Running your own business comes with many working parts. Coming up with ideas is just one small part of a business. After your initial idea, you need to do extensive research and create a plan of action. Here are some of our best tips for taking your initial idea and making it into a reality.
Ideas sometimes come to you unexpectedly. They can also come from brainstorming sessions, customer reviews, employee feedback, or another form of inspiration. Brainstorming sessions can be done in groups or on your own by using different brainstorming techniques. Encourage your customers and employees to give their honest opinion about your business, which will help with future plans.
Research is the next step in your process. This is going to help you determine whether you can make your idea happen. Call vendors that you will need to accomplish your idea to get pricing details. Look up other businesses that implemented a similar idea to have a benchmark. Develop primary research like surveys and interviews if you can. The research will narrow down which ideas you want to go ahead with if you have many to choose from. It will help you understand everything surrounding your ideas like customer interest, pricing, and implementation.
Target Market Evaluation
Analyze your research and make sure that your idea will solve a problem for your target market. If there is not a pain point that your ideas solve or your market will pay for, reevaluate your target market. Consider targeting a smaller group of people for your initial launch of the product or service to reduce your risk and budget.
Plan of Action
Use your research to plan your steps of action. Determine how much money you will need to budget for and how you will accomplish that. You might need to go to an outside lender to get your funding. Create a timeframe of when each step will be complete and stick to it as close as possible. Make sure that all of your goals for the idea are measurable and attainable. Identify who is responsible for each action step.
Make Your Idea Happen
Getting your idea to the final stages is exciting. You will need to get information and research from outside sources to make your idea happen. PL Consulting can help you through the process with budgeting, accounts payable/receivable, and other bookkeeping services.
We customize our services to each of our clients and their business plans. We understand that each one of your ideas is unique to your business. Our one-on-one interactions are a valuable resource for both your team and ours.