This article was generously shared by Julian Lane of TheFixItChamp.com. Thanks, Julian!
According to statistics, over 600,000 new businesses open in the United States every year. However, without a good plan, many of those businesses will not succeed. These tips will help you turn your business idea into a successful new business.
1. Start with a Business Plan
If you have taken any college-level business courses, you probably learned about writing a business plan. A business plan works like a road map for a new business. Your business plan can guide you through the process of getting your business started and growing it into a profitable endeavor. It will also be a useful tool for obtaining funding for your startup. Most lenders and investors will want to see your business plan as part of their evaluation process.
2. Research the Competition
Research your competitors to find out what they are doing well and what could be improved. Look at their websites and advertising. Research the products they sell and their pricing model. Send out surveys to find out what customers buy from the competition and what they like and don't like about the process, products, prices and service. Use what you learn to find ways to do things differently from or better than the competition. Pay particular attention to customer pain points.
3. Identify Ways to Monetize Your Idea
An important part of turning an idea into a business is figuring out how you can make money from your idea. Brainstorm ways to entice people to pay for your creativity. Once you have a few starting points, do market research to determine the best way to introduce your product to the market.
4. Use and Expand Your Network
There are multiple ways you can use your network to help get your business off the ground. Friends and family can be a source of funding. You can use them to test your ideas. They may have connections with vendors, advertisers, and investors. They could be your first customers, and they can help spread the word about your business.
If you need to expand your network, reconnect with old friends by using a search engine to look for high school graduates from your area. To conduct your search, type in the name, graduation date and school to get results with contact information.
5. Build Your Brand
If you think of a successful business, you can probably immediately recall several things about its brand, such as its logo, advertising jingles, colors and advertisements. Building your brand helps customers remember who you are and helps you stand out among the competition.
Your brand should be memorable and unique and reflect the values of your company. It should also appeal to the people who are most likely to purchase your products and services. It may help to work with a branding expert to determine ways to effectively portray your brand personality.
Turning a new idea into a profitable business is not a quick and easy process. However, incorporating these tips into your startup plan can help ensure that your new business becomes a success story.
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