We each find ourselves at some point with a business idea and often times dream about becoming our own bosses. Sara Blakely, CEO and founder of Spanks (a leading American intimate apparel company) says “People have million-dollar and billion-dollar ideas daily . . .” Very few of us, however, get around to acting on these ideas. In fact, up to 80% of us end up backing out of our own dreams. In this blog, we’ll share a few practical ways to take action on your ideas.
“Great Things Are Not Done By Impulse, but By a Series of Small Things Brought Together.”Vincent Van Gogh
Behind every successful business is a dream, and a dreamer who took action. So, if you are looking for ways to actualize that idea in small simple steps, here are some tips to consider.
Put It On Paper!
Have you really thought about the idea? Have you written it down? Research shows that there are numerous benefits to writing down your goals and ideas.
Writing things down sets the intention and is the first practical step. Written ideas are clearer and more tangible than mere thoughts. Moreover, writing or typing out your ideas clears your mind. This begins the organization process and clarifies your random thoughts. Slowly, your ideas begin to connect and a plan comes together.
Did you know that you are more likely to stay motivated when you have a visible reminder of your goals? In a week, a month or a year from now, you can look back to see the progress you have made at the written-down plans. So, go ahead and jot it down!
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Do The Essentials List!
Once written down, don’t stop there, go beyond the writing, capture the things that you need. For instance:
- What kind of business am I starting?
- What do I need to kick start?
- What products will I be offering?
- What is the industry like in this line of business? Is it competitive? Am I alone? What are other sellers like me doing?
- What is my uniqueness as a business? (The niche)
- Where do I see my business in fifteen years?
You may find yourself not having the answers to all these questions at the beginning, and this is okay. This brings us to the third thing…
Do A Recon!
Do a research, find out what other businesses in your industry are doing. What successes and failures are they experiencing? How are the businesses coping with these challenges? What kind of questions should you expect from customers? Which common mistakes should you avoid?
This exercise will give you a clear idea of what to expect and plan for, your timelines, where to source supplies, price estimates, and much much more.
You know what’s awesome? You can do a Recon on your way to work, or your way home. Remember, you are starting small and doing everything a small step at a time. It may take time, but it’s all worth it.
Before we proceed, did you know that every month we hold free webinars just to grow you as an entrepreneur? This month we have 5 Marketing Tips to Grow Your Business with James Macharia! See you there.
Draft A Pre-Budget
Now that you have done a recon and a list of the essentials, draft what your expenditure might look like. At this point, don’t jump to a cumbersome company budget servicing million customers. Hold your brakes, you are not there yet!
Bearing in mind it might take some time to gain customers and establish a regular cash flow, draft a simple day-to-day budget of the costs you anticipate. So, be specific. Draft down the little you need to produce just for the first batch of products. Remember, entrepreneurs that break this secret have higher chance of success that those that don’t.
With the budget out of the way, it’s time to test and taste the waters. The only way to know if people want your product is to give them an opportunity to interact with it. Sell to family and friends, get their feedback, and use it to improve the product.
Another way you can test the idea is through crowdfunding. This opens your business and products to customers beyond your network. This means:
- More awareness- crowdfunding is a marketing tool
- More feedback about your product
- Possibly, more funding
You can learn more about crowdfunding here.
Check your progress regularly against your plan to see whether you are moving in the right direction. Remember to always celebrate each milestone no matter how small!
Congratulations on taking the first steps towards bringing your ideas to life. Which step resonated with you the most? Tell us on the feedback.
Remember to Join us for our Free Webinar: 5 Marketing Tips to Grow Your Business on 1st July, 2021. Register Here.