4 Steps To The Next Big Business Idea
Posted by Resource Nation on February 24, 2014 in Business Start Up Advice [ 0 Comments ]
Some people have no trouble coming up with new business ideas, but the implementation part can be a little difficult. Here are some of the commonly recommended steps that can help you to put together a concrete plan for a new business idea that will change how your startup or small business works.
Write New Ideas Into Your Business Plan
A very general and common part of any new business idea is the market research around it. If you already have a business, and are seeking to add new components to it, you’ll be taking a look at how to reformat your existing business plan. Your business plan is a central guiding document that helps you to craft an enterprise and define its operations over time.
Related: 10 Unique Home-Based Business Ideas
As you make additions or amendments to your business plan, many of the points you will be making refer to the costs or necessary resources for building either a product or service. Entrepreneur.com suggests “determing your resource requirements” – and, for a product plan, “build a prototype.” Writing all requirements (whether purely estimations at first) in a documented fashion will allow you to see all aspects of your current projects that will be affected by new ideas.
Define An Audience
Before you go forward with a new idea, you want to know how big of an impact it’s likely to have among certain sets of people. These can include demographic sets, as well as the overall community of existing customers, or those who have already expressed interest in new ideas through the kinds of data that you use for business intelligence.
A piece from Nolo.com shows why having a concrete audience for a new idea is important, suggesting it’s a “misconception” to think that narrowing or defining an audience will cut down on sales, when often, it’s the opposite that’s true.
Do The Marketing
You’ll also want to have a detailed and well-crafted marketing plan for your new idea, so that when the resources are in place, you can put people on notice. This means both online and offline marketing tactics. Plan your social media, email marketing, press releases, and any SEO changes to your site accordingly. Utilize social media influencers and any bloggers you’ve developed relationships with as this is free and easy PR. You might also want to advertise with major partner sites like Amazon, Ebay, and Google Product Search to get your new idea in front of new eyes.
Related: Plan your next big release.
Be unconventional. You already know the basics of marketing your current product, so device new and interesting ways to get the word out. Sneak-peeks build suspense.
Another thing that you’ll probably need for a brand-new business idea is manpower. This article from Entrepreneur suggests that workforce management is a major responsibility for a startup or small business owner. Writer Dr. David G. Javitch of Entrepreneur suggests keeping an ear to the ground and making sure that there is enough versatility in staffing schedules to get people where they need to be for your new project launch.
These are just a few of the ways that business leaders prepare for the kinds of growth and expansion that will ultimately springboard their brands into the limelight.