Many business ideas fail to take flight due to the long-winded, cumbersome and intimidating to-do list often rolled out by overzealous business strategies, which often ends up discouraging innovative people from trying out their ideas and turning such ideas into a profitable business that actually solve problems.
In this article, I am going to minify these processes in such a way that you'll realise that implementing your business idea is not rocket science after all.
Let's do this!
1. Get an idea: what business idea have you been nursing? It's time to drag it off the shelf, dust it and put it up for renewed evaluation.
2. Reflect on yourself: What skills do you have? What are you passionate about? The unity of skills and passion not only confidently put you out there, it also enables you to weather any storm that might come your way in the course of unrolling your business to the real world.
3. Identify broad and specific skills: This is very important. Having a general knowledge of the domain you're planning to toe is one step, it's the specific skills tied to that particular domain that will aid you in your journey.
4. Then look outward: What problems do you encounter that aren't currently being solved? In your workplace? On your way back? In your community? How will your skills help in solving those problems in a way that taps into your passion?
5. Now look at for a market for your idea: Your idea might solve your problem, it's time to market it to the outside world. Are there people experiencing the same problems in need of a solution?
6. Make a list of keywords related to your business idea and plug them into a search engine: What results do you get? Other businesses? Products on e-commerce sites?
7. Check for blog posts or forum where people are looking for your solution your business provides: Do they mention products or services you can improve upon?
8. Now plug the keywords into Google Trend and observe how frequently the keywords are being searched for, location of searchers, what other related products are they're searching for, etc?
9. Finally, run your keywords on social media: if businesses appear, how many followers, level of engagements, what can you learn from the comments?
If you find another business based on your idea, don't be discouraged, it's a call for competition. Figure out ways to solve the problem differently from your competitors by listing ways you can improve on what they're currently doing aka key differentiators.
Can you offer a higher quality product or service? Execute better? Develop better branding and marketing? Create a better user experience?
Also think about how your business can generate enough money to be sustainable.
10. Create a feedback channel for improvement. Be open to criticisms and to your idea being changed or evolved.
Coming up with a business idea can seem overwhelming at first, but it helps to break it all down into small steps. And with enormous digital tools available freely out there, the process can be as easy as drafting a shopping list!
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