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Turning 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 or be worth much. 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. Only then can we work with the right team to explore and evolve an idea and to determine its worth.
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 so, like all great things there is a process which works best.
Ideas Into A Business
We may also look at a variety of areas including our own experiences and backgrounds and where people complain in order to see if an idea can be any good or not.
There are usually ways to innovate something that already exist,s 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 an idea, 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 (assuming it is something worth working on with your time and effort) 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 organically and started to shape into something way beyond its original conception the fans also grew, so by the time there were literally billions of fans, Mark Zuckerburg could start charging for various services within this platform. So you will want to be looking at trying to gain 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 the market is even aware of whether it is needed or not!
What I mean by that is – the beauty with ideas is that they can introduce a new way of doing something, or a new way of being or experiencing a product or service, so previous to your amazing idea it might be the first time it has ever been exposed and certainly not considered.
So what’s the big idea? Do you want to evolve, create, or design a product, service or perhaps invent something? Will be it Tech driven, or will you run a local business with locally sourced products which you can gain a fan base from in your community based business – or even perhaps you may be considering a international business like I have which is brand based? It’s pretty much the same process in that you will need to appeal to a specific target audience area period! So let’s say that you have your product/service – ‘WHO’ might YOUR FANS be? And ‘WHY’ would they buy from you anyway? WHAT could you offer which is uniquely different enough to stand out and beats anything else near to it? HOW will you go about it? Thorough research needs to be the first and most important area to work on.
Ideas can win or lose. And that's it! There are no guarantees in life or business and the level of RISK can vary greatly.
You see, one of the biggest mistakes which un-knowing potential entrepreneurs make, is that they THINK AN IDEA CAN CHANGE THE WORLD. And based on an emotional and excitable state they go ahead and put everything into it. In some cases it might be awesome, but when seeking to enter a market or disrupt a current market or even create a new one, it is wise to consider every element involved and use logic with the right team. Looking at existing products/services and working business models and seeing WHY THEY WORK but also why they could be better or different is fundamental to exploring ALL possibilities.
And if so ‘where’ might 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 then it could be way ahead of everything which is out there already and thus even alienate potential buyers. Make sense? It will pay you to check out this blog post I wrote…
FANCY YOURSELF AS A START UP DIGITAL TECH ENTREPRENEUR?
Whether you are entering the tech space or not, ideas come and go and can sometimes just fail. So, you must do your homework and research first and ask….
- Is my idea too radical and do I need help exploring this and if so who’s help do I need?
- 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 a very tough start up?
- Are there people out there now who would buy my idea or not?
- IF there is no audience already buying something similar then who will buy this idea and why?
Too many people MISS SO MUCH! Which is fatal! This can be just the way life works in evolving ideas, 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 ‘change or pivot’ also with what we are doing, which simply means that the original concept or business model needs to change. This can happen, it just means that you may have to move with the times of change a little and know what the demand is and over deliver.
So – you may need to create something which stands out, which could be what you may have thought was bullet proof before but isn’t any more. This is the nature of evolving ideas and businesses and it is what true entrepreneurs do best. We have to test.
Don’t quit on it until you have exhausted every avenue!
It is easy to say ‘No’ to an idea, and say to yourself ‘besides who will buy it?’ or you might be thinking ‘there are too many of these already, why will mine be different?’ Yet, It is these questions that you can challenge yourself and your team with which will take you further forward and step by step help you to determine its worth, validity and viability. Sure, as I said – some ideas will never get anywhere, but everything around us started as an idea and your idea may be something which become in very strong demand. Plus, it may also change your life and path if it works not to mention the recipients of it.
The fact of the matter is that 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? And what unique differentiation might this offer?
Now – the tech startup industry in particular is a pretty tough road as there are many Silicon Valley wannabes and Stanford/Harvard kids who are bright eyed and keen to get something evolving, and this is now a global phenomenon, so the competition here is pretty fierce, however this shouldn’t stop you or anyone else just because you don’t have an MBA. On the contrary, many who have that kind of an education are often bound by certain rules, ways of thinking and ways of 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, in fact USE your experience from y0ur past and bring all you have to the table.
However, 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?
I love having and exploring ideas but I also implement them myself with a small team. As a Coach and writer 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 helps clients search for ideas and solutions ‘which I love’ also. instead of just coaching people and empowering them to find answers he now uses bis entrepreneurial mind and creativity. I knew that he could really help people with advice and ideas rather than just supporting and guiding others, so there are many ways today to evolve a career or role into a sustainable small business around yourself in an expert area.
Think of your experiences in careers, businesses and life and see how you can be ‘the go-to’ person and beat others in that area.
Turning Ideas Into A Business
As I said, some succeed and some fail. That’s life – but it usually comes down to a few principles.
Most people never know who they are selling to or why their product offers something unique compared to others, or they fear failure and that’s the reason they quit before they have even started. OR they do not put enough work into their role to determine its success. So we have to treat all types of ideas and businesses AS BUSINESSES not as something which can be looked 50% of the time. It needs 110% effort, accountability, vision, focus and unequalled determination – but failures can still happen! Although, as I know myself this can propel us forward if we keep on as we may learn and grow and gain an education in order to get better.
With consulting or as a mentor it is possible to charge very good money, I currently charge £2000 per Complete Small Business package at the moment and this will increase very soon. That’s the real power of mentoring and consulting and some will charge way more like £10,000-£20,000 for their program. And – people will pay you ‘when you know what you are talking about and you get results’. Even when you have to sometimes find answers yourself you can still achieve a really great income. This is just one business model and an example of taking your ideas and turning them into a business as I have.
Positioning yourself as a PREMIUM Coach is a great way to do this and building a trusted brand which positions you as the ‘high end’ professional means people expect to pay this just as they do with luxury high ends goods and services. There is a market for the right types who prefer this and they are more accountable as they invest more. So, for me it is about attracting those who are prepared to pay and will take the action as they have more at stake so this drives them.
NOTE: I am able to cherry pick who I work with today, so I work with less people for more money. And they are more likely to get the results they came to me for.
What else is there you could do?
You could be a life or travel 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 but all I do in my Coaching is to help other define their beat role, doing what they love and where there is a market need. And of course, there are way more options than that. In fact these days people are creating business models around themselves just as I have a great deal more. And this is something i have been helping my clients to do.
This is an increasingly common option today – especially as a coach where you can work on your laptop or tablet. BUT I will say that only about 25% of Coaches actually earn good money and that is because they are good at what they do and they have implemented everything here I have spoken of. Many will call themselves Coaches but are no such thing. Yet they label themselves this way and expect the big bucks. It’s rare. In order to be the best we have to offer the best solutions and get the best results period and we have to continually sharpen our skills t be the best.
Don’t ditch your idea just yet!
Going back to ‘ideas’ – there are so many options and I would advise that you start to think about what you would really love to spend 8+ hours per day doing. Because you will be doing it just as often if not more than a regular job.
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 and this builds your reputation. This is just one example.
The point is that ‘you know’ what VALUE and worth you can bring and what YOU have been through to start Turning Ideas Into A sustainable Business model.
As you develop your idea/s into A Startup you can start to think about how you will replace your income. Sometimes in a tech driven startup you may not see an income or draw an income for many years and if you become a founder and have partners you need to be very careful what you sign. Ensure you put into place the paperwork and hire and expert to help you with the legalities of setting up a Startup.
I have heard various horror stories of those who fell out and where founders have left yet demanded a % of all income taken in the future. People can fall out and where there are stresses daily, challenges, commitments, family issues etc – this can all have an affect on the state of those running high pressure organisations. So be aware and take precaution right up front.
You may also need funding as this is very often a part of a Tech startup or Franchise, so again take advice here and keep these finances away from your personal life. I never ever mix the two, why? As we may lose everything if we may risk capital from our home or family which may never be returned and as you can imagine this can cause life long rifts.
The key to evolving an idea and doing so without ruining your entire life is with starting lean or with venture capital; this will all depend upon the vision you have of growth. You may need a team for example, and if so how will you manage this and lead them in your role? These are all questions you will need to ask yourself as you progress.
TIP: You need to hold yourself accountable and responsible for your actions and your team do by setting specific, strategic, daily tasks and goals every day and week in order to monitor and measure your progress, and every 30-60 days evaluate your position. Also holding 20 minutes meetings every week is known to be very effective to keep those with certain roles accountable for what they do.
Always know your role and that of others and avoid micro managing. You will have to hire others who are better than you in other areas, so you all work in your strength areas and 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 in their core strength area? Or maybe they can help you by giving you referrals and testimonials? This way you steadily build up a solid reputation as an expert and people will start paying you for your work more. If you start by giving then you will receive and this is the case for retention, referrals, and repeat custom.
TIP: Try to look for others in your market area that can also help you back such as with 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 and take notes on what they do. 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 or where you can improve, so do take notes and get ideas on how to beat them. This may sound underhand but it is where great innovation can happen.
So now – how about 10 ways to utilize your knowledge and experience to launch a new small business or career as a consultant?
OK THEN HERE’S A 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) START BY BUILDING A STRONG ROBUST LOYAL LIST OF SUBSCRIBERS AS YOU BUILD YOUR BUSINESS
Turning Ideas Into A 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. But it will never get anywhere until you write it down and look at in every way. Make it a goal and work on it every day.
Great news – 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?
TIP: 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 not 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
IMPORTANT NEWS: If you want to learn how to create a $10k per month Small Business from home RIGHT NOW I have created a Simple Self Study HERE which has already helped over 600 students to create sustainable growth and revenue in a business model. EVERY TOOL AND RESOURCE IS IN THERE and its only £29.95. That’s right no fees, no high prices pure value and I will give you a full 28 refund if you don’t like it. NO RISK AT ALL! Get it while the price is low.
All the best to you with Turning Ideas Into A Business
Greg
P.s – we can build your plan and I can help you turn your Ideas Into A Small Business by turning passions into profits here> http://gregdetisi.com
And Read this HERE IF YOU WANT TO IMPROVE YOUR DIGITAL EDGE OR WISH TO START A TECH STARTUP
If you need help you know where I am.
Turning Ideas Into A Business
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