8 Ways On How to Work On Your Business Ideas

What’s holding you back from starting your business? Initial investment or human resources? If that is the case, I hope this blog is for you as it will help to spark your mind to work on your ideas to reality.

According to research a lot of people have beautiful ideas. However, most of them are not being implemented. Several factors surround that such as lack of seed capital, mentorships and technical assistance from those in the field.

It’s not new news that many lose interest in working towards their beautiful ideas. One way or another, don't give up.

The road to developing your idea into a scalable business is not as easy as it looks on a PowerPoint. You can have a well aligned idea but fail on the ground.

Let me take a break by reminding you that there is no good time to start a business planning process. You can plan in three phases

1.   Short term planning

2.   Intermediate term planning

3.   Long term planning

It takes dedication and dedication to develop a viable business which can sustain itself in the long run.

The beautiful thing about concrete foundation in your planning is that it will help business sustainability and scalability to be more smooth.

For you to stay in business long some of the factors to consider are as follows

1. Know Your Market Niche

Whom are you trying to sell to? By answering the question of your market segment will help you to build a way forward as you will be sure the availability of the market

Remember you are not selling to yourself. The whole idea is to make sales to a chosen niche so do a depth research on that.

You can ask your friends, family and others if they really view the product or service you are trying to offer as a go to market one.

You can develop a questionnaire form or survey to see what market your product or service will be concentrated within the market segmentation.

 

2. Have A Strong Value Proposition

Yes, you have a service or a product, but you have to ask yourself whether it adds value to the market in place. You can’t make sales if customers deem it of no value addition.

You should do a need assessment on what is already on the market against your new product or service as that will give you a clue on the gap.

If you find that gap, then start working in alignment to that gap. In that way if you go to the market you will be solving some challenges hence adding value.

3. Consider Corporate Social Responsibility

The spirit of giving back to the community should be part of your company if you are to prosper. A good company should do philaphary work or/and charity work be it in the surrounding village or across the nation and most importantly on a global scale.

That helps to build a lasting relationship with the customers. Lots of people love seeing brands giving back to their communities. They deem it as a responsibility hence continuity to support your business.

It’s not a big deal to give back to the communities. For instance, you can offer entrepreneurship training to the less privileged, campaign awareness on different topics such as Gender Based Violence and more, sponsoring a trophy. So many activities to do

4. Have Clear Partnerships

Regardless of the type of business you are in, you need to have partners. The partners can be internal ones or external ones depending on what you have agreed upon.

Don’t enter into partnership business if you have not agreed on the terms and conditions. You will need a lawyer to draft you a Memorandum of Understanding, MOU to define what kind of partnership you are having.

If you can draft it yourself make sure it's inline to protect your interests in the operations of the business. Have a witness, particularly a legal practitioner to oversee the whole process in case of the future conflicts.

Don’t enter into something you don’t understand as that will affect your business in the future. Be well conserving with what is in the MOU.

Has it been interpreted by a legal mind? That helps a lot.

 

5. Reduce The Costs in Your Business

Your business is not a father Christmas so you have to reduce unnecessary costs which will hinder business growth. Your input should not exceed the output. Therefore, make sure that the cost structure is kept at minimal to have more returns.

Having a good knowledge of accounting will help you to reduce the unnecessary costs as that will help you to do financial projections.

I would encourage you to have a good knowledge of Microsoft Excel in order to do your business assumptions.

And having a handy knowledge of accounting software such as QuickBooks and Sage among others. If you don’t have any knowledge on those you should learn them or have someone with those packages.

6. Know Your Competition

There is always a competition. That you should expect and prepare for in advance so by knowing them will do you a good favor. You should understand how your fellows operate in that particular environment. Take some notes and make a good to go market strategy.

Be very creative and innovate in your business modelling as that helps to upfront in a pressing market. There will always be risks and uncertainties so you have to keep on watching to stay in the market

As a startup business, the chances are very high to be kicked out of the market. So you have to have a good tactic to make sales and keep them coming.

7. Have A Strong and Dedicated Team

Team is everything, business minus poor team is nothing. Building a strong team is not an easy task as it depends on several factors.

Don’t build a team for the sake of building. Make sure the people you have in your team are having the same interest as you. A team doesn’t work on opposing directions.

8. Go to Market Strategy

How are you planning to launch your product or service? Physical presence of digital one? 

you should develop a good strategy on how your business will penetrate the market. Having a good marketing strategy will help you to make more sales

we are in the world of digital so make sure your business has a digital presence across multiple social medias.