6 Steps for a Valuable Business Idea

You have finally thought of an innovative concept and now you’re challenged with translating this idea into something useful and practical. Also, how do you make sure a successful and profitable business results from your idea? Most new business ideas are never completed or implemented since people often don’t understand the process of converting their ideas into a real business. Small businesses often have the chance to provide some practical and smart innovations since smaller organizations typically foster increased creativity. The larger an organization, the more chance a great idea will just get ‘lost’ in translation, or office meeting. But how do you translate your idea into a business? Here are 6 steps to help you navigate the way.

1. Take your Time

Don’t jump the gun. Take time to think about your idea, but you start advertising your game changing idea! The more you think about it, the more concrete the idea will become and the easier it will be for you to communicate it. This is vital to getting acceptance and implementation. Discussing your idea with close colleagues and friends can also help flush out the concept and the practical ways of implementing. They will often become your greatest supporters when you promote the idea.

2. Evaluate the Idea

This is critical for success. Many businesses have an assessment or evaluation process for new ideas. Making sure that there is a need or that your idea provides a solution is important. Be objective in your evaluation(s) and it will pay off in the future.

3. Know the Benefits

All businesses are interested in increasing their profit line, but your idea may also provide other benefits. Other examples include raising employee morale or the public image of the company. You should prepare a list of potential benefits that can arise from the implementing your idea.

4. Know How to Implement

You need to realistically and practically consider how your idea can be implemented into the company’s processes or procedures. Knowing how to best ease companies and the market into accepting change can be a challenge. Making this transition as easy and as positive as possible will greatly increase your chances for success. Be sure to discuss the idea with the people who will actually be implementing and using your idea. Remember to compile feedback on the impact of the idea and if they have any helpful suggestions.

5. Find and Keep Support

Discussing your idea with your colleagues, acquaintances, family, friends, business contacts, etc. will help to you find support for your idea. Remember to give credit where credit is due and acknowledge those who have given you suggestions to make your idea a practical reality. This will also increase credibility. Sharing your idea with several people in various industries before you formally launch and sell the idea should help increase acceptance. It also allows you to prepare you for your initial launch and sale. Keeping support by providing updates and asking for feedback or advise will also keep you idea top of mind.

6. Sell It

Be sure to focus on your idea’s unique value proposition, what benefits it will provide and what marketplace need it will fill or solve. Sell your idea in a positive way that reflects what is most important. Conducting market research can greatly increase success in step 6.

Lastly, don’t waste a great idea! Creativity and innovative solutions can give careers, businesses, markets and economies successful boosts.  Good luck on creating the next big thing! 

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