Turn Your Ideas Into A Business! Here's How! Click To TweetTurning Ideas Into A Business
So how do you go about Turning Ideas Into A Business and go from turning experience into becoming an expert?
The truth is that ‘ideas’ come and go and many will never get anywhere. This is to be expected as we all get ideas but this doesn’t mean that they will create a million dollar business. What we have to do is to go deep and narrow and drill down into an idea looking at various factors to establish first whether it is worth spending your valuable time and possibly money on.
Not only that but, EVEN GOOD IDEAS sometimes fail. There are many inventors and investors and entrepreneurs with hundreds of failures strewn behind them in their pasts, but that’s why we have to really put the work in up front to see if something is worthy or not.
Turning Ideas Into a Business is really the next step after looking at passions, skills and talents and market needs and seeing whether something is worth the time or not.
We may also look at a variety of areas including our own experiences and backgrounds and where people complain. There are usually ways to innovate something tat already exists so some could say that this is a little less risky. And we can develop a business or idea into a workable plan. This is really the key to starting out when thinking of growing a small business or startup. You are taking something and with a team or with hiring or outsourcing others you are developing this thing. As you grow and build upon your idea you will also want to simultaneously grow a fanbase. Why? Let’s take Facebook as an example. This was built with raving fans right from the get go, and as it grew so that by the time there were literally billions of fans, Mark Zuckerburg could start charging for various services. So you will want to be gaining a fanbase of those who ‘know like and trust you’. And from this you will be able to build a loyal following and ultimately buyers to grow something that the market needs. – whether you want to run a local business or community a based business or even an international business, It’s pretty much the same process. You need to appeal period!
BUT: Ideas can win or lose. You see, one of the biggest mistakes that un-knowing potential entrepreneurs make is that they THINK AN IDEA CAN CHANGE THE WORLD. And in some cases it might, but when seeking to enter a market it is wise to consider looking at existing working business models and seeing WHY THEY WORK. And where you may be able to improve upon what has already been created. What I am saying is be warned that if your idea is TOO RADICAL it could be way ahead of everything that is out there and thus alienate potential buyers. Make sense? It will pay you to check out this blog post I wrote…
Whether you are entering the tech space or not, ideas come and go and can sometimes be the reason you fail. So, do your homework and research first and ask….
- Is my idea too radical and do I need help exploring this?
- Will my idea work now, today or should I see where I can evolve something currently out there?
- Do I need a team and to hire experts who know about this before I commit to 10 years of tough start up work?
- Are there people out there now who would buy my idea or not?
Too many people MISS THIS! Which is fatal! This is just the way life works, so the more you do the preparation now the less risk may be involved – and I would suggest that, when you get an idea you really thoroughly look into all of the PRO’s and CON’s before pursuing it or negating it. There are times when we may need to ‘pivot’ which simply means that the original concept or business model needs to change. This is fairly common and doesn’t mean imminent failue, it just means that you may have to move with the times of change.
It is easy to say ‘No’ this is not a good idea, besides who will buy it?’ or ‘there are too many of these already, why will mine be different?’ Yet, It is these questions that you can challenge which will take you further forward. Sure, as I said – some ideas will never get anywhere, but everything starts as an idea and your idea may be in strong demand. Plus, it may change your life and path.
When you look at the marketplace, this alone is always changing and evolving and there are always areas to produce better quality products and services.
Turning Ideas Into A Business – Getting Ideas
There are certainly many areas for growth. And a great question could be ‘what can I offer that others cannot? What unique differentiation do you posses?
Now – the tech startup industry in particular is a tough road as there are many Silicon Valley wannabes and Stanford/Harvard kids who are bright eyed and keen to get something evolving, so the competition here is fierce, however this shouldn’t stop you just because you don’t have an MBA. On the contrary, many who have that kind of education are bound by certain ways of thinking and doing where you may have an edge as you may be more open and flexible in approach. So, don’t count yourself out before you have started.
But if you don’t see yourself sweating for 10 years just to get something off of the ground with a whole team whom you feel bound by to get results, you may want ‘do your own thing’ instead? As a Coach I choose when I work, I work with who I want to work with and I have more time as my own so I love this model. Maybe you can see yourself as a Coach or consultant of some kind?
Consultants can earn great money by giving advice on certain subjects and this may be a way for you to start with Turning Ideas Into A Business?
In fact only recently I helped a guy Turn his Ideas Into A Business as a consultant – He was already a coach and mentor but he also’s now offers to give advice and search for ideas and solutions ‘which I love’ also. instead of just coaching people and empowering them to find answers. I knew and he knew that we could really help people with advice and ideas rather than just supporting and guiding others.
Now, some succeed and some fail. That’s life but it usually comes down to a few principles. Most people fear failure and that’s the reason they quit before they have even started. But failure and fear will always hang around and that’s not a reason to quit on your dreams.
With consulting or as a mentor you can charge very good money, I currently charge £2000 per package at the moment and this will increase very soon. That’s the real power of mentoring and consulting. And – people will pay you ‘when you know what you are talking about and you get results’. Even when you have to find answers yourself you can still achieve a great income. This is just one business model and an example of taking your ideas and turning them into a business.
You could be a blogger, a freelancer, a consultant, a coach, a writer, a course creator, a speaker, a small business owner online, a franchise owner, a traditional bricks and mortar business owner – you get to decide. And there are way more options than that. In fact these days people are creating business models around themselves. And this is something else i have been helping clients to do.
This is an increasingly common option today especially as a coach where you can work on your laptop or tablet.
Going back to ‘ideas’ – there are so many options and I would advice that you start to think about what you would really love to spend 8+ hours per day doing.
Also remember that, you can start building your reputation online in social media in your immediate contact zone and also in your community. You ALREADY know some people, so build on that ‘warm area’ and be where they are to start off with. You could offer (as I did) free consulting to friends and locals and get testimonials and as time passes they become clients. This is just one example.
The point is that you know what VALUE you can bring and what YOU have been through to start Turning Ideas Into A sustainable Business model.
As your develop your idea/s into A Startup you can start to think about how you will replace your income. You can get help from an expert or company that can coach you or mentor you when making a life altering transition and I am sure you can find the tools and resources to help you get there. YOu can slso get funding in the right places if required.
TIP: You need to hold yourself accountable and responsible for your actions by setting goals every day and week and every 30-60 days to know your role. And you will have to hire others who are better than you in other areas so you all have that common vision and drive to reach deadlines for each project.
Maybe you are techy and can create sales pages or you are a great social media expert or something similar and you can create pages for clients or friends and they will help you back by giving you referrals and testimonials? This way you steadily build up a reputation as an expert and people will start paying you for your work. If you start by giving then you will receive. So, look for others in your market area that can also help you back such as JV partnerships.
If you want to start a small shop selling bread then go to other bread shops and find out what they are doing. Subscribe to their lists and find out how they offer value to their subscribers. Get into the zone of the business and get obsessive about it.
Start Turning Ideas Into A Business by studying your competition. Look at their produce try it, and learn as much as you can about it. Absorb ideas and learn what makes them successful. How do they brand? What is their marketing strategy like? How do they connect with customers? What makes their products so unique or special? Your job is to be detective and take all that you can from your ideas and from others ideas.
And even if something doesn’t work, you have a vast well of experience which begins to turn you into an expert.
TIP: You could work for a similar company or business or offer to help out for free so that you get to KNOW THE BUSINESS CULTURE. Offer to help or do things for them and become a part of the market and business. This way you are putting yourself in their shoes and you might see where they are going wrong so take notes and get better ideas on how to beat them. This is where great innovation can happen.
So how about 10 ways to utilize your knowledge and experience to launch a new small business or career as a consultant?
OK THEN CHECK LIST for turning ideas into a Business:
1) START SMALL AND GET SOME IDEAS DOWN KEEP COSTS LOW THIS IS A FUN STAGE TO YOU GET EXCITED ABOUT IDEAS LIST PASSIONS, SKILLS, TALENTS ETC
2) LOOK AT OTHERS WHO MAY BE DOING SOMETHING SIMILAR AND GET TO KNOW THEM LEARN ABOUT THEM AND FROM THEM
3) OFFER TO DO WORK FOR FREE FOR PEOPLE IN YOUR NETWORK AND OTHER SMALL BUSINESS OWNERS TO GATHER EXPERIENCE
4) START SCALING AND ESTABLISH PRICE POINTS FOR WHAT YOU WILL CHARGE OR WHAT COSTS WILL BE INVOLVED
5) KNOW HOW TO NEGOTIATE WITH HIRING PEOPLE IF YOU ARE GOING TO KEEP COSTS LOW
6) LOOK FOR AN EXPERIENCED TEAM AND EXPERTS AND START TO COMMUNICATE YOUR MESSAGE AS AN EXTENSION OF YOU
7) IF REQUIRED LEARN HOW TO PRESENT YOUR IDEA OR HOST WEBINARS/ WORKSHOPS ETC TO STIR UP ATTENTION
8) SET UP A FEEDBACK SYSTEM WHERE YOU CAN LEARN HOW TO IMPROVE AND ADJUST
9) ASK FOR A TESTIMONIALS IN EXCHANGE FOR YOUR WORK AT THE BEGINNING
10) WORK WITH NON-PROFIT ORGANISATIONS, SMALL BUSINESSES, OTHER ENTREPRENEURS POTENTIAL CLIENTS, EDUCATION AUTHORITIES
11) ALWAYS BE FLEXIBLE AND TAKE ON BOARD ALL IDEAS
12) USE ALL OF YOUR PAST EXPERIENCES TO HELP YOU IN YOUR BUSINESS START UP WHATEVER THEY ARE.
13) TAKE A PERSONALITY TEST TO SEE WHAT AREAS YOU ARE STRONGEST IN AND HAVE A DEFINED ROLE
14) TURN YOUR EXISTING NETWORK, CONTACTS AND CONNECTIONS INTO CLIENTS/BUYERS BY OFFERING THEM FREE STUFF WHEN YOU BEGIN
15) BUILD A LIST AS YOU BUILD YOU BUSINESS
Remember that – you are Turning workable Ideas Into A Business or solution and turning experiences into becoming an expert so it is your job to use what you already know. I don’t know if you already knew this but – by 2020 40% of the workforce will be freelance or consultancy based so, bear that in mind if you want to get into this area of work as it is a growing demand.
If you have an idea/passion that you feel you want to create something from then get in touch. It is my personal expert area to help those budding entrepreneurs to express their ideas with passion, action and a clear vision. I offer a 1 hour planning session at my website where we will create a crystal clear vision and create a plan to get you from exactly where you are now to where you want to be. Simply go to www.GregDeTisi.com and click on the ‘planning session’ tab. I look forward to helping your dream become a reality.
There – now you have some more ideas for turning ideas into a business or startup! What are you waiting for?
TIPS: timing is crucial. Getting this wrong could be the difference between failure and success so bear that in mind. Also, keep things as simple as you can so your consumer/customer also feels that. And – thirdly, try to be the best in your market. Stand out be bold make a statement and be unique so that you become the go-to person or brand.
Difference between a start up and a small business
Simple really. Quite alot. A start up can take anything from 10 to 15-20 years to fully establish, you need at least 2 of you running it, a great team, amazing communication, a market share, timing is crucial, the product or service has to be on the button and it could all fail. Also, you take a cut from the takings which could be nothing for quite a long time. A small business like I run however, which is virtual and run by me has little risk, unlimited earning potential, you can see profits in as little as a week, low overheads and I can work anywhere. I am nt putting down start ups at all, I am merely sharing the facts. Start ups are notoriously hard work. My suggestion to you would be to download and study the stanford business school start ups trainings for free and see for yourself. What I teach is small business growth, it is way less risky, way more easy to grow and way less stressful to lose. The risks are way lower and there for me is way more fun when exploring passions and interests with clients.
You may also want to check out this. It’s Is A Great Link To Finding Out ‘What Type Of Entrepreneur You Really Are’. This will really help you to get some clarity on where you might want to be headed > CLICK HERE TO FIND YOUR ENTREPRENEUER PROFILE
All the best to you with Turning Ideas Into A Business
You may also enjoy another page I created about Turning Ideas Into A Business by turning passions into profits here> http://gregdetisionlinesuccess.com/passions-to-profits/
And Read this about becoming a tech startup GO HERE IF YOU FANCY YOURSELF AS A TECH STARTUP
if you need help you know where I am.
Turning Ideas Into A Business