James and Megan are wrapping up their series about how to start a business. They’ve been talking about how to turn what you are already doing into a business and today they cover what may be considered the most challenging way to start a business.

Today’s Kryptonite: Turning an idea into a business!

Note: Idea-based business concepts include things like providing training, creating new products or inventions, building software/games, or providing services (social media, software integration, coaching/consulting, etc.). This takes more effort, but can be very rewarding. Examples include:

• Casey Stubbs (Winners Edge Trading)
• Matt Fridg (Church Video Coach)
• Ava Anderson Non-Toxic
• Scott Stearman, Artist/Sculptor
• Noa Mintz Babysitting/Nanny Service

Why do you think your idea can be a successful business?:

• Obviously you have a passion for the idea.
• But is the idea a viable business?
  • Do you have the skills to do it?
  • Is there a market for it? (will people pay you enough)
• Will it still be a good idea tomorrow? Next month? Next year?
  • Will you get bored with it?
  • Will your passion carry it forward through difficulty?
  • Is it more than just a shiny object?
  • Can you stick to it long enough to launch?
• Even if it’s a good idea, it may not be a business in and of itself.
  • It may simply support or help grow a bigger business concept.
  • For example, podcasting.
  • We’re talking about a true business idea.

What does it take to turn your idea into a business?:

• You need a plan. Think it through what you will offer and how.
• Know your market and the path to profit.
• Be clear and specific on who your audience is.
• Will a patent search or new patent be required? It won’t apply in all cases, but consider it especially for new products/inventions.
• Few people have the skills to take an idea to market all by themselves…so who is on your team?
• Basically anything we or any other business book or resource talks about in terms of creating and running a successful business. The key is to transition from pure creation of your idea and into a business mindset.

How do you transition from pure idea and into business mode?:

• Finish your planning and know the concept is viable
• Prototype and test
• Do market testing as well
• Build your team
• Once you go into business mode, go all the way

Action Steps:

1. Get the idea out of your head. Share it with others for feedback and guidance.
2. Create a business plan (including marketing plans and financial projections).
3. Treat it like a business and take it seriously or it’s just a hobby.

---