What do you do when a business idea feels unique?
Imagine, you are traveling in a bus or train, listening to a favorite song. Then suddenly you think of something which you feel is unique and will help to create a successful business.
Then you start googling it to find out what to do to develop your business idea. But instead, you find out that your unique thought has been implemented by someone else exactly in the same way as you have thought about it.
Approaches of business idea development
In reality, you could go ahead and change your unique thought into reality. How to do it? You have two ways.
1. Do Proper Research
Start researching those already implemented ideas and think of making a variant of it. This could change the purpose of your thought to something unique.
Please make a note about some things while doing research using Google. Don’t look at the only the first page of the Google search results and start making conclusions. Dig deeper, look up to 6-7 pages and then come to some conclusion.
Again do research work and find out the scope of adding something new to the already implemented idea, so that your idea again remains unique.
If your business idea is based on technology, then make a research paper and publish it on known Research Paper Platforms like IEEE Xplore, etc.
For You -> How to Publish a Research Paper
2. Seek Help
Now, after doing proper research, find proper help to start building it. You may think of friends and families to whom you can discuss it. You start discussing it and find out some related facts which you haven’t thought about at the beginning stages that help you to find better ways of building it.
But some (at the beginning) hesitate to share their ideas with friends and families. This is due to fear of getting it stolen by them. But it is not the case. Because even if you disclose your idea to them, it is not possible to execute it. This is because the execution process is not that easy. But Why?
If it’s really easy, then those who are planning for execution would not visit an investor. Further, they propose their idea by explaining what, when, why, where, who (5W) aspects of their idea only and not about how to execute their idea development.
3. Start making a team
It is not always good to carry out every work yourself. There are reasons for it. First, you get overloaded. Second, your outcome of business ideas as a whole is reduced with time. Third, you are not becoming a reason for your known or other people to develop.
So it is very important to have a High-Performance Team. Once you achieve it, first celebrate for a while!! Then maintain the integrity of your team by maintaining energy, motivation, goals, deadlines, etc.
This will help to improve your team’s performance further. So, from here you start to make a way for your business idea to turn into reality.
4. Create a Project and Find Requirements, Materials, Methods to use them
You start searching and collecting what all resources you need. Here you reform your business idea into a Project. So, make a checklist to find all tasks which are planned for each member. Then follow the check to make sure that members are able to do their tasks.
Obviously, we know that things cannot run smoothly. The problem has its charm to come on every way during work. So have regular meetings to find all these problems and come up with solutions. In the meetings, make sure that your team does every correctly.
You must do meetings to check the quality of work. A project without quality becomes a type of poison against your business idea.
5. Complete your Project and Make your Identity
After your project gets complete, again celebrate for a while!! Then give names for two things. First your project (which is now a Product or Service), then your team. The name of your team becomes your company name in the future.
After giving names, make a logo for your Product/Service and team name. Logo for each must define your team’s and Product’s/Service’s power.
6. Secure your Product/Service and Identity
Since you have carried such big works successfully, your rivals watched you closely. They definitely will have plans to destroy your business idea development. So, security is very important in such situations.
You have two ways to secure these. First, go ahead with Intellectual Property Rights (IPR). It has Patents, Copyrights, etc. Apply for those and fulfill their requirements with your work.
Second, go ahead with the Trademark. Here your team as identity becomes a new brand. Trademark’s aim is to protect your team’s identity. This can be used as royalty, licensing, franchise, etc.
7. Find a Mentor and Start Forming a Business Plan
After securing your work and identity, you are safe from competitors. You are now clear on one side and now can focus on another side. The work here is completely different. It has nothing to do with your project work.
Now you are set to land on the actual market. Since the current market environment is very hard and not predictable, so you need a mentor. So please make sure that your mentor is a successful entrepreneur, industry expert, angel investor, venture capital, etc. These are only people who will guide correctly.
You are already familiar with your project’s capabilities and the problems which are to be solved. In this stage, you need to make a plan to form a business and sustain it. It may not be necessary that your current team has to carry on the work.
You can make a new team and engage your current team to focus on further innovations and developments in your project. This is because your current team may not be capable of thinking in this direction.
8. Execute the Business Plan
Under the supervision and permission of your mentor, take your first step in the market by advertising your Product/Service and wait for your target customer’s response.
Complete remaining preparations of your Business Resources to serve your customers. As soon as customers start attracting to your Product/Service, make a deal with them complete all exchanges.
Do the same for all customers and follow all methods to make them happy. So that they will make a positive name for your brand and spread it.
9. Monitor your Business
Have a review team that checks all activities done in your business. This will ensure that all methods to run the business are done properly. In case of any problems, have a meeting and think of solutions to solve them.
Maintain proper records of all money spent and earned in your business. This will make your financial record which you can use for your P/L Statements and Balance Sheet.
10. Seek Expansion, Development, and Find Investors
After your reports tell that your business is running smoothly, then it’s time to improve. For that, do more market research to find whether there are some who are in favor of your Product/Service. If yes, then find channels to acquire it.
In parallel, engage your team to continuously try bringing innovations to your Product/Service. Please make sure that it is as per market need.
Also find some other ways for developing your business like introducing offers, schemes, discounts, etc. Make sure you have enough money to invest.
Once you find your business can improve to commercial or large scale based on your report. But you do not have enough resources. Then approach a good investor and present your Business Plan. In this stage, there is no doubt for the investor not getting convinced to invest money for your business.
That’s why remove the fear of sharing your ideas with others. So, share it, take their opinion, think about it, do deep research, and convert the idea into a successful business.