs and pitches, features, and distribution channels that you can use. Measure the concrete results of each one.
7. Refine your idea.
Now that you have more valuable information in your hands, you can decide which parts of the product or service you want to tweak and overhaul; And which aspects that you want to leave as is.
Consolidate all these together until you have the improved version of your product or service. You should also revisit your business plan and finalise your marketing strategies, capital needs, pricing, and product/service add-ons.
Once you are done with all the steps above, you can officially launch your awesome product or service! Remember to constantly review and update your strategies, if needed.
Do not be afraid to go back to any of the steps above, in case you need to backtrack and start the process from the start or middle. By conscientiously implementing the steps above, you have a greater chance of turning your bright idea into a flourishing business. Get ready to start jotting down those ideas… you’ve got this!
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace