Last updated on March 9th, 2014 at 12:53 am
Many people have great ideas for products or services to sell, but moving from a good idea to a real and successful business is quite a big leap. If you’re passionate about your idea and want to turn it into a business, it’s absolutely possible, but you need to figure some things out before you jump in head-first.
Flesh Out Your Plan
You need to know some stuff before you start pouring money into a business venture. Things like how much it’ll cost to make your product, how much time it’ll take, how you’ll pay for the start-up costs of a business, and how much you can charge are pretty important, for instance. If you don’t immediately check to be sure that you can make and sell your idea for a decent profit without wearing yourself to the bone, you could be getting yourself into a very bad spot very quickly.
Once you’ve made a good business plan, looked into the various costs and researched similar items to get approximate pricing, you need to look at what you need to get started. You won’t make a profit at first, and often the first few months of a business are the most expensive as you make the prototypes, get the product ready, and begin selling. There are different ways to get loans for your business, but for all of them you need to know how much money you need to get started and have a good plan to show the lenders. If you have those prepared, you’re much more likely to get off the ground.
Consult a Lawyer
If you know what you want to sell, you want to make very sure you’re not going to get sued, fined, or put in jail for selling it. Check with a lawyer about any business or copyright laws you may infringe upon by starting your business and to find out if there are any licenses you need to conduct business in your area. This may cost some money, and it might seem easier to just keep your business under wraps, but it could hurt you if your business becomes big or if you’re breaking some serious laws or patents you didn’t know about. Lawyers often do free short consultations, and you may only need to pay a couple hundred dollars to ensure that your business is legal and safe, which is definitely worth it.
Find Your Customers
Now that you have your product and you know that you can start selling it, you need to find the people that you want to sell it to. Figure out your niche group and get the information out to them every way you can. Advertise on your car or by making t-shirts, get on social networks like Twitter and Facebook and start making connections, and start your own website that highlights your product. Sell in shops geared towards your customer base if you can. There’s no way to become successful selling a product unless you have consumers willing to purchase it, so you need to reach out to them any way you can.
If you have a great idea and want to turn it into a successful business, you absolutely can. The key is to plan it out well before you start and put a lot of effort into making your idea ready before getting it out to people, and then pushing hard as soon as it’s out there so customers know about it. If you are willing to put in the time and effort, you might be surprised at how profitable your idea can become.