How many times have you shared an idea with someone and they said it’s great, you should make it a reality. But what typically happens? The idea gets dormant because you lack the time, resources, finances, and sometimes, courage to take action.
Transforming an idea into reality is no child’s play. It’s similar to giving birth to a child. You are on your own on this journey. But there is an old saying “If it were easy, everyone would be doing it.”
If you are passionate about it, you must work on transforming it into a reality. Any dream is possible if it’s driven by passion and motivation. Being a parent of two preteen boys, I promised them access to our Spectrum Internet plan if they scored a C+ in drama class. Well, they scored a B! The main motivating factor was the idea that they will get what they so passionately want!
Here in this guide, let me introduce you to the basic steps of making your dreams a reality:
Table Of Contents
1: Do the Due Diligence
Everything starts with research. It’s important to know if your idea already exists. If so, who are your competitors, and what are they offering?
On the contrary, if your idea is unique, it’s easier to position for success with the right strategy. But what’s the worth of an idea when nobody needs it? To test that out, create a low budget prototype of your product and get feedback from people. Ask them if it fulfills their need. You will know what to do from there.
2: Conduct Thorough Market Research
So you tested out the product and got a great response from the market. The next step is to know your market. If you don’t know where and how to sell your product, you are likely to fail. This step requires a careful assessment of the products of your competitor.
Study the market to understand how broad it is. Understand the demographics and demand for your product. You can’t launch a startup when you don’t have a clear picture of the market.
3: Embrace Risk as Your Best Friend
No matter what type of business you are set to launch, there is always a risk. So why not make risk your best friend? It pushes you out of your comfort zone. Accept the fact that things won’t always go as planned. You must stay true to your mission. Don’t allow disruption to set you back.
Hard work is one true ingredient that can convert any idea into reality. It’s the most fundamental commitment when it comes to risk management.
4: Get Your Funds Together
Every startup needs investors. Without money, even the greatest business ideas can’t survive. Funding is the fuel that keeps a startup going.
A bank loan often is not enough. Reach out to evangelist investors and deliver a great pitch about your business plan. To attract the right investors, it’s best to look for those who previously invested in business ideas similar to yours. This way, the chances of scoring an investment are higher.
5: Marketing Is Key
Once everything is set and done, it’s time to start marketing your product. Let your target market know a new product/service is available that addresses their pain points.
Customers usually start purchasing the product when it penetrates the market. Until that happens, you need to continue marketing your product in different ways. Once it has successfully penetrated the market, then customers will start rolling in. You won’t even have to spend much money on promotions and adverts.
6: Look for the Right Distribution Channel
Finding a distribution channel falls under marketing. Since it’s so important, it deserves a separate mention. The way your product is distributed can make or break its success.
For instance, if it’s an Android app, get it published on Google Play Store. The moment your app is available on Google Play Store, it’s labeled credible. This also means that your product is compliant with standard practices. A potential user won’t even think before downloading your app.
Once your idea is live, it’s your responsibility to keep it alive. Make your customers remember your brand name like loyal customers remember the Spectrum phone number. This is hard work, but nothing is impossible.