Friday, 4 April 2014

How to Convert Business Ideas to Profit Making Venture

I will begin this article on business ideas with this quote from Harvey S. Firestone, “if you have ideas, you have the main asset you need, and there isn’t any limit to what you can do with your business and your life. Ideas are any man’s greatest asset.”

When we consider that the multi-national companies making billions today are dream of one or more people, you will endorse that statement from Harvey.
Dear friend, that spark of business ideas flowing in your head may be the key you need to unlock the fortune you’ve been dreaming of. So what do you do?

1. Take Action
The first step is to take action on the idea. Start something on the idea no matter how little. As you work on it, you will gradually attract people that will support you to achieve your goal.

2. Worth of Your Product
You must analyze the worth of your product to come up with a winning product that will sell in the marketplace. For instance, what problem do you intend to solve in the marketplace?
Are there businesses already doing that? Then you must come up with a product that adds the extra value missing in the market place.

3. Determine the Market
The reason why many entrepreneurs are failing is because they keep putting the cart before the horse. That is, they come up with a product without first researching the market if there is a reasonable demand for it.
After they have invested time and money, then they will realize that nobody needs it.
The best thing to do is first determine if there are people that will buy your product before you create it. 

4. Determine the Price
The status of the people you are targeting to buy your product should decide your pricing. You must determine if the product is for the low class, middle class or the high class in the society.
For example, if your product is targeting the low class, you should note that low prices will be the motivation for them to purchase. But the rich will look forward to buying exclusive quality product at high prices.

5. Source of Product
For the application of your business ideas to be profitable, it’s important to know from the onset that there is a reliable source of supply for the product. It’s a key factor that will determine how far you will go in the business.
For instance, if you are not creating the product, and the source of getting it is deem, it may not be wise to go into the business.

6. Promoting Your Product
If your business ideas come up with a good product, but you lack the marketing skill to display it to potential clients that may buy from you, then you have no business.
You must device proven marketing strategy to reach your target audience and convince them that it’s the best product for them in the market place.
Therefore, you need to observe the marketing strategies of your competitors to improve your advertising strategy.
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