What to Do After Once You Have a Business Idea

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THE ENTREPRENEUR’S BEST FRIEND

By Debbie Larry-Izamoje

I am of the belief that the best business ideas are birthed in the bathroom, no seriously! If all the business ideas I conceived while taking a shower or brushing my teeth were implemented properly by now I may have been a black bill gates.

So whether your business idea was invented while taking a shower or while scrolling through your social media page or maybe the inspiration hit while at the gym or while cooking your favorite meal. It is important to know what steps to take in order to implement and grow that idea.

That’s why I’m here to answer those questions which may have lingered on your mind and give you professional advice you may have to pay a consultancy firm for.
1. Research, Research, Research!
I cannot stress how important research is. Probably why the SWOT analysis was one of those topics I was drawn to while doing my B.Sc. in Information management at the university of Sheffield or earning my certificate in user innovation from MIT.

I find it quite fascinating how people can write articles, start debates or make life changing decisions without proper research. In this digital age carrying out a research is not as tasking as people make it seem depending on its context. If you’re too busy to carryout a research or you’re just not into discovering information that can impact your decisions please get yourself an integrated consultancy firm such as Image Boosters to assist you
By research I mean studying publications on the relevant areas, Google keyword search, surveys, interview and focus group discussions, data collection, data analysis, SWOT analysis

Some important questions to ask yourself:
• Who is my target audience and what are their actual wants or needs? Why will they choose my brand over my competitors
• Who are my potential competitors?
• How saturated is the industry? What are the industry regulations to follow? Legal information for start-ups? Steps needed in registering the company? Start up capital? Staff? And so on.
• How long did it take for the industry leaders to gain relevance?
• What value do consumers attach to my business idea and will they willing pay the price I attach to my business? Who are my collaborators?

2. Business Plan and Marketing Plan
Although some people say a business plan should be outlined before research is done, I say break the rules! If you’re going to be a successful entrepreneur you’re going to have to discard the norms and usual way of doing things ask CEO’s like Mark Zuckerberg, Michael Dell when you get to the top.

Your business plan is a description of your business’ future and you should be able to refer to it occasionally to ensure your goal attainment strategy is on track. Your marketing plan on the other hand is very essential and should be written early, you’ll find out why in my future posts. Your marketing plan is your chart to success; it is your marketing strategy, budget and goals needed to increase visibility and consumer interest in your market.
Some people find it very difficult to do this. Please feel free to talk to trusted family and friends or contact integrated marketing communications consultants who will assist in building your foundation.
If you’re still reading and interested in turning that idea into a business venture No. 3 is for you.

3. Prepare yourself, family and friends mentally
Some people are lucky; they work for 3 months and boom! Money, fame and whatever you describe success as comes knocking on the door! Unfortunately not everyone carries that grace and to be honest with you most successful entrepreneurs had their fair share of failure, hard work, perseverance and commitment.

All entrepreneurs must prepare themselves for the good and the bad. What is your plan B? How much of your resources, time and effort are you willing to sacrifice for the business idea to grow into an organization?
Inform your partners of the capital the business needs. See why I said do your research, you need to give facts! Telling those important to you about the cost of this business idea will create so much ease on the pressure from others to provide financially.
You may spend hours, months and even years working on the idea stage, you must now learn the importance of prioritizing and multitasking.

You’ve done well so far if all you have is that idea. Now make sure you remain consistent and you don’t quit because it’s not how many times you fall its how many times you pick yourself up, and remember that with each fall you become stronger.
I have divided this article into 3 different points, so as to avoid bombarding you with too much information. You must realize that there are so many steps to a great start up this is why I advise that you contact us at Image Boosters or email me directly if you need specific information for your brand.

ABOUT THE AUTHOR

Debbie Larry-Izamoje AKA The Entrepreneur’s Best-Friend, holds a BSc in Information management from the University of Sheffield, United Kingdom. And Msc in management from University College London (UCL). She has also secured certificates in user innovation from Massachusetts Institute of Technology (MIT) and Innovation and strategy from Harvard University.

She is on a mission to raise a generation of young established or soon to be established professionals who are more vocal about business difficulties while providing solutions through public speaking, article writing, training, workshops and coaching.

She is the founder of Image Boosters a Communications and strategy agency aimed at assisting SME’s, with core services in social media management and business strategy consultation.

Website: www.imageboosters.com.ng Instagram: @dee_larry @imageboosters_
Email: contactus@imageboosters.com.ng or debbie@imageboosters.com.ng