From business idea to actions: 10 important steps to be taken

There are a certain number of steps that are important to go through to implement your business idea. We will talk about them in this article.

Step #1: Do you want to implement this business idea?

Many people aspire to launch their own businesses. It's like taking a new, logical step up a staircase.

Before you begin the process of putting a business idea into action, you must first define your goals and identify the causes. You could ask, "Why did you launch your own business?" Will you be able to overcome obstacles?

Expect it to be more complex.

Step #2: Brainstorm

The technique helps with prioritizing and gathering thoughts. To keep your thoughts visible at all times, write them all down on a sheet of paper and glue them to a board or wall.

Spend no more than 10-15 minutes on this exercise

Write whatever comes into your head—no idea will be too stupid or impossible. Do not try to fix anything; build connections. I recommend spending no more than 10-15 minutes on this exercise.

Now is the time to organize whatever you wrote. Sort thoughts into categories based on similarity, then categorize and connect them.

Step #3: Simplify

Give one sentence summarizing your concept.

The activity will help you comprehend why and how you will create this or that value. Use the helper template as a guide:

"My company (name) helps (target audience) (find a solution to a problem) using (secret ingredient)"

If you find it difficult to organize your thoughts, try to write them down in as much detail as you can. Then, condense the text to a single page, paragraph, or sentence.

Step #4: Request Feedback

Share the idea with your surroundings! This is the best tactic for getting feedback and improving an existing proposal.

Remember that having an idea is just the start; its execution is what truly matters.

Consider the viewpoints of others. The target audience is shown through several replies. What are the characteristics of positive judgments? How about adverse ones?

To acquire the big picture and make plans, use objections. "This is a great idea, but maybe you should...," as an illustration.

Step #5: Who is your target audience

If you're just starting a business, you undoubtedly believe that everyone is a potential customer. But this is not completely accurate.

For a business to succeed, a specific problem for a specific group must be resolved.

You must ensure that a company idea meets the needs of your target market before putting it into action. As a result, it will be simpler to locate clients and modify your offering for them.

To create a profile of your target audience, ask yourself the following questions:

• In what city is your client?
• How old are they?
• What happens during this person's regular day?
• Who do they work for?
• What do they do when they are not working?
• What's the issue? Why are they disappointed?

Step #6: Who are your competitors

Is your concept wholly original, allowing no one to challenge you?

Making an incomplete competitive analysis is a crucial error to avoid when starting a business. Before continuing, be sure to understand:

• Who are your primary opponents? Examine every similar offer and every player.
• Who are your indirect opponents? In addition to apparent opponents, there can be others who approach your target audience's issue quite differently.

Step #7: Your USP (Unique Selling Proposition)

When you have identified your competitors and have a clear understanding of the current deals, goods, and services available, pose the following inquiries to yourself:

• What distinguishes the product?
• How is your approach to fixing the issue superior to the one currently in use?
• Is it cheaper, quicker, or easier?
• Does that convince customers to select you?
• How will you put the concept into practice and sell it?
• How are you better than your competitors in this regard?
• What distinguishes you?

Step #8: Prototype testing

Make a first draft of a straightforward but functional product. Get input from a small sample of people before implementing it. Find a group of people who agree with your idea and are prepared to aid in its promotion following its launch among them.

Testing is necessary when putting a business idea into action.

Step #9: Think about your earnings model

Beginners frequently ask themselves, "How can we make money out of this?" These are the most typical business models:

• Offer people your goods or service (pay-as-you-go, subscription, or single purchase);
• Offer a competitor's already-established product or service (affiliate marketing, franchising);
• monetize through advertising (ideal for media companies operating applications or blogs);
• Offer a free portion of a product or service in exchange for revenue from advertising and the sale of premium versions.

Step #10: Plan ahead

This is the last action! Create a detailed action plan to bring the idea to life. This will enable you to estimate the size of your project and its launch costs. Think about hiring.

The steps involved in putting a company idea into action include figuring out the following:

Product:

• How will the product be developed?
• How much will it cost?
• Who will be in charge of what?
• Will you make use of the beta before the launch?

Marketing:

• How will you draw in customers? 
• What routes have you used? 
• What strategies should be used?
• How much will getting one client cost you?

People:

• Do you need co-founders? 
• What sort of background should they have?
• Who will be responsible for the product's development and advertising?
• How can you entice talented workers?

Finance:

• How much to invest in the product's introduction and promotion?
• What is the amount to pay employees?
• How much do office space and software cost?
• How are you going to get the funding for the project? Will you find an investor, or are you utilizing your own money?
• What are you going to eat to survive? Will you continue working where you are currently doing business as a side job, or will you start over completely?

Post a task on Insolvo to get help with any of the discussed issues,

See also our article about marketing strategies.