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What Does It Take To Turn An Idea Into A Successful Business?

Many successful businesses grow from ingenious ideas, but it takes a lot more than a lightbulb moment to run a profitable company. If you think you’ve got an Idea that has potential, here are some tips to help you turn your vision into a viable Business proposition. 

Market research

The first step to take when drawing up the essential elements of a business plan is to undertake market research. At this point, gather as much information as possible about the industry, identify key competitors and think about who you want to sell your products or services to. Define your ideal buyer and get to know them. Run surveys and polls, meet with audiences, host focus groups and analyse sales data. Find out more about how your ideal customer shops, what motivates them to buy from certain brands or purchase specific products and learn about how they connect with businesses. Check that there is a demand for the products or services you plan to sell. If the demand is falling and the market is already saturated, it may be best to consider other avenues. 

Legal advice

Setting up a business is not as simple as creating a website, renting a shop unit or printing some business cards. There are legal processes involved. Before you start thinking about taking orders or spend any money on Marketing materials or rental premises, seek expert legal advice from a firm like Beyond Law Group Solicitors. Experts can help you to decide which structure suits your business best and they can also assist with employment contracts, ownership and mergers. It’s always beneficial to have solicitors in your corner to ensure that your company is compliant and minimise the risk of mistakes or errors that could lead to penalties or legal issues. 

Logistics

If you have an incredible idea for a new business, you need to be able to scale up to get products on shelves and virtual aisles. You will need to figure out who is going to make the product, how you’re going to store, distribute and deliver it and where you’re going to sell it. Research businesses you can work with, see how your competitors operate and compare quotes and prices. Initially, you may want to start small with a home-based business and a local delivery option, for example. You can then scale the company when you start making money. 

Marketing

To make any business a success, you need to be able to find customers and persuade them to buy from your brand. Marketing is all about shouting from the rooftops and introducing your business and the products or services you offer to clients. Choose marketing methods and techniques that will connect and resonate with your target audience and consider working with an agency if you don’t have a background in marketing and you don’t plan to hire employees with marketing expertise. 

Many businesses start life as a brilliant idea, but how do you go about turning a vision into a fully-functional, profitable venture? If you think your idea has potential, it’s essential to be aware of the processes involved in setting up and running a business. 

Image source: https://www.pexels.com/photo/crop-unrecognizable-black-businesswoman-with-laptop-and-coffee-9429405/



This post first appeared on Book Review: And What Do You Do? By Barrie Hopson, please read the originial post: here

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What Does It Take To Turn An Idea Into A Successful Business?

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