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TURNING YOUR BUSINESS IDEA INTO A MILLION DOLLAR STARTUP

For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his or her proposed venture. Converting an idea into a business concept requires thinking about how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery. There are no clear recipes for starting a new business, but here are a few guidelines that can help you get going in the right direction;

Look for windows of opportunities; Smart observation is your best ally when looking for unique ideas. Start by assessing exactly what you do well. It’s a much safer bet to venture into familiar territory where you can use your existing strengths. Do what you’re passionate about. Enthusiasm ignites the interest of lenders. Choose ideas that enable you to act now. You need to move swiftly before your idea fizzles. Be specific about your business goals, Look around you for windows of opportunity such as taking over a family business, Start a business doing something that your existing company isn’t doing, Keep your eye on the franchise market and Read business publications and stay informed of growth areas.

Find your market niche; the potential success of a product or service involves a myriad of factors, including the design, features, potential profit margin and sales volume projections. Apart from patenting inventions, you can assess these possibilities for product development.Present your idea with a strong business plan.Take your creative thinking and put it on paper. A business plan is your tool to sell your idea to lenders, investors and existing shareholders. Lack of clarity, poor information, and the absence of a strategic orientation are the main deficiencies in most business plans. Make sure you allow time to put a plan together with all the appropriate details, such as positioning, market analysis and financials. Projects developed with the help of an expert in the target market get the best reception.

Get yourself a mentor; getting a business off the ground is not an easy task. Many projects never amount to much because they are not taken seriously, or because they lack adequate follow-up or support. You will increase your chances of success considerably by seeking advice from someone with business experience, often called a mentor. These business leaders provide management advice, suggest sources of financing, and and offer opportunities to hone leadership qualities in the field.

At Korsell Corporate Consult, we help Entrepreneurs transform their business ideas into a million dollar startup.  We can help you with your business strategy documents, business models, business diagnosis and other custom services.  Call:  055 391 9618 or Email: info@korsellcorporateconsult.com

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