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  • Figure out a problem that your idea solves. It is normal to be subjective and emotional toward your precious idea. Desire is part of the process, but you need sales to keep you in business. Instead of honing in on the great solution at first, work on  identifying a common problem your product will solve.
  • Research the competition. You may have never heard of your idea or see anyone around doing it, but take it step further. Do your homework to see if similar products or services exist. That could save you the headache of entering a saturated market or help you enter from a different angle. Similar products or services could use your idea and what you can do to improve them.
  • See a business consultant. A professional can guide you through completing each step on your way to structuring your idea into a viable business. They can act as a mentor to help you talk through if the idea makes sense to pursue. Business consultants have an abundance of networks and could help you connect with the right business funding too.
  • Find a market for your idea. Even if everyone wants your product, not all of them need it, can afford it or will buy it. The objective is to up your chances of reaching buyers. Market research is an important step to have a solid marketing plan and promote to people who will convert into customers. Consider demographic information such as age group, residence, income, a line of work and hobbies.
  • Find support and build your team. Business partners and a team who want to see you succeed could speed up the process. Bringing the best of what each of you has to the table with a team around you increases your chances of longevity in the business. Big names like Google, Apple, Twitter, Proctor and Gamble and Ben & Jerry’s can attribute their lengthy business success to fusing good qualities within their partnership.
  • Create your business plan. This foundation for success breaks down every component of your business. Set a business plan will put all the concepts swarming around in your head in one place on a document. It helps you narrow down critical projections for at least the first five years. Most investors require some form of a business plan to consider placing their trust in your idea or company. Focus on these areas:
    • Executive summary.
    • Market analysis.
    • Execution.
    • Company and team information.
    • Product or service.
    • Financial plan.
  • Find investors for your idea. Start with options that have the least amount of risk in the early stages. Friends and loved ones, personal savings and crowdfunding pose the least risk to your credit and are easier for a startup to obtain. With more experience, pitching to a venture capitalist or angel investor could yield more funds in exchange for company equity.
  • Solidify your brand and promote your business. Influencers control a large portion of market activity, so that means you need to be the face of your brand. Work on building a loyal following on social media before your business idea launches. Build email lists, submit press releases and create anticipation for your upcoming product or service.
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