Tue 30 Sep 2008
Implement Your Business Idea in 4 Simple Steps
For your business idea to be successful, you will need to take some concrete steps to take it from the drawing board to the market.
Here are 4 simple steps to implement your business idea.
- Conduct Thorough Market Research
Even though your idea might be technically perfect, you will still need to evaluate if there is a need for your idea.
Consult your friends, relatives, and any mentor to find out their reaction to your idea. Also, compile a sample list of your target market and get their views.
Find out if there are any competitors that are already in the market and their mode of business.
- Calculate the Time Factor
Some ideas have a limited shelf life before they become obsolete or are overtaken by newer ideas.
Calculate the time required for you to introduce your idea in the market and the approximate period that your product or service will take to flourish.
Also, calculate the time required for you to come up with any new ideas to keep the show going.
- Calculate the Cost Factor
You will also need to arrange for financing to convert your dream idea into reality. If you do not have ready funds, then you will also need to explore the option of taking out a loan.
Calculating the interest payable on that loan is crucial to your business' long-term viability. A proper technical and financial plan is also necessary if you do not want to run out of funds after a couple of months.
- Determine Your Skills
You will need to determine your technical and selling skills in order to successfully sell your idea.
Your products or services should also have something more to offer than the competition does.
Bringing a new product or service to market isn't easy. By following the 4 steps above, you can give your new small business a fighting chance.