Got a business dream? Vision to reality in 10 steps
At one time or another in your career, you may have dreamed of a better way — a new way, even — to bring a service or product to the marketplace. If you're repeatedly lying awake at 2 a.m. imagining what your business would look like and how it would function, then congrats! Entrepreneurship has begun!
But discovering you have a genuine idea is only the beginning. For many, the most daunting part is how to go about turning that vision into reality.
Here are 10 tips to make it happen:
1. Get your financial ducks in a row.
Nothing is more stressful than leaving something for (potentially) nothing. So while you may know your business idea will revolutionize the world, play it safe until the rest of the world learns it. Building a nest of at least six months' worth of income will ensure you can start calm and focused.
2. Check off infrastructure tasks.
While you can pay for it, figure out any necessary licensing, incorporation fees, insurance, office space and accounting/legal advice. This will remove some of the burden when you launch. And invest in a quality website that's responsive to mobile technology.
3. Network, network, network.
Tell everyone who will listen about your idea. That doesn't mean divulging trade secrets or giving your competition inside information, but rather, building your contact sphere. Who do you admire? Whose advice and judgments do you trust? Who will be honest with you? Find them and build them to help gain customers.
4. Be honest.
Have a candid conversation with yourself about your idea's value in the marketplace. Will people really want or need it? Next, make sure it's sustainable, because trends don't last.
5. Clear your calendar of social engagements.
Pretend you have a newborn. This new business must be your “baby” — at least for a while. Being realistic about the time commitment could arguably be the most important factor in turning a vision into reality.
6. Write a business plan.
This might be very tedious, but without it, the best idea can get off track. Include capital you may want to attract.
7. Do your research.
Thoughtful market research will help open your eyes to seeing your product or service objectively, which can help overcome potential obstacles.
8. Learn.
Like a sponge, absorb everything possible about competitors and facets of owning a business that are new to you, such as IT or marketing.
9. Set aside an advertising budget.
And spend it. Many business owners put more money aside for electronic equipment, fancy computers and décor than they do their first year of marketing. And then they're surprised when they have no customers.
10. Leave your job.
Once most of these items are secured, it's time to fly. Dedicating part-time effort to your new business while staying at your current job is safe, but it will not equate to pro-rated results.
Melissa Pride-Fahs is president of Emerge Marketing Inc. and ShopLocalMA.com, in Shrewsbury.
WBJ Web Partners
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