Go From Great Idea to Great New Business in 5 Steps

Many people dream of starting a business, but there’s no reason for young entrepreneurs to wait. Launching a startup takes a lot of work, but if you’re motivated and eager to learn, nothing can stand in your way. Check out these tips on how to go from a great idea to a great new business with Entrepreneur the Arts.

1. Start with a Problem

You might have a passion project you want to pursue, but will it be lucrative? One way to boost your odds of success is to determine a problem you can solve for your audience. As Inc. explains, you need to look at where your passions and other people’s problems intersect. Think of a Venn diagram, and aim to fit your business idea into the spot where your passion addresses a significant challenge. Taking this approach means your business model is not only actionable but also profitable – because people will want your solution.

2. Take Business Formation Seriously

Once you think of a brilliant name for your new business, it might seem like all that’s left is to open your doors. But there are some crucial business formation steps that you need to address to ensure your company is above-board. For example, your business type determines how you’ll pay taxes, what your liabilities are, and other essentials. You can opt to DIY or hire a formation service to get your documentation completed quickly and easily.

3. Figure Out Financing

For most types of startups, you’ll need a chunk of cash to get started. There are exceptions, of course – online-only businesses and sole proprietor models may not need a ton of cash to establish. Especially if you’re offering a service, your overhead costs will be fairly low.

If you do need startup funds, explore your options before charging business expenses to your personal credit card. Entrepreneur recommends traditional funding routes such as loans and credit cards, but also alternatives like sourcing strategic partners or applying to angel investor groups.

4. Spread the Word

With a solid business idea and plenty of motivation, you’re off to a good start with your fledgling company. But what will really help it grow is earning customers. To do that, you’ll need to start marketing. Most experts recommend digital marketing, which involves heading online and meeting your audience where they like to hang out. The good news is that this method can be an inexpensive means of sourcing clients or customers: Statista says the average ad spend on social media is only $21.69.

Marketing through offline means can also be an effective way to spread the word, depending on your business model and audience. Printing flyers might seem outdated, but if you’re hoping to reach a wider audience, it could be the perfect solution.

5. Develop Your Brand

Entrepreneurs have a unique opportunity to build a business around their specific talents and interests. At the same time, entrepreneurship means you have to become your brand. Marketing yourself and your skills mean embracing your company as part of your identity. It’s also an excellent way to connect with your prospective customers and cultivate trust (and repeat business).

Becoming a business owner early on in your career may be the best decision you make. Owning a company allows for growth and offers you the ability to evolve to suit the demands of the economy and your customers. No matter what the future holds, you can pivot your brand to meet the challenge. Of course, getting started may be the toughest part of your entrepreneurial journey. For guidance on getting started – and sustaining growth – visit Entrepreneur the Arts today.

Courtney Rosenfield started her career in the gig economy after several years of enviously watching others do the same thing. She started Gigspark to be a resource and a first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.

Go From Great Idea to Great New Business in 5 Steps

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