You might have a brilliant idea for a new business that you think a lot of people would be willing to buy. But without a credible plan to turn your ideas into marketable products, you will never make money off them. It will just remain in the idea cooler forever. These tips will help you convert a business idea into a sellable product or service.
Prepare a business plan
Most people don’t have a business plan, without it, you can’t survive in the marketplace. With a good business plan, you will gain clarity, focus and confidence. A business plan will help you refine your thinking and answer important questions like: What am I building? Who is my product meant for?
Do some research to ensure your idea has a market
It’s easy to fall in love with your ideas and simply assume other people are going to fall in love with them too. However, the only way you’ll know this to be true is to do thorough market research. Ask what your potential customers want. Knowing exactly what people will be willing to spend money on will give you the confidence to move forward with your ideas.
Treat your product idea as a business from the start
There is no true shortcut to making your idea a reality. With an open mind, analyse and understand the market size, design and production costs, selling price, profit potential, and the competition before you spend money bringing your product to market.
Make a prototype
Start with something basic that will be refined over time. It does not need to be expensive or fancy. The purpose of a prototype is to figure out how to make your idea work and identify areas of improvement.
Don’t go alone.
There are a lot of steps involved in the idea process, and it can be overwhelming to take care of everything yourself. You should seek out professional assistance so you can be assured that certain elements of the process rest in capable, experienced hands. In summary, you need people to bring the idea to reality.
By Damilola Faustino