5 STEPS TO TAKING YOUR BUSINESS IDEA FROM A DREAM TO A REALITY

Date Published: 20 March 2019

Do you have a great business idea? If so congratulations! However, the process of taking your idea from just an idea to reality can be complicated and confusing if you do not understand the process.

BUSINESS IDEA FROM A DREAM TO A REALITY

Here are five steps you can follow that will help ensure that your business idea becomes an actual business.

  1. AVOID LEGAL STUFF
  2. Determine what steps you need to take to avoid any legal or other hassles. This includes obtaining a patent on anything that you have invented, making sure that what you are doing is legal in your area and finding out if any licenses or permits are required for you to do your business in your area and city. If you need some help with this, seek a consultant or check some guide online in your region.
  1. START PLANNING

Develop a complete business plan. This is not only a good idea, but before you can get a bank or investor to loan you any money, it will be required. Even if you do not need to borrow any money to make your idea a reality, having a business plan will only serve to your advantage in the long run.

  1. GET YOUR MONEY RIGHT

Create a budget and include in that budget everything that you will need to make your products, market them and anything else. If you are not sure exactly what you will need then do some research to find out.

  1. EXPLORE THE RIGHT VENDOR

If you are going to be making something, finalize the details as to who will make what, and determine where you will get each part or item made, and how much each item will cost to make. You want to be sure that you can get the items cheaply enough that you will make a big enough profit.

  1. BE PREPARED
  2. Arrange to either have made, make yourself or otherwise obtain a sample of whatever you will be selling. If you are doing a service business, then make a price list with details of what each service will include. Once you have these, then you should show your samples to as many people as possible before continuing with your business idea to get feedback and make sure that there is enough interest to make your idea profitable. Do your competitive analysis if required, need a tool to evaluate this? Check the link.

EDUCATION DOES HELP

For people with little or no practical knowledge of a certain business, it can be a frustrating process getting your business ideas from concept to reality. When you get stuck on at a certain stage, you can lose focus and direction, and that's when you’re most likely to give up. You can also explore short program like Entrepreneurship 2 day course at MODUL University Dubai, where you can learn as you earn and draw from the experience of business professionals for a fast-track to the success of your IDEA TO REALITY.

Follow these steps, and you will soon be on your way to making your business idea a reality instead of just a dream.

Posted by Prof. Dr. Oliver Loisel on 20/03/19 14:18
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Prof. Dr. Oliver Loisel

Assistant Professor

Dr. Loisel has more than 15 years of experience in top management consulting and adult education. He trained companies, managers, undergraduate and postgraduate students regarding General Management, Strategic Management, Entrepreneurship and Innovation. For over a decade he held several hundreds of speeches during Europe’s largest E-Business Roadshow.

Oliver Loisel is an Austrian national based in Switzerland and has been active in the Middle East since 2011.

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