What is your Business idea, and how can it be turned into a business?

 

Sometimes we have an idea that can be turned into a business idea, but how do you turn an idea in your head into a business which can make you some money?

As with all ideas, it requires some planning and strategies to turn the idea into something that would actually work for you as a business model.

It's important that you think through all aspects of your Big Idea (your business idea). Whether you want to be a pop-star or a hairdresser, there's a lot of benefit from going through each element of your business concept before putting it into action. Time spent now in being critical and cynical about your idea will pay dividends later, as it means you go down fewer blind alleys (not literally, of course).

As with all ideas, it requires some planning and strategies to turn the idea into something that would actually work for you as a business model.

Writing down these ideas will help, you to understand what you are trying to do, it will show any gaps in your skills and experiences, areas of the business which needs more thought, research and planning. Below is a task which you can do to help you pick out any weaknesses with your business idea.

BUSINESS CONCEPT
How did you come up with the idea in the first place?

What skills have you got that are perfect for making your idea work?

What skills do you think you may need to learn or improve over the course of the next few months?

CRITICAL SUCCESS FACTORS

What are the three main things you will need to achieve to make your idea work and be profitable?

SWOT ANALYSIS
Big & small businesses regularly benefit from revisiting why they are doing what they are doing - if they're any good at it, what they need to improve, and what lies around the corner... Complete the following  sections with your own assessment of your idea:

S is for Strengths
(what are you good at?)

W for weaknesses
(what are you bad at?)

O is for Opportunities
 (what can you take advantage of?)

T is for Threats
(What is the competition?)

By now you should have a better idea of your own strengths and that of the business. Knowing what your weaknesses are will allow you to develop those skills or buy the skills in, you could do this by employing someone, ask family and friends with those skills to help you out.