Innovative Business Ideas – How To Turn Your New Business Idea Into Gold
Creating Your Dream Business
Behind every successful company is a founder who had a dream that eventually became a reality. Examine any of today’s prominent entrepreneurs and you will discover a shared thread of traits. These are talent, vision, and perseverance in the face of all obstacles. If you possess an idea that you believe would make a great business, there’s no time like the present to make that move. Innovative business ideas are spun off into new enterprises all the time – both in good financial times and bad – so don’t abandon the fight due to a perceived weak economy.
Transform New Business Ideas Into New Businesses
It’s all well and good to have innovative business ideas, but good ideas alone don’t make you any money. The first thing to do is create a business plan. You will fine numerous sources on the Internet and at your bookstore or library on how to write a business plan. One rule of thumb – keep it short and simple. A business plan serves two purposes, to create interest among potential investors and to serve the company as a roadmap to success. Next is the research stage – the fun part of the exercise. In order to turn new business ideas into viable businesses, one must determine there is a need for the product or service in question. It’s extremely difficult to create a demand for something after the fact – the Pet Rock phenomenon of the 1970s is the exception to that rule – which means that you need to identify who your customers are (as a class, not individually) as well as why they will want what you’re selling. Third comes the marketing plan, which you will have sketched out in your business plan. This is where your effort in writing a comprehensive business plan begins to pay off. The market research phase will probably cause you to make adjustments to the concepts you devised in your business plan, but that’s all right. You should consider this to be a living document, as innovative business ideas should be given some latitude for change. For example, perhaps you learned through your research that people are willing to buy multiple copies of your widget if you offer them in assorted colors. That discovery alone could double or triple your sales.
From Startup To Golden Success in Four Solid Steps
- First – Regardless of the state of the economy, there are always people out there spending money. Seek them out and let them know about your product or service. Become an expert in demographics and trends.
- Second – Think of yourself as a problem-solver, not a seller. By putting yourself into your customers’ shoes, you will gain a better understating of the concerns they have and how your new business idea helps them.
- Third – Become both a tireless and a fearless advocate. The adage “work smarter, not harder” is a sensible rule to follow. Think about your product or service in innovative ways, and those ways will help you attract a larger client base.
- Fourth – Don’t let your fearless ideas get trampled by ridicule. There are plenty of Negative Nellies out there who will come up with countless reasons why your business can’t possibly succeed. By persevering in the face of adversity, you will prove them wrong and enjoy tremendous success.
Imagination Is the Key
For those of us who struggle to come up with worthwhile innovative business ideas, here is one final list of “to do” items – the “Seven ‘I’s” of new business ideas:
- Inspiration – Let your mind wander; no idea is too crazy not to be given at least some consideration
- Idea Generation – Employ your natural gifts for creativity, uniqueness, and a potential breakthrough idea
- Idea Sorting – Select your most creative idea as the best choice to move forward
- Incubation – Brainstorm with trusted “others” to expand your idea into a commercially viable form
- Implementation – Move forward to turn your concept into a real product or service
- Illumination – Use customer feedback during the introductory stage to make changes in what you have originally designed
- Iteration – Remain open to ongoing changes during the lifecycle of the sales process.
How does your innovative business idea solve a problem, allay a fear, or fulfill a need?