There’s an idea in your head, and you think it’s the start of the next big thing. You
dream of it growing into a world-class giant, solving real problems and adding value to the lives of millions of people along the way. The relevance and viability of what you’ve conceived aren’t in question; the space between your dream and the glorious reality is simply the execution of your plans.
But your idea is still what it is, an idea. There’s no billion-naira business empire taking orders from you. All you have is potential swirling in your mind, an intangible concept that could be brought to life or forgotten forever. It’s up to you to take action and make that
dream of yours happen.
If you’re really keen on turning your idea into a successful business, you should take the following steps.
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Study your market
Survey the
market for the product or service you intend to provide. What does it look like? Is there room for a new player, or is it already saturated? Is demand for the product great or little, falling, growing or static? How much money is there to be made? What are existing service providers doing, and how can you improve on it?
The point of conducting market research is to ascertain the viability of any business fashioned out of your idea. If it turns out that there’s really an opportunity to be gained from, you’ll be armed with the data you need to start up successfully. It’s also not a bad thing to discover that your idea, as originally thought up, isn’t fit to fly. You’ll be saving yourself precious time and money by backing off from a dream that research reveals is not worth the try.
If your idea still looks promising after the market analysis, you may proceed to put some flesh on it with the aid of the information you get from the research. Details matter. It’s not enough to have an idea for vending high-end clothes in a well-off estate. Decide what type of clothes you’ll sell, fix appropriate prices for them, and determine the strategies you’ll employ to
make your business stand out from possible competitors. You can do these things better if you’ve studied the market you intend to venture into.
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Figure out what your source of finance will be
You could set things up and run for a while with your savings, or with
loans from family and friends. However, you have to come up with a revenue-generating model for your business that ensures its self-sustenance. Ask yourself these questions: what aspects of my business will generate revenue? How long will it take to break even, and begin yielding a profit?
It’s advisable to get a business plan for your enterprise and put down projections for your business’s physical and financial future in it. This way, you’ll be able to track progress by referring to documented practical expectations you have for your business.
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This part won’t be easy if you want to get real talent on board.
First, lay out the skills your business requires at its early stage. Then seek out people who possess them, preferably from among your network of friends and acquaintances (make sure they’re trustworthy). It would be great if you could have someone experienced in the industry working with you as well.
A big part of the team building process is selling your idea to potential cofounders. Unless you’re able to convince them that you’ve staked a precious part of your life on the success of the venture (and that it’s noble and viable enough to deserve their own investment), you won’t make any real headway with attracting the right partners.
There’s a place for advisers and mentors too. Approach wiseheads who know the business terrain well, and request their counsel when you need it.
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Let the world know
Spread the news that you’re embarking on an entrepreneurial journey. Tell your family, friends, and other contacts. Show them what you’re doing, and offer to render your services to them at a reduced price, or for free. These are first steps, and it’s crucial that you make fans and allies of your own people.
You can’t overlook social media. Not in today’s world. Get on Facebook, Twitter and Instagram, promote your business on those platforms, and build a loyal following with them. Find out how to do this in our article,
How to Grow Your Customer Base Using Social Media.
Conclusion
When the lightbulb gets turned on in your head, all of existence comes tantalizingly close to being altered for good- even if just by a small bit. When you work to actualize great ideas, you bring them closer to changing your world, and the realities of a great mass of people. Take the steps explained here, and watch your dream unfold.
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This article was first published on 16th November 2017
ikenna-nwachukwu
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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