The Fastest Way to Turn Your Small Business Idea Into Reality

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As an entrepreneur, it’s exciting to bring a business idea to life. Find out how to do it in the quickest and most effective way possible. [[{“value”:”

There’s nothing quite like having an amazing business idea buzzing around your head. It can dominate your waking hours and even creep into your dreams. I have started three different businesses and I know how exciting that initial phase can be.

Even so, finding the fastest way to get your small business started is only part of the puzzle. Understandably, you want to get things up and running quickly. But the bigger challenge is building something that will last and grow. This is why the following steps are essential.

1. Talk to your network

Many people have great ideas, but that’s only the beginning. It’s the delivery that matters. And to deliver, you’ll need the support of people around you. Start by socializing your idea. It will help you crystalize your thinking and get a feel for whether there’s demand for your product or service.

More than that, when it comes to building your team, getting financing, and launching your company, you will likely need help from your network. Get them on board now by sharing your ideas and listening to their comments.

2. Make a business plan

A business plan does not have to be complicated. Nor does it have to take you forever to write. But don’t skip it. It is as much about the research and thinking that’s involved in making it as it is about the words on the page. Here are some key elements a business plan should include.

Mission and vision statements

Your mission statement sets out what your company will do, how it will do it, and who it will do it for. Your vision is broader. It articulates an inspirational idea about what the company will become and how it could impact society.

Competitor analysis

Look at how your competitors market themselves, how much they charge, and who they are targeting. This will help you know how to position yourself and how you will stand out. Think about both direct and indirect competition. Let’s say you are starting a football club. Direct competition would be other football clubs. Indirect competition may be other sports clubs or even other fitness organizations that might fill your clients’ needs.

Company structure

Plan out the work that needs to be done and who is going to do it. Will you need to hire staff from the get-go or can you use freelance workers while you’re getting started? If you’re hiring staff, how will you organize them? How many people might you need?

Marketing strategy

Think about who your target audience is and how you will reach them. If you’re going to rely on email marketing, the sooner you start collecting contact information, the better. Consider how you will build your brand on social media, what type of website you need, where you might advertise, and how you’ll measure the impact of your activities.

Financial analysis

Last but not least, you will need a financial plan. Project out your costs for the next few years, so you can see how much money you will need to get started. Use the work you did in terms of structure and marketing to identify key costs. If you plan to apply for a business loan, how much will you borrow and what will you need as collateral? Top accounting software might help you to map out your financial needs.

Once you’ve got the bare bones down on paper, you’ll find it easier to articulate your idea when talking to potential clients and stakeholders. You may need to flesh it out more if you’re going to apply for grants or angel funding. Focus on writing a business plan that’s most likely to secure funding.

3. Test your product

This step is almost more important than making a business plan. You need to know whether people will pay for your product or service. That means testing it out on real people.

The testing process looks different for every business. If you’re looking to sell something consumable like ice cream, make a batch. If it’s a physical product, you’ll need a prototype. If it’s a service or app, you might create a test website.

Think about how you might engage with your target audience. Perhaps you could set up a stand at a community event or organize a testing party with some friends. You might try to give your service to a select group at a heavy discount (or even free). You could also use surveys, social media, and focus groups — or any spaces where you can ask questions and invite comments from people who might eventually buy your product.

Treat the testing phase as a marketing opportunity. If you can show your test subjects you listened and learned from their feedback, you may well be able to convert them into your first clients.

4. Do the paperwork

The final step is to choose a business structure and register it. Common options include a sole proprietorship, a partnership, or a limited liability company (LLC). Look at the pros and cons of each and decide what is right for you. You can then apply for your employer identification number (EIN).

It’s a good idea to open a business checking account to keep your personal and company money separate. A business credit card will also make sense for a lot of companies.

Key takeaway

The germination stage between idea and reality is crucial for any entrepreneur. Don’t be in such a rush to start your business that you miss out on the chance to nurture and develop your idea and give it the best chance for success.

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