6 ways to turn your business idea into a reality!
Thinking of starting a new business? Read our checklist to turn your idea into a reality and maximise your chances of success!Evaluate your drive
Before investing any time or money, evaluate yourself and see if you have some of the typical traits of an entrepreneur. Are you motivated, able to adapt to change and are a confident person? Are you resilient? Do you have good management skills, relevant industry experience, a good knowledge of finance and a long-term vision to success? Are you ready to fully invest yourself into your new business? Being honest with yourself is the most important first step.
Don’t just start a business because of a trend or you think it will make money. Develop the concept that you’re passionate about relating to your own experience. Your business has a better chance of succeeding if there is a good match between your idea, your skills, interests and motivations. From there, come up with a product or service that you believe can enhance people’s lives.
A solid business plan will give you the greatest chance of success and is absolutely crucial in setting up your business and planning for the future. A business plan is also needed for presenting your idea to potential investors. Your business plan should include a mission statement, company summary, executive summary, service/product offerings, target markets, financial projections and costs. Once you've developed your business plan you need to regularly review it and keep it up to date.
Assess who your customer is and target those most likely to purchase. You need to find out if there is a need for your product or service and who your competitors are, their strengths and weaknesses and how your business will differ from theirs. Putting the effort into researching your market will help you determine whether you can turn your idea into a profitable business.
Perform research and find out the standard costs within your chosen industry and how much it will take to develop your product or service. Once you have these figures, you’ll be able to gauge how much money you’ll have to work with and create a budget.
You’re going to be investing a lot of time and resources into your new business venture. It is great to have the support of family and friends to help you get through this process. Make them aware that this process will be challenging financially and emotionally.
For a detailed course on how to start your new business, enrol in our Business Startup Program. Good luck!