How To Turn A Good Idea Into A Profitable Business
Aiden Sookdin, Author, The Minimum Wage Millionaire, 23 Feb. 2016
Have you come up with the perfect business idea, but canât seem to find the resources to implement it? Do you secretly wish you could turn this idea into a profitable business, but donât know where to start and fear that you could never make it work? The truth is, there are many people with brilliant business ideas who simply canât find the courage to put them into action and end up miserable, wishing they had at least tried, when it is already too late.
Stephen King, the author of “One Simple Idea for Startups and Entrepreneurs”, has some inspiring words of advice for all struggling and aspiring entrepreneurs. Here are his recommendations for those wishing to start their own business.
1. Get to know the market
In order to know whether your business idea can become truly profitable, you need to do your homework. Study the market extensively in order to understand where your product or service is situated, how it is different from the other already existing products or how you can make it different, how much you should charge for it, and who you will sell it to.
2. Test continuously
No one can guarantee that a certain idea will work, that’s what testing is for! You need to test your products and services several times before you actually launch them on the market. Chances are you won’t get it right the first time, but with diligence and perseverance you will reach your goals. Testing your products or services on your target market will help you understand what other needs or wants are left to be fulfilled and which changes to implement to ensure success.
3. Ask for feedback
Instead of wondering and guessing how people will react to your product or service, go out and actually ask for feedback. Show your product to as many potential customers as possible, interact with people from your industry, ask for second and third opinions, attend all trade shows and visit all shopping centres, presenting your product or service. Authentic feedback from real people will help you see if you are headed in the right direction, and change your plans if reactions are unsatisfactory.
4. Test your product online before launch
Create a website to promote your products or services and start posting content on Facebook and Twitter. Be as creative as you can. For instance, you can create engaging videos showcasing the benefits of your products or services or how they are used. You can also add relevant product images, ask questions, and invite followers to fill out a survey.
5. Start small
Even if initial reactions from customers are favourable, you cannot afford to risk everything from the very beginning. Start small, test various prices, determine which changes need to be made in terms of packaging, marketing or customer satisfaction. Start locally, and gradually extend your business regionally, even internationally, if all goes well.
Keep up with the latest trends, products and services on the market. Remember to continuously reinvent yourself and your business.
7. Don’t give up
You may not succeed the first time. Chances are you won’t reinvent the wheel, either. Don’t worry about beating the biggest players on the market, but try to be the best in your local area.