Turning an idea into reality is a brave step, but there are ways to ensure you go down the right path.
So many people come up with great ideas, but in most cases it goes no further than being just an idea as it is a brave step to actually do something to turn a concept into something real.
But as the world is a big place with many bright minds, the first step in taking an idea to reality is to make sure it hasn’t already been developed and introduced to the market. However, even if your concept exists already, this doesn’t necessarily mean you are dead in the water – you may need to just work out how to do it better.
1. Do you have the money?
If you want to move ahead with an idea, bear in mind that most start-ups do not turn a profit for the first three years. That means you need to work out a budget to see if you can afford to launch. Many entrepreneurs continue to work in their full- or part time job until they start to see income from their own business. Carefully research all the set-up costs ahead of you – then be prepared to double the figure. There is almost always something you forget.
2. Are grants or loans available?
There are many grants and loans for which small businesses may qualify. However, the deadlines and conditions are strict, so if you get it wrong you may miss out on tens of thousands of dollars. Two good places to start are: www. AustralianGovernmentGrants.org and https://www.austrade.gov.au.
3. Market your business
It is not a case of “build it and they will come”. Many start-ups make the mistake of ploughing everything they have into getting off the ground then have no funds to get the word out. You may have the best website around, but if nobody visits you won’t be earning any cash. Ensuring you have great SEO is a good first step, but even that is not a guarantee you’ll make it to page one on Google, especially if you’re in a competitive market. And even if you do rank highly, you often have to wait for six months for search engines to crawl your site. It is imperative that people know about your product or service, so be sure you have funds for a marketing plan.
“It is imperative that people know about your product or service, so be sure you have funds for a marketing plan.”
4. Make it relevant
When you’re creating your pitch, remember that it’s not about you. A great pitch concentrates solely on the needs and requirements of your audience. If you do this, you are more likely to resonate with potential customers and spark their interest. If you are product based and pitching for wholesale purposes, be sure you have thoroughly researched the market and know the relevant margins and mark-ups expected, or you might just blow your first impressions and lose your one opportunity. And learn to be brave. Don’t be afraid to keep sending your pitch over and over – people may be interested, but just too busy to respond quickly. For this reason, it is a good idea to research potential buyers’ cycles so you can hit them with your pitch at the right time of year.
5. Avoid paralysis
Most entrepreneurs start off working on their own from home. Paralysis from either being overwhelmed or frightened is a huge risk. If you find yourself overwhelmed, write a list of everything that has to actioned, then concentrate on one thing only at a time. Sometimes looking at the big picture can be just too much, so to get yourself fired up again you need to do some micro tasks.
6. Avoid isolation
Isolation can be another problem of the solopreneur. Combat loneliness by joining business groups, relevant Facebook groups and perhaps finding a friend who also does it alone, and agree to meet for lunch once a week. If you feel that you don’t have time for lunch, opt for a meeting so you can brainstorm each other’s issues. Either way, you need to give yourself space to breath and think outside the box (sometimes, your box is quite literal – my first office did not have a window or any natural light, which started to send me quite batty at times).
Emma Lovell, Entrepreneur
