I have a business idea: what do I do now?

Sometimes we have an idea, an acquired skill, a hobby, or a passion that can become a way of life and a successful and profitable business that allows us to improve our personal finances. To put this idea into practice, we must follow a certain methodology that helps us minimize risks and maximize profitability.

I have a business idea: now what do I do?

We are excited; We have a business idea that seems very good to us and we think it is an excellent opportunity, whether to develop a new area for our current business, to add a new product or to start a new venture. Whatever the case, we must follow certain steps to minimize the risks associated with this process and be able to successfully implement our project.

What can be considered a “Business Idea”

A Business Idea is a concept through which we can offer certain products or services to a certain segment or base of potential customers. Normally the objective is to establish a for-profit company that can connect with a certain segment of clients and provide them with a solution to their specific needs.

How to clearly define my “Business Idea”

The first thing we must do is clearly define our Business Idea and clearly identify the key elements that make it up, what their implications are and any other factors that we must consider.

The greater the detail, the greater the chances of success. It is important to put in writing certain basic concepts such as: what our product or service is, what type of problem we are solving for our potential clients, what are the objectives we want to achieve and any other operational details that could be useful to us in the future.

Some points are of special interest when formulating our plan:

Who are my Competitors?

It is vitally important to define who my main competitors would be and what products they offer to their clients. This allows us to evaluate the way they market their products, review their customers' comments to see how satisfied they are, and understand what benefits they perceive are.

This puts us in a better position to formulate a successful penetration and growth strategy for our business.

What is our “Value Proposition”?

Our Value Proposition is what differentiates us from our competitors. It is what will allow us to differentiate ourselves from our competition, all those attributes that we can offer our clients that others do not offer

. Examples may be: extended service hours, greater support, faster shipping, better service, etc. This will allow us to present the client with a more attractive proposal that translates into possible sales.

Who are our “Ideal Clients”?

Our Ideal Clients are profiles that we are going to create to represent someone who may be a potential client for our products. For example: a housewife with young children who lives in a particular area and with a certain income level may be an Ideal Customer for a children's product.

Creating these profiles allows us to establish a better connection with our customers and make better decisions that affect them in a positive way and lead them to purchase our products and establish a long-term relationship. Ideal Clients are also very useful when we need to describe our business to third parties such as potential investors or partners, banks or potential employees or executives.

What do our Potential Clients think?

Once we have taken the previous steps we should consider contacting our Potential Clients and canvassing their opinions about our project.

We can ask them what they think of our products, our image, our advertisements, our offers, our logo, etc. In this way we obtain a qualified opinion about various aspects of our business before taking the next step.

How are we going to market our products?

When defining our potential market, we should not expand too much but, on the contrary, focus specifically on the platforms they mostly use and the way they assimilate the content and information that interests them.

We must evaluate the different options and determine which of them can produce the greatest impact for the amount invested, that is, the greatest return on investment.

Before launching an indiscriminate campaign on social media, digital platforms or any other marketing tool, we must choose those that produce the best results.

Establish Business Objectives

Once the previous steps have been taken, we must establish what we want to achieve with our idea, that is, our business goal or objective.

Objectives must be clear and achievable, since setting goals that are out of reach will only lead to frustration and discouragement. We must take into account our abilities and limitations, our needs and the powers of our business.

These goals are going to be dynamic and will change as our business develops and therefore we have to continually evaluate them. No prediction is exact, so we should not be discouraged if our expectations are not met.

Form the “Business Team”

It may be that initially we do not need a Business Team, but as our venture grows we will need other people to collaborate with us.

The Business Team may also include one or more partners, employees, advisors, investors and even clients who are willing to give us their objective evaluation of our products and our services.

It is important to ensure that our partners understand and share our Business Objectives in order to avoid conflicts and misunderstandings.

We must also ensure that our employees have the necessary skills to ensure the success of the business.

Some final advice

It is important to keep in mind that we need to possess and develop some skills and attributes that can guarantee success, such as: perseverance to move forward without being discouraged by obstacles and difficulties, good communication, commitment, attention to details, organization, time management and ability to negotiate, among others.

The most important thing is to persevere and the ability to adapt to the changes that are surely going to occur. No plan is perfect, but if we work in an organized way and with a clear horizon we will have a greater chance of achieving success.