Getting a business idea is one thing, but actually making a success of it is quite another. You have to take massive action to get companies off the ground and successful.
Every month, around half a million people in the US become entrepreneurs of one kind or another. However, most of them do not go on to found successful businesses. It isn’t just luck of the draw. Instead, it has to do with the approach that they take after they get their idea.
If you have a crazy business idea, here’s what to do:
Determine The “Why”
Crazy business ideas are, by definition, a little difficult to pin down. Setting up an accountancy firm is not a crazy business idea. It’s tried-and-tested. But there are many other ideas out there that nobody tried before.
When evaluating your idea, consider the “why.” Think about the real solutions that it solves and for whom.
When you investigate the why, you soon discover if the business idea has value or not. Remember, not all crazy ideas are good ideas. But some might just work because they tap into something thus-far undiscovered.
Value can pop up in all sorts of strange and weird places. For instance, the reason people love Apple iPhones isn’t to do with the hardware. It’s how owning one makes them feel.
Or take digital cameras, for instance. It’s not about the cameras themselves, but the memories that they store.
Having your why clear in your mind lets you focus on where the real value lies.
Look For Similar Solutions
Try as you may, you will never come up with a completely unique business solution. But that’s okay. Nobody in business was ever a pure original.
In fact, having examples of similar solutions on the market shows you what works. When evaluating your competition, take a look at what they’re doing and then try to find ways to beat them. You’ll need to stand out from the competition and find ways to set yourself apart from them. Test their services if you want. See as a customer what they feel like and what they could improve. You don’t need to reinvent the wheel, but you do need to find some reason why somebody would choose you over anyone else.
Automate Your Business Processes
Entrepreneurs don’t “run companies.” Instead, they build profit-generating business systems. They create structures in the real-world that allow them to generate money without having to invest all their time and effort.
It’s a monumental task to make it work. But once you do, the payoffs are tremendous.
Start with your website. Use WordPress professional web design if you can. Try to avoid other methods such as templates, as they don’t provide you with the flexibility you need.
Then look for ways to outsource any production. Partner with a factory or a supplier to create branded products. (You can bring the process in-house later when you have more money). Don’t try to produce items yourself to begin with. You’ll struggle to generate the required quality.
If you sell services, don’t sell your hours for time. Instead, concentrate on finding staff you can pay to provide those services. Doing it yourself defeats the purpose of setting up a business in the first place.
Lastly, automate your marketing, fulfillment and distribution. Create a situation where you can minimize your direct labor so that you can focus wholly on driving home your brand messaging.
Talk To Your Customers
Before you even begin your business, make sure that you spend time talking to your customers about what they want. Find out how much they would be willing to pay to buy your products.
If you can, conduct a test sale. Ask whether your business idea is able to generate genuine value or not. You’ll soon discover whether customers are willing to pay extra for your products and services or not.
You can also try getting prospects to fill out a survey. This lets you get to know them better and increases the likelihood of receiving negative feedback. Criticism is good because it allows you to identify where you need to improve.
Review Your Business Plan
Business plans can be a bit of a chore. But they are also essential if you want to stay on track. A business plan is a document that reminds you daily what you’re shooting for and the type of success you’d like to achieve with your company. It prevents you from getting off course and clearly defines how you’ll get to your destination.
In your business plan, you’ll want to cover the following:
- Your story – what narrative are you going to use to sell to customers?
- Your investment pitch – how are you going to get people with capital to take a punt on your business idea?
- Your networking – who are you going to reach out to to help you on your journey to success?
- Your products – what products and services are you going to offer to the market?
- Your solutions – what real-world problems does your brand solve?
- Your income – how much money would you eventually like your business to generate for you personally for it to be worthwhile?
Research Your Market
Lastly, you’ll want to make sure that you thoroughly research your market. Think about the type of space that you’ll be operating in, the companies that are already there, and the type of customer interested in buying your products.
Consider whether you need to do something similar or different.
When doing your research, focus on businesses that both succeeded and failed. You want to know what certain companies did right, and what others did wrong.
Try to find and identify partners in the process that can help you take your brand to the next level. Look for companies out there that offer complementary products to audiences that are similar to yours.
As you go through your research, you will often find that your target audience differs from what you originally thought. You need to prepare yourself to be flexible so that you can adjust as required.
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