Monday, 8 November 2021

7 steps to turn an idea into a profitable business

 In India, 85% of young people dream of entrepreneurship, but few are those who manage to achieve the goal. They start by writing down their business idea on a napkin, but for fear of failure, lack of money or knowledge, the idea cannot make the leap into the real world.

 If you have a good business idea, don't put it down on paper. Take the following steps to assess its potential and develop it successfully.

 1.- Order your idea

 Start by defining your idea in detail and write it down. There are no good or bad ideas, but poorly developed concepts.

 2.- Analyze the need it satisfies

 For an idea to become a good business, it must cover some need.

 3.- Make sure there is a real business opportunity

 Before starting to undertake it is necessary to evaluate if there is a sufficient market willing to buy your product or service, and investigate if there is a competitor. If there is competition, analyze how you will differentiate yourself from it and what will make you the best option for your potential clients.

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 4.- Investigate what you need to carry out your idea

 Write everything you need to develop your idea: materials, workspace, employees who will work for you, time, among other things.

 5.- Make accounts

 Calculate in detail all those expenses and investments that you will have to make to bring your idea to reality.

 6.- Develop an action plan

 If you already have the capital to start your business, investigate the legal requirements that you must comply with, quote the necessary equipment and facilities and start the recruitment of the personnel that you must hire. On the other hand, if you do not have the necessary capital, think about the options you have available: ask for a loan from a financial institution, get an investor or financing for entrepreneurs.

 7.- Conquer your first client

 Design a plan where you specify the way in which you will communicate with your potential client. Once you manage to reach those people who need your product or service, the sales will begin to arrive.

 Do not hesitate any more! Get to work and manage to turn your business idea into reality.

 Lean on technology to run your business

 Once you have your business idea, start on the right foot by managing it correctly from the beginning, through an administrative system. With it you can control your accounting, sales, purchases, inventories, accounts receivable and pay and even stamp your company's payroll.

 

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