Tuesday, May 31, 2005

Turn Any Idea Into A Business in 7 Steps

How to Make More Money with Less Time and Effort
by David Krock, President, Krock Business Development
Copyright (C) 2005 All Rights Reserved.

Wham!

The idea has taken you, and there's nothing you can do about it. You aren't cynical enough to talk yourself out of its brilliance, so here you are, wondering how to bring it to life.

Assuming you're onto a business idea, let's examine my suggestion for creating it in reality:

1. Clearly articulate the problem it solves, or the value it brings to those who may want it.


2. Determine how the business model will work.
By "business model", I mean the method via which your idea can be delivered, and the compensation that will be received for it. This step involves such things as determining the costs to bring your idea into the world, the monthly overhead to continually deliver it, the profit margins it could produce, and whether it is likely you could sell enough of it to meet the aforementioned costs, plus reasonable net profits.


(Assuming you have reached a positive theoretical outcome to Step 2, continue...)


3. Create your idea a 2nd time.
The first creation was theoretical, conceptual. Now, make it real. A.k.a, produce a prototype. Make it tangible, usable. Make sure other people can hold it in their hands, try it out, download a free trial, etc.


4. Determine whether those people would actually take real money out of their wallets, and hand it to you.
This is KEY! This is called "proving the business model". Far and above any other intagible "possibilities" for success, by proving people will pay you for your idea, you can now:
a) Win key business partners,
b) Raise capital,
and
c) Actually sell the stuff (people like to know that someone else has bought before they'll test the waters).
This step also helps you hone in on WHO your market is, who's pain or desire is great enough to pay good money for your idea. The goal here is to determine whether the pain your idea solves is great enough, among a large enough group of people that it is worthwhile to undertake.


5. Develop the sales system.
This is the flashpoint of your business. The transaction itself. This is where all of the thinking and planning you've done will prove to be either wheat or chaff. This sales engine will drive you if running properly, and it will stall you if not fiercely protected.


6. Focus on developing the systems to deliver your idea.
Think of your business as a pipeline. In goes the need/order/parts and out comes the fulfilled promise. Inside the pipeline are the order taking processes, the customer service processes, the fulfillment processes, the marketing processes, the management process, and so on. These all need to be articulated and possibly delegated, or your business will run you. (Special Note: If you'd rather not develop the entire business yourself, this step can be bypassed if you effecitively acquire business partners, or license your protoype to an existing organization.)

7. Run the business.
Maintain the systems, lead your people, and create an environment for new ideas to flourish. Periodically tweak your business model (running through these 7 steps to see how you're measuring up wouldn't hurt) to become more effective at delivering on your answer to Step 1.

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At 1:51 PM, Anonymous Heather said...

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