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How to Turn Your Idea into a Profitable Creative Business

 

To have a thriving business, you need to come up with brilliant ideas. However, suppose you have these ideas but do not know how to turn your passion into a profitable creative business? Execution of ideas is what matters than merely having them.

Your startup is bound to fail if you don’t follow the right steps to make your idea see the light of the day. Get the ball rolling by following these 7 simple steps:

  1. Identify the problem you’re solving

Look around, you will realize that any profitable creative business is solving a particular problem. Customers go to them to have their problems solved. This blog post addresses your need for content about how to turn your passion into a profitable creative business. 

Let your business solve a  specific problem.

Facebook solved the problem of how people interact and connect. It’s now easy to create new friends and create profitable relationships across the globe due to Facebook. The company came into being as a result of someone identifying a problem and following the right steps to make it successful.

A deep understanding of the problem you’re planning to solve with your idea is essential for its success. It will help you to understand your target market and reduce your marketing budget. Don’t be focused on the solutions and forget where they stem.

  1. Narrow down your market niche

 

Narrow down your market niche

 You need to know your customers. All successful businesses serve a specific line of customers. Apple, for instance, serves the middle and high-class individuals with their devices. It understands its market so well that it beats Android hands down with a smartphone market share of three-third.

With a sea of customers out there, your business needs to target a few of them. Your target market needs to be specific and defined because marketing your idea to such an audience will be effortless; most of them will be sold into your idea like fish to the water. 

Narrowing down your market will enable you to spend less on marketing since you know who to target.

  1. Have a great business plan

 Develop a clear business plan

 A written business plan is crucial for the success of your business idea. You will use it either to attract clients or acts as a compass when executing your idea.

It can be a nerve-wracking task to write a business plan if you’re green at it. Here are the tips to act as guidelines:

  • Perform thorough research: A business plan is the backbone of any business, spend more time researching than writing it. With your research, know your target market, your competition, your objectives and much more. Investors will want to know those.

 

  • Write a short business plan: Writing a business plan to attract investors will require you to keep it short and to the point. Also, since it acts a direction to follow in your business, updating it regularly is necessary. It would be a daunting task updating a long one.

 

  • Ensure it has all the details of your business: your business plan should provide enough information about your business to a potential investor. Not only should it be detailed but should also have evidence of your activities and earnings if the company is already up and running.
  1. Ensure you have adequate capital

Raise capital to kickstart your business.

To get a business up and running requires capital. The initial capital might be quite a tussle to raise. However, you can learn to look for other ways of raising money.

Consider these:

  • Business incubators: They provide support to businesses in various stages of development. They mostly focus on the high-tech sector. They provide the needed resources and the right guidance to companies.

 

  • Bank loans: It acts as the best and the most straightforward form of funding for small businesses. You can choose to apply for a bank loan to fund your business. Perform research, though, about each bank before settling on one; each bank has a pool of advantages, settle for the one that fits your needs. You will need a solid business plan to get the support of banks.

 

  • Private Investors: You may be able to find private investors who will give you funds to start your business in exchange for interest or shares in your business (if you have a corporation). Don’t be afraid to ask. There may be friends and family members who you can approach, community organizations, angel investors (they tend to want a bit more of a track record in business), etc. Exhaust all available options. Be confident in your value that you add and you will be in a better position to gain their interest.

 

  • Personal investment: It can be your savings or already existing assets. You can choose, however, not to risk everything on one endeavor and spread the risk to others by having multiple business partners.
  1. Find a mentor or a coach

A mentor is an outstanding person when starting a business, especially if they are already in business, it’s someone who has gone through it and knows how it should be done. 

You will be surprised to learn that any great business empire owner had a business mentor. In addition, these mentors were people already in business. Apple founder Steve Jobs mentored Mark Zuckerberg, the founder of Facebook. Eric Schmidt mentored Google founders, Sergey Brin, and Larry Page.

A mentor will act as a guide to turn your passion into a profitable creative business. They will be resourceful when making decisions regarding your business since they have been there, too.

A coach does not necessarily have to be someone who has walked the exact path that you have been in; however, they should be someone who had expertise in effectively helping others to gain clarity and self-awareness. Most successful business owners, athletes, and professionals have a coach in their inner circle. 

  1. Create a talented team

 

Assemble a highly skilled, passionate and talented team.

A brilliant business idea will require the help of a talented team to keep it afloat. A team having their goals aligned with your business goals will enable you to hit your goals much faster. Similarly, if one member of your team has no aim to make your business a success, it might quickly tumble down.

Most business owners reported that their big challenge when starting out was getting the right support. Starting out in business requires that you manage your time and available resources effectively. Consider outsourcing the work that someone else can do and focus on working in your business.

Hire part-time support, take on subcontractors or if you have the resources, staff up with full-time employees. Try not to do it all by yourself.

  1. Don’t use your profits to finance your lifestyle

Manage your cash flow effectively.

A major mistake that most people make when starting is that they use the gains they make from their businesses for their upkeep. This is not a good strategy. Ensure you plow back earnings into the business for its growth.

To bring your idea into being is quite a daunting task. However, you can beat the initial challenges in the early stages and turn your passion into a profitable creative business by following the steps outlined here. 

Do you have a fabulous business idea but don’t know how to execute it?

We’re looking for creatives like you. We will help you bring your idea to life by guiding you. 

Why don’t we get acquainted, take a visit to our Creative’s Mall for other free resources to help you grow your business.

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