How to Turn a Crazy Business Idea into a Successful Business?
I bet you have some crazy business ideas in your head.
If you think you can’t turn them into a successful business, you’re wrong. Damn, people have had so many crazy ideas through history (for example. wheel, electricity, phone, etc.) ad they were made fun of. All these ideas are nowadays used by millions of people around the world, and they are bringing billions of dollars of profit to businessmen.
Let me tell you a secret: There’s no business idea so awkward that it couldn’t turn into a successful business.
Any idea can be turned into a successful business. It is all about the optimization of the idea, and successful promotion.
You think your crazy business idea isn’t good enough?
Dear friend, it is more than good!
Since you’re reading this article, let me tell you that you’re already ahead of millions of people around the world. Yes, you’re a better businessman than 90% of the population on this planet.
Why am I saying this? Because you want to know how to turn an idea into a business. Millions of people around the world, may have better ideas than you, but they’re not making any effort to turn these ideas into a business. You’re making that effort, and that’s your advantage.
You can read hundreds of proverbs, scientific facts, success studies, but your idea will remain a simple idea, as long as you don’t start working on it. The important thing is to act, not to think about it.
You want to know why your idea is good enough?
Think about it. Before the appearance of the social networks, everybody thought that an online place where we could share our thoughts and intimate photos is a nonsense. Who will care about it anyway? Social networks are nowadays huge businesses worth billions of dollars, and they have become the central business location of many companies.
Every successful business comes down to three steps:
- You have a crazy business idea
- You turn your crazy idea into a crazy business
- You turn a crazy business into a successful business
I already like your crazy business idea, even though I don’t really know what it is. It may change the way in which we brush our teeth, score a point in basketball, wake up in the morning, take a shower, eat. It doesn’t really matter!
There’s no crazy business idea that can’t be turned into a successful business.
Can my idea and business fail?
Don’t fool yourself, of course they can. It is the main rule of business. That’s the reason why 95% of the population, works for 5% of businessmen.
There are 2 problems that could make you fail:
- your crazy business idea needs certain improvements
- you’re not doing a good enough work on turning your idea into a business
I’m sure you already know my saying: any crazy business idea can become a successful business.
But let’s make things clear.
Your crazy idea, has some shortcomings at the moment. You’ll realize that when your first customers start having problems with it, or when there will be no interest in it. One of the key moves when talking about the creation of a successful business, is the improvement of the idea.
You’re creating the ideas for the customers. They are very complicated. In order to understand their needs, you’ll have to deal with them. They are sometimes bothered by small details, and sometimes you have to adjust your idea to a great extent. Don’t forget that your idea must satisfy customers wishes, and not your personal ones.
It depends on the idea, but the transformation of the idea into a business is usually a hard work. You’ll work hard all the time, every day, but it should pay off eventually. All those who think that they can turn a crazy business idea into a successful business with minimal effort, can stop reading the article this instant. And you, if you’re ready to start making your dreams come true in the world of business, keep reading, because you’ll find some great advice in continuation.
How can you turn your crazy business idea into a great business?
There’s no space for arguments, you need to follow certain steps, and progress day by day. Enough with the talking, let me tell you the 9 steps you need to follow in order to turn your crazy business idea into a successful business.
#1 Which customers problem are you solving with your idea?
This is the main, and the most important rule you need to consider before you start with the process. No one, and I mean no one, will buy something, if that something won’t solve his/her problem. In the economy, it has a name, it is called an added value for the customer.
Your main goal is, to solve at least one customer’s problem with your idea. Yes, it is enough for you to slove just one problem.
You can think that you have the best business ideas, but if your ideas have no actual value for the customer, it is all doomed to failure. Customers are smart nowadays. They know that there’s a big competition out there, and that the offer of the products is huge. Your main goal must be the solution of a concrete problem, and with least possible complications for your customer.
#2 Who is my ideal customer?
An ideal customer, represents the person you want to sell your idea to.
If you have a product for infants, and you want to sell it online, it would be a stupid idea to sell it to some lawyer, who is cluttered with papers all day long, every day. Your ideal customer in that case is the mom of an infant, who wants to buy what you’re offering, who knows something about online shopping, and who is active in online groups intended for new moms.
You’ll have to discover the average age of the moms, you’ll have to find out which magazines and portals they tend to read, what they usually cook, what are the actual trends, etc. All this will give you a more concrete image of the person you want to sell your product to.
Thanks to the creation of your ideal customer’s profile, you’ll achieve:
- you’ll know where to aim your marketing campaign, and who is your main target
- you’ll know how many potential customers you have around the world
- you’ll find out if there’s any competition when it comes to your idea
- you’ll find out how to optimize your idea (the choice of colors, font, packaging, way of selling, etc.)
This step will give you a new perspective. When turning an idea into a business, it is important to take a look at things from customer’s perspective. By doing that, you’ll be able to prevent some undesired situations, and improve your idea as well.
Yes, definitely. The key question is not whether you need a partner, but what kind of partners do you need.
You can place your partners into a few categories:
- investors – people who will invest in the business, but will also want their share in the company
- manufacturers – companies that will manufacture the product for you( in order to cheapen the manufacture)
- promoters – the companies that will do a good marketing job for you
- distributors – the companies that will deliver your merchandise to the customers doors
- competition – the companies or people who present a threat to your business, but you can create a better or a more complete service or product if you join forces
You can have the best product, but if you have no customers, that product is useless. You’ll have to partner up with someone, in order get more customers.
It is hard to believe that you’ll achieve any success without partnering up with some of the mentioned.
Without the partners mentioned above, your turning of a crazy business idea into a successful business will not go as fast as you want it to.
Be careful when choosing your partners, not to enter into some treacherous agreements, because that can actually destroy your successful business later on.
#4 Create a business plan
We nowadays have many successful businessmen who have started their business ventures without any concrete plan. That’s because businesses are nowadays based on creativity, and the initial investments are not as big as they once were, so it is much easier to raise them.
Regardless of those who are for, or against business plans, I would recommend you to make your own plan. It doesn’t necessarily have to be a business plan done strictly by the rules. The important thing for you is, to visualize the prospect of your “crazy business” in a year, two, or five years.
The goal of a business plan is, to make a projection of efficacy of a certain business. So, you need to set some goals, deadlines, and ways of conduct. Although it is a crazy business idea, you need to have a clear vision of where you see your business in let’s say 5 years.
If you want to find out my concrete opinion on business plans, read the article I wrote last year. You can find it here.
Before turning an idea into a product or a service, you should think about whether this idea will bring any profit.
Financial plan is one of the key steps when talking about a successful business.
It is clear that we all start a business, because we want a profit, we want to make some money.
If that’s not one of your main goals, than I suggest you not to build your own business. It would be better for you to join some communities and associations, and it all to your satisfaction.
A good financial plan should contain some important features:
- how much will it cost you to turn your idea into a service or a product
- how much money do you have available
- do you need any money from the investors
- what will be the price of your product or service, what money will you be making per piece
- how many products do you intend to sell on an annual basis
- how much money will that bring on an annual basis
- how will you arrange the money you have available
- how much will you invest in marketing
The purpose of a financial plan, is the projection of all the income and expenses you will have when starting your business, but also later on, when the business starts developing.
In order to start a successful business, you need to consider the fact that it would be a good idea to invest as much profit you can in the development of the business (at least in the first few years).
#6 Test your idea on a small group of people
Before you start turning your idea into a product, I’d recommend you to do the testing. Thanks to the internet, the testing of the idea is very simple and cheap nowadays.
- make adds for the social networks and other internet advertisers
- those adds lead the users who click on them, to the site where they can ”buy” a (not yet existing) product
- there’s a button on the site, through which the users can ”buy” the product
- when a user clicks on the button, it is a clear sign that he’ll be willing to buy the product in the future
- the user is, at the end, taken to a site where he’s being informed that the product is still being manufactured, and he then leaves his e-mail address, so he could be contacted once the product gets done
Although we’re talking about a little scam, it is important to mention that you must not take any money from the user, or ask any private information.
By doing this, the manufacturer is only testing a true level of interest when it comes to a product he will be offering in the future.
If the interest regarding your product turns out to be satisfactory, it is a clear sign. It is time for you to turn your crazy business idea into a real product or service.
Your idea is worthless, as long as you don’t turn it into a product. It is a fact that many young entrepreneurs don’t understand. That’s why most of them fail.
After you’ve tested the interest of your future customers, things are more clear. Now you know whether you should keep developing your idea, and turn it into a business, or not.
Some things tend to succeed, even if the numbers are not working for them, but that happens very rarely.
The turning of a crazy business idea into a business, will spend a part of your resources (time and financial).
What’s important in this step is, bringing the idea to a stage in which it will be interesting to a large group of people. As I already mentioned, the idea is probably great, but it is possible that the realization of the same wasn’t done in the best way, so that part needs to be fixed.
Try to bring your idea to the realization that will be good enough. That’s a sure path towards success.
#8 Create an efficient marketing plan
Many think that the hardest part is the turning of the idea into a product or a service. The truth is, the hardest part comes after. The fight to obtain your position on the market, to attract the users, and to maintain the already existing ones. It is the hardest part in the process of building success.
You could have created a marketing plan in one of the previous steps as well. Nevertheless, I think now is the best moment, because you have a complete product, which is ready to face the competition.
In your financial plan, you have already set your marketing budget. I hope it will be enough. A proverb says: a company which is not ready to invest in marketing, is doomed to failure.
The TV is still the main source of the advertising space. But the expenses of the TV advertising are high, too high.
Luckily, there’s plenty of online advertising space at your disposal.
Portals, blogs, social networks, advertising channels, classifieds – they’re all offering an advertising space. It is a great thing, very cheap, and efficient.
Facebook imposes as a perfect advertising solution, but i really like Pinterest.
Take a look at why I have decided to advertise on Pinterest, and which is the best tactics for advertising on Pinterest.
I love the word optimization. To optimize means to get the best you can out of the same amount of goods.
It actually refers to a constant improvement and optimization of the product, and everything else related to business as well.
Once you set foot on the market, the results will be clear. You’ll get the feedback from the users, and you’ll know what needs to be fixed, so you could meet their wishes to the full extent.
By making improvements, not only will you keep the already existing users, but you’ll also offer a better service, or product to the new ones.
You know what I like more than optimization – the word automatization.
To automatize a system means to exclude yourself, and the human factor, from the whole process, as much as possible.
The ideal scenario would be to create a system which maintains itself, and brings you profit while you’re asleep. The automatization of a business, is becoming more popular every day, and you should start thinking about it as well.
The advantages of the automatization of a business:
- everything is going on without you being involved
- you’re making money while sleeping
- you’re eliminating the human mistake
- there are no bottlenecks (there’s no restriction when it comes to the number of sales)
- you can run dozens of such businesses at the same time
It is time for you to create a successful business
You now have your 9 steps formula which guarantees you a successful business. If you decide to stick to the steps, and improve the idea, so it turns out appealing to the users, your business will be more than successful.
People have built businesses on toilet paper, chewing gums, pins, pencils, needles, toothpicks, etc.
Why do you think that your idea is not good enough to turn it into a million dollar business?
The only condition your crazy business idea must fulfill, is, to be of use to the final users. It basically means, that it needs to solve at least one of their problems.
In order to show you the crazy ideas people have built their businesses on, I wrote an article entitled ‘7 crazy business ideas’. I’ve also written about how to create a successful online business, so don’t miss that article.
I’m sure that you have some questions for me. If there’s something you’d like to clarify, or you have some suggestions, write it all in the comments below!
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It is time for you to show the worth of your crazy business idea.
Good luck with the realization of your dreams!