First of all, for your ideas to be profitable it must not solve only your problem it must solve the problem of the masses before it can be called profitable. Although it is a prerequisite, a business idea is only a tool; an idea by itself, however good, is not sufficient for success.
The idea needs to be developed and transformed into a viable business opportunity, while the business idea is a short and precise description of the basic operations of the business and start-ups. It is important we know the difference.
In building the much-envisioned business from your ideas there are steps we would be discussing to make sure we achieve that.
Settle on one business idea.
Did I just say that? Yes, I did Like Mike Murdock once said to kill a person’s dream give him another dream. If you’re mulling a number of ideas, odds are good that none of them will see the light of the day.
Skimming through different ideas every day and figuring out whether they motivate you or whether they work won’t get you anywhere.
Take one idea that moves you and you feel most passionate about and stay with it till you can’t go any further. Until you’ve given it your all.
The next one is very important it’s one of the major reasons Start-ups Fail and you our article on 7 business intelligence for start-ups
Validate your idea.
What do I really mean? Validating your ideas saves strength, time and money so that you don’t waste your resources on presumed business ideas that are not market fit
Validating here means selling your ideas to people who are most likely to be using the product or service your business ideas would be producing
Now, this is why businesses and Start-ups fail. The people that validated and liked their ideas were your friends, family and loved ones, and they gave you a biased opinion because they loved your business ideas or products doesn’t mean it’s MARKET FIT.
Before you launch out, make sure you validate and sell your ideas to people who don’t like you or have any reason to be nice to you, their opinion is valuable, unbiased and valid, and their feedback which gives accurate data that you need in making informed decisions in your startup journey.
During validation of yours, business ideas make sure you have clear and accurate answers to the following questions
- What product or service your business will sell.
- Who your business is going to sell to.
- How your business is going to sell its products or services.
- Where are your proposed clients or customers?
- Which need your business will fulfill for the customers.
- All these are very important questions to answer for every Start-up
There is no such thing as a million-dollar idea. Facebook was not a million- (or billion) dollar idea until it saw the light of the day until it was executed
Ideas evolve into products which themselves evolve over a period of time through constant customer feedback and use and it’s the clients or customers that determine its value
Lastly on this point Most people just don’t get their products out in time and spend most of their resources in trying to build that one perfect product, save your self the stress and come up with a prototype, beta or a minimum viable product and get it out in the hands of the customer and use the customers feedback to improve the product or service, In this way, you building actually what your clients and customers need.
Find a large market
This is expedient in building a scalable business Don’t waste your time on an idea that does not cater to a large audience. Sure, you can start local and expand later, but is your idea solving the needs of a few hundred? Is your idea scalable to the next hundred thousand? If not, you’re not building a business
Base your idea on a large audience and you’ve got yourself a product with the potential to grow into a larger and a more successful business. Think big, think global if you can.
Hope you have been getting some viable tips on building your business so far?
Reinvent and keep innovating
Believe me, the lifeblood of every business is innovation.
So, decide what is important to you: the figment of your imagination that tells you your idea is a million-dollar one or validating it to build something that can get you the actual million dollars.