Do you have a business idea but need to know where to start? In this article, I will show you how to take your business idea and make it a reality by walking you through the steps I took to start my own successful business. If you stick around to the end, I’ll share a tip that will save you a lot of time in this process. So come with me as I take you on a journey from idea to execution and, finally, success.
Welcome to Mindset Monday, a motivation segment dedicated to goals, productivity, and business success for the Believer. You have a great business idea but need to know where to start. You’re not alone.
Many people have fantastic money-making business ideas but never act on them because they don’t know how or get stuck in the process.
That’s why I made the accompanying video for this article as well. To show you precisely what to do to make your dream business idea a reality. I was once in your place.
1. Research the industry
Researching sounds simple, but it’s often overlooked. You want to prioritize the research process as it’s more than Googling a few articles or YouTubing a few videos about your interests, in fact, research is a continual part of any successful undertaking. Many industries provide a checklist or books related to specific business types to help you get more insight into your industry.
While researching their desired business idea, many people abandon it because it seems too much work or will be hard.
I created a LIVE stream titled Pick Your Level of Hard. Check it out to help you in your decision-making.
2. Write a Marketing Strategy for Your Business Idea
I believe in writing business plans, but the business climate has changed since I started my first business over two decades ago.
One example is: Back then, if you could NOT sell in person, over the phone, or through mail–you didn’t have a business.
Remember those yellow pages???
Although the main vehicle to get you to your destination has changed, the same philosophy applies, but I’ll take it a step further. Marketing to your buyer or client is how you build a business.
You can only sell to them once you know who they are; most importantly, they need to know who you are and if they need what you’re offering.
God wants us to plan and use our time wisely. This is why I created the Dream Big Goal-setting guide.
Additionally, if your target market does not have the money to buy or needs help understanding what you’re offering, it can be an uphill battle trying to build your new business before it starts.
Most of the marketing taught in colleges needs to be updated, and most college professors never ran a business they had to bootstrap. So, completing your market research and marketing strategy is vital.
Learning or hiring an agency to help with your digital marketing should be at the top of your list for help with your business idea, unless you have the tools and skills to do it yourself.
3. Choose the proper structure
If you want this to be a real business, take your business idea seriously from the very start. Therefore, finding the proper business structure is essential. It matters when it comes to taxes and acceptable tax write-offs.
For example, A sole proprietor does not have the same legal protection and business structure as an LLC, Partnership, Non-Profit, or For Profit Corporation. Also, an S corporation has different advantages than your C corporation.
Mind you, I am not providing financial or business advice.
If you want to sell shares of stock or ownership in your entity, it’s best to know your vision before registering your business with the state. Please consult your attorney or business consultant to determine what works best for your needs.
4. Create a budget and financial plan
You want to count the cost of what it will take to start and float your business. Some ideas are costly to execute, and others can be bootstrapped. They require many legal filings, patents, trademarks, copyrights, and high start-up costs.
A ministry such as Cure 4 the Soul did not take much money upfront because I learned and acquired many skills over the years to help me get going. Nonetheless, I invested years in stacking my skillset, which enabled me to save financially in some areas.
I paid thousands of dollars to have websites built over the years, and I was always the one going to the back end of the website to update, post blogs, and make other minor changes. And one day, I decided to stop being afraid to mess up something on the technical end of my website and made my way around my Cure for Bare Walls site little by little.
I then tried finding YouTube videos for the framework used for my website. It was hard, but I kept learning over the months.
And the kind of website I have takes time to write all of the information for the pages, set up the e-commerce store, create all the graphics and the FREE resources, and build and design the actual site.
You have to get it in Google and set up and maintain a lot of ongoing technology. I also write and edit my articles and all of my YouTube videos. But I love media and publishing, and I’m fascinated with learning how things come together.
Luke 28-29 NIV says, “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? 29 For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, 30 saying, ‘This person began to build and wasn’t able to finish.’
It may seem easy, but it’s an extreme lot of work. So you’ll have to count the cost of your new business.
No matter the size of your business, you need to have a budget and financial plan.
5. Devote Time
Finally, ask yourself this question, how much time will you be able to dedicate to see your ideas to market?
Once you come up with an answer, add double time to what you estimated because it’s never what you think.
I’m working on a new project that has taken on a life of its own. I’m familiar with most of the processes I’m doing, but it’s proven to be double the time I initially allowed for it. I still have a huge learning curve with setting up the technology tools and learning to unpack my messages.
But stay tuned; I’ll share what it is in the coming weeks.
And thanks for sticking around to the end. As promised, the one start-up tip guaranteed to save you a lot of time in this process is Prayer.
Bonus for your Business Idea
Prayer is intimate, easy to do, and yet easily dismissed. If God is asking you to start this new business, He will confirm it in multiple ways, so make sure to seek His face for clarity before you jump into spending all of your time and resources. And once He green lights you, continue to consult Him without ceasing.
If you have big dreams and want to unlock your purpose and move forward with your business ideas, My Dream Big Goals Guide is designed just for you. It will provide insights into using eight spiritual disciplines I have used personally to achieve success in my life.
Make sure to research, create a marketing plan, select the best business structure, and invest time into God and your business and plans.