5 Tips for Turning Your Great Idea into Reality
Running a small business can be more difficult than it initially seems. Many people get a great idea for a business, but get intimidated by the planning phases. Luckily, there are ways to plan that will help set you up for success. I get a great new idea every day but only 0.01% of those ideas ever make it to the real world! But even 0.01% is not a bad percentage. Here are five tips that will help your inspiration become your reality.
Plan your brand. Many people build their entire business from scratch and then start thinking about branding and marketing. However, this is a backward approach. Your idea, whether it is for a new business or for a new product for an existing business, should be the basis of your small business brand. All other aspects of your business should then be developed with this brand in mind. Does your brand affect your location? Absolutely. Does it affect your marketing plan? Of course it does. Your brand will affect every aspect of your business, so this is the first detail you should deal with. This is the reason I started a branding company and continue to run it with passion.
Analyze. Once you have a brand along with visual brand elements such as stationery and logo design, your next step should be to analyze your business. The most effective way of doing this is called SWOT analysis—Strengths, Weaknesses, Opportunities and Threats. Identifying these elements will help you plan for a successful future, maximizing the strong points and opportunities while minimizing weaknesses and threats. Write these down and keep them in mind in the next steps.
Stay true to your vision. Hopefully your great idea was already very unique. However, many unique ideas get watered down in the steps of forming a business. Part of this is due to everyday pressure to conform, but part comes from wanting to offer the same structure and services that make your competitors successful. Don’t let this happen to you; remember what sets you apart from your competition and stay true to it.
Budget. Lean business models are becoming the norm in modern small business, so don’t let a lack of money stop you from reaching for your dreams. The most important thing is not how big your budget is, but that you have one. Knowing ahead of time how much money you have will help you spend it in the ways that are most important. Burying your head in the sand rarely works when it comes to money and financing. If necessary, put off expenses that don’t affect your product or marketing (like office equipment) until you are bringing in profit.
Move quickly. It’s easy to get bogged down in the planning stages, but planning does not bring in profit. It’s essential to give each step the time it needs and not a second more. Many people dream of turning their great idea into a living, but most never achieve it because they don’t act. After a while, someone else has the same great idea and the opportunity is lost. Don’t let this happen to you; take the steps to give your brand the chance it deserves.
