Clearly identify the problem you’re solving
What is the core function of a company? When you strip a business back to its very core, its function is clear – to solve a problem. If your concept is going to be successful, you need to be clear about the problem that you are solving – you need to know why your idea is such a powerful one. The fact is that all the world’s most successful companies offer products or services that, in some way, enhance the user’s life, and it’s this that makes their concepts so successful.
Take Uber, for instance. Uber solved the issue of taxis being unaffordable and hard to get hold of – users were sick and tired of having to book taxis in advance and pay high prices for them. What Uber did was offer a more affordable and more accessible service that utilized technology and streamlined the taxi booking process, improving user experience significantly.
The bottom line is that if you want your concept to be as successful as Uber, you need to be clear about the problem you’re solving and why solving it is necessary.
Get to know your market
A crucial step that you need to take when it comes to building a profitable business from the ground up is to find your market. The chances are that you already know who your ideal user would be – which is a great position to be in. However, simply knowing the kind of user you will have is not enough when it comes to really understanding your market. Every single consumer, despite fitting into the same consumer group, has different needs that they wish to fulfill. Knowing your market is about understanding where your product or service will fit within the consumer market and how it will fulfill these needs.
Let’s say, for instance, that you’ve designed a new smart calculator that you feel schools will benefit from for several reasons. You need to consider whether you will offer the product in stores to consumers or whether it will only be available for academic institutions to purchase through suppliers. You also need to think about what schools and what children your concept will benefit. Is it designed to engage younger children and make mathematics more enjoyable, or is it a product aimed at working out more intricate mathematical problems and would better fit older students? You need to be clear on your market.
Do you research and be clued up on who your target market is and what they want. As a result, your business should thrive.
Have adequate support in place
It’s all well and good choosing to ‘go it alone’, but if you are going to give yourself – and your concept – the best chance of success, you need to have the right support system in place. While having a business partner can be a great source of support, even that isn’t enough to give your venture the best chance of success. You need to understand that having access to expert support is vital if you are going to grow your idea into a highly profitable and prosperous business.
Are you wondering what support you need to consider? It’s important to take certain aspects of your business more seriously than others, as the repercussions of getting things wrong in these areas can be devastating.
If there’s one area you need to have adequate support on hand for, it’s the legal side of running your business. The good news is that there are plenty of experts in business law and employment law available to work with, it’s just a case of choosing the right company for your specific needs. You can find out more here.
It’s also important to think about sourcing support from a business coach or mentor, should you feel that you would benefit from a helping hand from someone who has been where you are. Luckily, there are plenty of business mentoring programs to choose from, so you’re sure to find one that’s a perfect fit for you and your business.
You might also want to consider getting some financial support, such as help with payroll and accounting, to ensure that your finances remain on track.
Don’t be afraid to get help with your business – if getting some extra support gives you a better chance of success, it’s a worthwhile step to take.
Understand the need for marketing
When it comes to your concept, it’s vital to understand that you could have the most amazing idea, offering a product that could change the planet forever, but without adequate marketing in place, your success will be limited. If no one knows about your product or service, how can you expect your business to thrive?
If you are serious about turning your concept into a viable business, you need to prioritize marketing. You also need to consider hiring an expert to manage your company’s marketing communications, or alternatively outsource the task. Marketing is an art, and when done properly, it can offer incredible results.
Last but not least, if you are going to give your concept the best chance of growing into a prosperous and profitable company, it is essential that you take goal setting seriously.
When you first launch your business, set a number of monthly goals, followed by a number of annual goals, five-year goals, and ten-year goals. Be positive about your business and its chance for success. By setting goals, you will increase your drive and motivation to succeed.
There you have it, everything that you need to know about turning your concept into a viable business.