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You may have been pondering about a business startup idea for some time.Many days may have lapsed as you weigh on your idea and they have turned into years. You do not have to feel like you’re the biggest failure as it is common for entrepreneurs to hold onto their ideas for long –many months or years before executing them. There are all sorts of reasons why people delay implementing their business idea- some work for long hours in their employed jobs, others fear to start and others do not know how to execute their idea.
To put your idea into shape, and to ensure you start on the right foot, you would need some business advice on things like financing, and other services such as risk analysis, planning and implementation. For such services, engage the services of GRS CORS , and benefit from their wide experience handling various clients over several years
The following are some of the things you should do to move from having an idea to planning to implement it:
Discuss the idea with reliable allies
It is prudent to share your idea with others especially in your field or who may be a potential customer to help you refine the idea and make your vision more clear. Seek feedback from various people on the potential of the idea. Constructive feedback is the initial stage in transforming your dream into reality.
Making a business plan
Among the best ways of actualizing your business plan is to write it down. A business plan enables you to describe what your business involves, how you will get customers, your business goals, the steps to attain the goals, and brings out the structure of your business. The process of writing and formulating this document forces you to beef up the skeleton of your business idea.
Researching the market
Having prepared a business plan, you need to seek to understand your market. You should get to identify the other players in the market, ask yourself how you will be different from the existing players and where your customers will be from or who are your target customers. The viable price for the offering is considered here. You need to also know who tried the same idea and failed and why they failed. You may get things that may streamline your idea.
Make a test product/prototype
It is advisable to do a test run irrespective of what you are offering. You then seek feedback using the prototype and tweak the product if it is necessary. A test product may also be a representative of your business even as a website to collect feedback and gauge the feasibility of your idea.
Raise funds
At this stage you consider the number of funds that your startup need and how you intend to raise the funds. Some possible methods of raising funds include:
Saving –as the founder you put your savings into the business without external funding.
Loan –you may obtain a loan from banks and other lending entities and repay back principal and interest.
Investors– you may invite investors to put in their money in exchange for a stake in the business.
Prepare yourself mentally
You need to prepare yourself in advance for working long hours as you set up your business and for incidents of self-doubt when you will ask yourself if you are really doing the right thing. Do all the above and have your mind ready to tackle setbacks.
Conclusion
After doing all the steps discussed, assess yourself and find out if you are ready to turn your idea into a real business. If ready implement the plan, but if not address the issue so you can be ready.
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