I truly believe that anyone with the desire and the determination can be an entrepreneur. I believe it’s likely you have both-the desire and the determination. And because today you are here reading this blog post, you are hungry for knowledge!
Do you have a business idea, or not sure if your idea will fly?
By the end of this article, you feel great, as you will discover the secrets to spotting trends before they happen and for coming up with dozens of sure-fire business ideas.
By the time you finish this article, you begin to think like an entrepreneur. You’ll notice that business ideas can come from anywhere.
Starting your own business isn’t as frightening or risky as some would have you believe. But it’s a challenging journey that shouldn’t be taken alone- and that’s why I am so happy you are here! I am here to guide you on your business journey. I’ll show you the best routes to take, help you avoid the potholes and road closures, and navigate the curves and detours.
People come to the entrepreneurial path from different directions. Increasingly, some start fresh out of college or after becoming a parent and willing to work from home. Lots of start a business as a part-time, while others jump into the venture quitting a full-time job.
While lots of people daydream and never do anything to become a boss of your own life, for some the driving force is one single incident—such as getting fired or being passed over for a promotion.
#10 Steps to Your Business Idea
Step #1 Research Market Demand
Analyse the market’s trends and potential demands
Gather data on current and comparable firms to evaluate the demands and market dynamics when doing market demand research. To figure out what would make your firm successful, analyse client feedback, investigate customer trends, and look at what other businesses are doing.
Step #2 Brainstorm Ideas
Write down as many potential business ideas as possible
Generate potential business ideas by writing down ideas and considering the possibilities. Brainstorm the various ways you could make the idea a reality.
Step #3 Validate Your Ideas
Identify the best ideas by asking the right questions
Identify the best ideas by asking questions to further validate them. Determine if the idea is feasible, profitable, and has a market demand. Analyse if it’s aligned with your goals and if you have the resources to make it a reality.
Take out a sheet of paper and write “Things About Me” across the top. List 10 things about yourself that you like to do or that you are particularly good at. For example: working with people, reading, working with computers, problem-solving, you love writing or are very creative.
Step #4 Evaluate feasibility
Analyse the Business idea further in terms of feasibility and viability
Evaluate the feasibility of your business idea by conducting further analyses to assess its viability. Consider the potential costs, time, sources of income, risks, and competition associated with launching your business. Take into account potential methods of funding and analyse the chances of success before proceeding.
Step #5 Analyse the Competition
Research the competitive landscape to identify any potential competitive advantage
Research the competitive landscape to identify any potential competitive advantages over competitors. Analyse the market share and strategies of other businesses and evaluate how you could gain a competitive edge. Look into marketing and pricing strategies, product offerings, and customer service approaches to determine any areas where you can stand out.
Step #6 Develop Your Business Plan
Create a comprehensive business plan that outlines your idea
Create a comprehensive business plan that outlines your business idea. Include items such as a mission statement, a detailed description of the business, financial information, marketing and sales strategies, and a timeline of milestones and goals. Be sure to include a budget and determine a break-even point. Additionally, consider the legal and regulatory requirements in your particular industry.
Step #7 Test Your Business Idea
Take practical steps to test your idea in the real world
Carry out surveys and customer feedback interviews to determine the potential success of your idea. Additionally, consider a small-scale beta version of your business to get a better understanding of the potential customer base.
Step #8 Secure Financing
Secure the required financing and recourses to launch your business
Research potential funding sources, create a budget plan and target appropriate investors, and apply for loans and grants to acquire the required financing. Utilize available resources such as networking to gain access to valuable contacts and resources.
Step #9 Seek Professional Help
Get a Coach/Mentor/Consultant or online Course
Seek help from experienced business professionals and mentors to obtain advice. Consider taking an online course to cover all the steps to a successful business as well.
Step #10 Take Action
Take action and launch your business
Let’s call all the steps to Your Successful Business Idea on One coach:
- Research Market Demand: Analyse the potential needs and dynamics of the market.
- Brainstorm Ideas: Write down as many potential business ideas as possible.
- Validate Your Ideas: Identify the best ideas by asking the right questions.
- Evaluate Feasibility: Analyse the business idea further in terms of feasibility and viability.
- Analyse the Competition: Research the competitive landscape to identify any potential competitive advantage.
- Develop Your Business Plan: Create a comprehensive business plan that outlines your idea.
- Test Your Business Idea: Take practical steps to test your idea in the real world.
- Secure Financing: Secure the required financing and resources to launch your business.
- Seek Professional help: Reach out to business professionals and mentors to receive advice. Or do an online course that covers all the steps to Successful Business
- Take Action: Take action and launch your business.
#2 Read this…
it’s time to launch Your Business!
Ensure that all necessary steps have been taken and create a timeline to hold yourself accountable. Develop strategies for implementation and consider any potential risks as you embark on this journey. Be confident and remain focused on your mission, and remember to stay open to feedback and criticism.
There’s no time like the present. Start creating your business today! The one, that would give you financial freedom.
Remember, that many people around you won’t encourage you (some will even discourage you) to pursue your entrepreneurial journey. Some will tell you they have your best interests at heart; they just want you to see the reality of the situation. Some will envy your courage; others will resent you for having the guts to actually do something. Don’t allow these naysayers to stop you from your dreams.
This reading proves that possibilities are endless…even when majority think the time is not now.
A WARNING. You’ll be told “no” more times than you’ve ever been told before. But don’t take it personally
Also, one of the most common warnings you’ll hear is about the risk. Everyone will tell you it’s risky to start your own business. I absolutely agree, starting a business is risky, but what in life isn’t?
There’s a difference between foolish risks and calculated ones.
If you have a desire, big WHY and resilience, you can do it too.
If your WHY is more than money, attention or fame… Congrats!
Your WHY is BIG.
When your WHY is BIG- I mean when you have a purpose, that comes from your heart, your soul and involves more people than you-you will succeed. You’ll get through all the ups and downs.
If you really want to be the boss of your life, work whenever you want, from wherever you want and enjoy the financial freedom-just do it.
If you think:” Does the world need another ____?”
What if Cristiano Ronaldo had said:” Does the world need another footballer?”
What if Oprah had said: “Does the world need another host?”
What if Lady Gaga had said:” Does the world need another singer?”
Now, think about your favourite business and its owner/-ers that you truly love.
What if they had said “ Does the world need another _____?”
Awww, I know you feel good and empowered.
I am glad you’re at peace.
I believe in you. You can do it.
There is ONLY ONE you. You are truly special! Bring that into the world, while making a good life for yourself.
With over than 7 billion people on the planet, there are enough customers!
Now you have steps to Idea. And its firstly idea in a head, that can turn into a million-dollar business. That’s how business empires are built.
A great business solves a problem
The truth is
Every Business person is a problem solver. Period.
Your goal is simple-provide a solution for another human problems, dreams, wishes, needs, wants, desires.
A solution that would make that person happy.
Let’s get to the bottom line
Your business idea has to turn into a Business, that would solve a problem.
Read this again!
Most important: Do something. Stop Dreaming, start taking actions to build your Dream Business.
#3 Unlocking 10k a month Business Idea
The Story Behind this Photo and How it relates to this post
A few years ago, I stumbled upon an Instagram profile all about travelling. An Indian man called Teo had made his living from it, showcasing amazing photos that drew everyone in.
Photos and images when posted on social media get cropped, resized and pixelated…
I approached Teo and asked what were the size of the photos he posted.
I was pleasantly surprised by his quick reply.
I then congratulated his success and complimented his beautiful and cohesive Instagram theme. You know what, Teo then even sent me his Lightroom pre-sets.
Tragically, when Covid hit, it closed the doors to all the travelling that Teo was so passionate about. His Instagram account became inactive, and it seemed like he had fallen out of love with it.
But one day my curiosity landed me on his Instagram profile.
He posted some food photos that his mum had a passion for.
But what I noticed, was that these food photos got lots of engagement, and questions, I believe, due to the increase in people spending more time on the internet.
That’s when I decided to step in and suggest that Teo try to monetise his mum’s passion. I reached out to him, telling him I thought he had the opportunity to make a living out of healthy food and India recipes.
I dropped him a message suggesting the whole Business plan.
Teo, hope you’re well. I have noticed your food photos get lots of engagement and questions. You could monetise your mum’s passion.
Here is my 7- Step Plan for you:
- Ask you audience questions in stories- would they like to learn more about the food and would they invest in to the course.
- If you get positive answers, craft an online course (make sure you answer all the burning questions). Here is how you presell your course.
- Create the course and let it out to the world
- Let everybody know about it
- When you earn enough, if you want to earn more money, consider ads. Dedicate the percent of the net income you are comfortable with (depending on your income goals)
- Create a new Instagram account all about food (letting your travel profile know about the new food account. Share inspiration, behind the scenes, stories etc
- Listen to the feedback and keep improving
He wrote me back letting me know he had a new very good job and was doubting in this Business idea. Since his mum is not tech savvy, wouldn’t do story or get on the camera. She was a very hard-working woman, emigrant in to the UK. She was cleaning hotel rooms to make her ends meet, but COVID left her jobless. She never imagined she could do a course, let alone get on to the camera. Plus, she thought she was too old to start a business.
That day I was somewhat saddened… because I could see a real Business Opportunity…
But one day…
After over two years…I get shocked…
“Rina”, I hear a voice on my gate phone.
Yes- I answer.
“I have flowers for you”- a very pleasant woman’s voice answers.
I open the gate and I can’t believe what I see.
Huge bunch of amazing roses. It blew my mind. Who is this from- was my first though.
There was a message too.
“Rina. My mum quit her 9-5 cleaner job. We did take your advice I got from you over two years ago. She now makes 10K a month from her one online course with very little effort. I can’t thank you enough.”
“Wow”- I thought to myself.
Teo also added a coffee voucher that brough me delicious coffee over a few years.
(the only pity is that he never informed me about the name of the Business so I could have a look. It’s probably because he knew I do not like to cook…)
When I drink his coffee, I always remember this story. It always brightens my day. How amazing is to give somebody an advice and see the results. The feeling, that you make somebody so happy, is unreal.
The moral and key take-aways from this story
- Give first, and you’ll get (the law of reciprocity really works)
- You can see a Business Idea everywhere around You.
- Simple Business Idea can turn into Epic Business
- When the door closes, the window opens
- Profitable Business can be born anytime- even in the economy meltdown
- You can turn Your passion, Knowledge, Talent into a Thriving Business
- If you have following-always capitalize on it
- If you want to be more and to do more- step out of your comfort zone
- Very often, our limitation-is YOU
- It’s never too late to start your thriving business
#4 Crafting Your Winning Business Plan
Your Business Plan to outline your business ideas quickly and see if it will hit
Answer the Following Questions
Why do I want this Business__________________________________________________
What is my Business Profit Goal? Be exact, provide the exact amount of money you want
What will I sell?____________________________________________________________
What bonuses will I include?
What can I add to make this offer more compelling?
Who will buy it?____________________________________________________________
How my product or service will solve their problems?______________________________
How will I get my first testimonials?
3 Benefits, my product/service provide?_
Why should they buy from me as opposed to my competitors?
What words, phrases my target customer uses?
My 3 Strength__________________________
My 3 weaknesses_________________________
What steps am I going to take, to improve?
What Freebie I am going to create to attract more people?
What is my pricing strategy?
How many products do I have to sell to reach your profit goal? Break down in to a year and month.
How will my customers learn about my products/services?
How can I use other people audiences to sell your offers?
What percentage of my income I’m ready to put back into the business to scale it?
How can I develop a referral strategy?
What metrics do I need to see to consider this Business a success
Net annual income______
Personal goals achieved_______
The main Obstacles that stand in a way of my Dream Business?____
How I am going to overcome it__________________________
I will launch this Business no later than___________________
Every Billion-Dollar Business Empire started from a Business Idea.
Take courage and step out of your comfort zone. Challenge yourself.
Every day, take small yet meaningful steps towards your goals. Utilize mistakes as learning opportunities and push yourself beyond your limits.
With determination and faith, you can transform your life. Little by little until you achieve your long-desired outcome.
This story is a reminder of the power held in self-belief and dedication.
Have courage, work hard, and never give up on your dreams.
You have the power to craft your own story, and create a life of success and happiness.
Wishing You All the best in your Business Journey
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