How many amazing ideas have you had for products or business that you never put into motion? Now think about how many not-so-amazing ideas that other people had that made them millions? Ever wonder how this is even possible? We all have ideas – some great and some not-so-shabby – but the majority of us don’t believe that we could ever turn an idea of any caliber into a multi-million dollar business.
It’s time that you reconsider that notion! Did you know that the majority of ideas are brainstormed in the bathroom? Now there’s some food for thought! While not all ideas can be developed into lucrative businesses, with a little tweaking and some dedication – every idea has the potential to be lucrative.
Q2 Hedge Funds Resource Page Now LIVE!!! Lives, Conferences, Slides And More [UPDATED 7/12]
Simply click the menu below to perform sorting functions. This page was just created on 7/1/2020 we will be updating it on a very frequent basis over the next three months (usually at LEAST daily), please come back or bookmark the page. As always we REALLY really appreciate legal letters and tips on hedge funds Read More
In essence, an idea is just an idea until it is implemented into something bigger – of more substance. An idea is simply just an outlook of a future project that may or may not be productive or profitable. If you do not fully brainstorm each idea, or have the persistence to make sure it blossoms into something more – it probably will not go anywhere. Creating a business plan or strategy outline is a great way to start and to determine the “potential profit” of any idea. Here are some helpful tips to harvest your ideas into multi-million dollar businesses.
Top ways to Turn an Idea Into a Profitable Business
- Fine-Tune One Idea at a Time – A million different ideas can be nothing but a headache. However, breaking each idea down into categories or related brainstorms can help you focus on one project at a time. It’s great to sort through all of your ideas to ensure that you incorporate every aspect of your plan – but entertaining completely different ideas regularly can cause more frustration and unnecessary tasks that are guaranteed to push any results out the window! By focusing on one idea at a time, you give yourself the ability to actually think things all the way through. This will also give you the freedom to hone your true passion for the idea and spark the creative juices to make that idea flourish to its highest potential. This is how you will know which ideas have million-dollar business potential!
- The Stage of Idea Validation – What good is an idea if you keep it inside your head? The testing stage is probably one of the most important since it will show you how your target market will embrace your product or service. This is where your business plan comes in handy. Creating a business plan will help you brainstorm all of the important aspects of your idea, ensuring that you think everything through. The business plan will help you research your market, determining exactly who you should market your product to, who your competition is and the exact range of the profit you can expect.You will need a demo product or prototype made so you can test it on actual customers. Nothing works better than real feedback. This will help you determine any aspects of your idea that need to be tweaked or focused on before the actual launch. Some suggestions for your demo may include a PowerPoint presentation, a mock product, or even just a website landing page that explains everything your target market needs to know.
- Execute Your Plan – More than likely – your idea will not strike it rich after it is launched. In fact, not even Facebook was a million dollar idea until it was launched – now look at it! This is what makes the execution stage so vital – it is the first impression of your idea to the rest of the world. We all know the facts about first impressions – you only get one! For this reason, you need to iron out ll the kinks beforehand. Ensure that the packaging is appealing, the product is fully functional and your approach is pristine. Consider the most common timeline for a business. It starts with an idea that then evolves into the product, which then evolves into a profit. These steps make take minutes, hours, months or sometimes years to fully develop – the time frame all depends on your preparation and how you execute the launch! However, keep this fun fact in mind – most consumers will not buy a product, no matter what it is, when it is first launched. They will inevitably wait until they hear feedback or learn more about it.
- Consider a Larger Market – While every market may be profitable over time, when launching a new idea, it is always wise to choose a larger target market. This not only increases the profit margin, but increases your potential reach as well. One of the golden rules of sales is that for every 100 leads you have – only 2 or 3 will turn into a sale. Think about those numbers in relation to your target market. If you are targeting a market that consists of just a handful of consumers, the chances for sales conversions will be low. But if you can target one huge market or several decent sized-markets – the sales are pretty much guaranteed in bulk. Do yourself a favor, if possible – always think from a global standpoint – this will help you increase your market substantially.
- Showcase Your Product as a Must-Have – Since many ideas are literally nothing more than junk wrapped in pretty packaging – you must be careful how you market your product. You will want to convey to your target market that your idea is a must-have, not just a frugal want. Sure, it’s easy to sell a million products, despite what it is – but this doesn’t mean you will be able to build a lucrative business from it. This is your introduction, your first impression and your debut in the business world. Make it a good one and keep in mind that this is the launch of a business not just one product. You are building a reputation in order to gain the exposure and customer rapport that will help you build a solid business of future products and services.
Original Article Source: Entrepreneur