Do you have the next world-changing business idea bouncing around in your brain? Mark Zuckerberg invented Facebook in his dorm to get back at a girl, and Jeff Bezos accidentally invented Amazon while trying to sell books – who says your big idea can’t be next?
All it takes is a little bit of elbow grease and some serious motivation. For the rest, you’ll want to check out these 9 simple, actionable steps that you can take to make your business idea the next big thing.
Unpack your idea
First, you’ll have to start seriously thinking about your idea: what it means, what it would take to get off the ground, and what differentiates it from the thousands of other products and services that you’ll be competing against on the market.
Be sure your idea is really solid before moving onto the other plan. If all you’ve got so far is, “it’s like Uber but for X,” you may need to spend a little more time at the drawing board.
Make a plan
After your idea is fully fleshed-out and ready for implementation, it’s time to start devising your plan. This is where you calculate how much seed funding you’ll need to get off the ground, whether you plan on hiring or running the operation alone, and what your end-game strategy is for building up your customer or client base.
Pro tip: it’s a good idea to codify all this in an official business plan – you’ll see why a few steps down the line.
Build a website
A website makes your idea more than an idea; it takes it out of your head and puts it into the world. People can find your idea, interact with it, and learn about the product or service you plan on creating. Basically, having a website helps to ensure you hold yourself accountable.
Be sure to use website building software to make a beautiful, professional website that people will want to click on.
Next, it’s smart to get out into the professional world and find like-minded individuals who are excited about projects like yours. You may gain crucial insights into how to optimize your next steps, learn about strategies that people who have succeeded in your industry often use, and maybe even get the chance to meet a mentor.
Seek investments or loans
While you’re networking, you also have the opportunity to boost your funding. Sure, using your life’s savings might work in the short term, but if you really want to get your engine up and running on all cylinders, you’ve got to get serious funding. Investments from venture capitalists and small business loans from reputable lenders are two solid options at this stage.
Build your team
Once you have some funding to play with, it’s time to start building your team. You want a team of passionate, energetic, and excited employees who are willing to show up at work and make your dream into a reality.
Build your margins
Next, it’s time to build up your profit margins. You’ve got to spend money to make money, but the key to succeeding as a business is to make more money than you’re spending. Use accounting software, or hire an accountant, to ensure that you’re hitting your goals each month.
Get ready to scale
If you’re not growing, you’re dying; at this stage of the game, it’s time to think about scaling up. How will you take your small operation and turn it into a large, multi-state business? Will you look for more investors, or reinvest some of your own profits? These are the questions you should answer during this part of your progress.
Plan your next move
Funding? Check. Solid team? Check. Rock-solid plan for scaling, building your profits, and expanding? Check, check, check. Once you’re up and rolling and your business goals seem achievable, it’s time to think about your next move.
Wherever you go, always plan your next steps to optimize your business’s success – and contact us if you have any questions about taking your startup to the next level.