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How to Develop an Idea for a Current or New Business

This article is for you if you already have a business but have new ideas to add; and if you have an idea that you want to turn into a business.

Disclaimer: You make your own personalized choices. The following are some steps you can take. Each step has a lot more details than what it’s describing.  For the purpose of this article, it’s meant to be informative and concise, since your time is valuable. It’s not a one size fits all type of article:

Steps on how to develop an idea for a new (or Current) Business

1. Choose one idea at a time, or choose an old idea that didn’t work and innovate it

Pay attention to current season of year- whether kids are in school or not affects some businesses, pay attention to the needs in people, and pay attention to how you and your service can add value to them.

2. Get to know who you would influence or market to

If you provide a service, sometimes, you are to go back a few years, and notice if there is anything you wanted to have, learn, or do, that you do now. Are you able to provide a product or service that will help people avoid your struggle? If it’s a product, what makes it unique that it will be on demand right now?

3. Research and Write a List of upcoming expenses and next steps in order

If you are a creative, you probably don’t like to research, planning your next steps, and going over future expenses, but you have to.

Remember that this step is important. Perhaps in the near future, when your business starts to grow, you will hire someone to take care of research, planning, and quickbooks.

4. Sell unused items, work to save, and learn

This can happen at any stage of your brainstorming process. Start investing in learning what you don’t know about your future business. In this step, you are to get out of your comfort zone and join social media groups, or in person groups where other people are working on similar goals as yourself. When you work for yourself, it can get pretty lonely. There is nobody to bounce ideas off, other than yourself. This is the best thing you can do, even if you decide to meet with a mentor or coach often, there is power in knowing others who are at your same stage of business development. In addition, if you don’t know about marketing, or about basic website design and basic accounting, this is the time to learn or hire someone to take care of what you don’t know .

5. If you determine that your business is profitable, keep going

(if it’s on demand right now by your market/audience). Sometimes, it could be a hobby that you want to turn into a business. This is the time to brainstorm and see if the idea should remain as a hobby or not. Although your idea might look great to you, it’s best to brainstorm with at least one or two other people. You can start with people who have direct contact with your prospective audience/clients/customers, or directly with people who are your prospective audience/clients/customers).

6. Start asking advise from experts

especially if you haven’t done step #4. This is the time to start drafting a business plan. If you don’t have this, at least develop a vision statement for your business, to stay focused.

If you discern this is the best time to turn your idea into business, find the right name and register your business. If you already have a business, and you just want to renovate an old idea or work on a new service/product, this is the time to create content to describe your product/service. Even though there are some products and services that can be described easily by watching, it’s not the case with every type of business.

7. Delegate by starting small:

You can trade services with other new business owners, promote an opportunity for volunteers (who want to do what you are doing) to sign up to volunteer with you while you mentor them, delegate what you don’t like to do to virtual assistants or look for freelancers at Upwork.

Focus on your business, and continue to get the right kind of help depending on your preferences. Join a mastermind group, have a mentor, resolve past issues so that it won’t interfere with how you can influence more people, get accountability partners, a coach, or a friend who has a lot of time to cheer you and challenge you daily if not weekly. The more help and support you have, the better it will be. (Message me if you need to find virtual co-working sites, it’s a new option)

Test new ideas by giving your service/product for free (or at low cost)to those you know, by giving away the first chapter of your Book or E-Book, teaching a workshop, recording a video about it, or ask people to fill out a survey (and give them an incentive such as a giveaway or a gift for taking the time for it, more below).

 

 

PLEASE NOTE: If you are to give away your free product or service, try to agree to do so for a set amount of time and also ask them to give you either a testimonial or to fill out a survey to help improve services.

After you started having your first customers/clients try your idea/product/service, ask them(by a survey or call them) for their opinion: what do you like about the product/service? what do you not like? is there anything we could improve, delete/remove, or change?

Once you know what you need to change and improve, start implementing those ideas your customers gave you, to meet their needs. Is about serving them.

Review your progress at the end of each week, schedule your next steps

Once you have made the necessary change, it’s time to officially launch your new business idea/product/service.

WHAT CAN YOU DO NOW IF YOU SIMPLY HAVE AN IDEA BUT DON’T KNOW IF IT CAN TURN INTO A BUSINESS?

  • You just read about 5 minutes, Thank you for investing time into your business development! I can guess you have at least an idea or a story that can be shared with people. Since readers tend to be great writers, I can also guess that you probably like to write. Yes? You can choose to wonder for a while and do nothing, or simply write (by tonight) about what you know about this idea or a story behind the idea. If that sounds too bold, write about one of your passions or something you have learned, and make sure people read it 😉 Whatever your business idea is, people still need to get to know you, especially if you are thinking of marketing your business idea in the digital world.
  • Release past hurts, offense & past disappointments. Forgive when you need to. This might take a while, but we don’t want emotional aspects to affect your future business planning and development.
  • Work on a consistent schedule that works for you. When you become a business owner, you are both a boss and an employee. I sometimes treat my calendar and my journal as one of my employees. The difference between working for people and being your own boss, is that it’s on you to make work happen. You are to practice showing up to work, no matter the outcome, no matter how you feel, and how much profit you may see at the beginning.
  • Try your best to stop bad habits such as procrastination. I wrote some strategies, click HERE
  • Before and while you are working on your business, work at a job you like, since you might have to save a lot of startup costs. If this is hard, at least work somewhere where you can have plenty of time before or after work, to brainstorm, learn about your type of business, and work on your business idea.

Final note:

It takes time to grow your business. Sometimes I write articles/blogs and hear crickets. I started writing on blogger about faith stories in 2012. In 2014, people started to follow me and make a comment here and there. In 2016, I started to write about different topics related to what I do for work. And a month ago, I started to write articles on medium.

Do what you can and don’t stop saving money for all the upcoming startup business expenses. If you need a coach, let me know because I might be a good fit. If I’m not, I will give you the right referral.

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