"I Have a Business Idea": How To Get Started in 9 Steps

By Indeed Editorial Team

Updated July 29, 2022 | Published April 20, 2021

Updated July 29, 2022

Published April 20, 2021

Having a business idea can be exciting for many people who want to share their concepts with a wider audience. Whether you work for a company and want to help it expand the products or services it offers or you hope to start your own company, it’s important to have a clear business idea. Understanding how to take action after realizing you have a business concept can help you bring your ideas to fruition. 

In this article, we explain what a business idea is, share a list of steps to follow once you've developed a business idea and describe some skills you may require as a new business owner.

What is a business idea?

A business idea is a concept you may come up with to provide offerings, like products or services, to a customer or client base. The objective of most business ideas is to form a company that makes a profit, connects with a target audience and can provide a unique solution to a customer's needs. A business idea is the first step toward creating an official company. If your employer is looking for new business concepts, you may also contribute your ideas to help the company grow and develop new offerings for consumers. 

Related: 6 Effective Steps To Complete a Business Idea Evaluation

Steps to follow after saying “I have a business idea”

If you have a business idea, consider these next steps:

1. Write out your business idea

When you’re developing a business idea, it’s important to consider all of the details and information you may require. You can write them down to help you track and identify the key elements as you continue to formulate your business concept. Organizing your thoughts can help you discover any implications and other factors that you need to consider. The more details you have, the more prepared you may be when you contact investors, bring on a partner or ask a lender for a business loan.

A business summary may be all you need to get started, and it can include what you sell, the problems you're solving for customers or clients, the goals of the business and other operational details that you find helpful to refer to when you need them.

Read more: 40 Great Business Ideas You Can Start Today

2. Analyze competitors

It's crucial that you analyze the competition in your industry and the products and services you're offering to customers. This allows you to consider how competitors are marketing their offerings, read reviews to gauge how satisfied customers are, understand the benefits of their products and potentially contact a competitor you admire to see if they want to collaborate on your business idea. By understanding your competitors more, you should be in a better position to create growth strategies that work.

Read more: What Is a Competitive Analysis?

3. Find your unique value proposition

Your unique value proposition (UVP) is what differentiates you from the competition. It's likely that there are competing companies that offer similar products or services, or at least seem similar to the target audience that you share. However, consider all the details so you can find what you offer that nobody else does. 

Your idea may include superior customer service, a feature of the product or a certain level of support during non-traditional hours. It's important that you're able to articulate to your potential customer base about your UVP so you can convince them to purchase from you over other businesses.

Read more: What Is a Unique Value Proposition? Plus Examples

4. Form buyer personas

A buyer persona is a fictional customer you create to represent someone who may be a part of your target audience. Buyer personas help you feel more connected to your customer or client base so you can make business decisions that positively affect them and entice them to buy from and remain loyal to your business. A buyer persona can also be helpful when you're describing your business to others, including investors, loan officers, partners or top talent you want to hire.

Read more: 4 Steps To Build Your Buyer Persona

5. Get feedback

Once you have the preceding steps in place, consider getting feedback from your customer or client base to make sure you're on the right path with your business. Ask what they think about your products, marketing language, advertisements, offerings, logos, brand voice and more so you're gathering opinions on multiple parts of your business before committing to your idea and moving to the next step.

Related: How To Gather Customer Feedback 

6. Build a website

A popular way to attract customers and clients to you is through building an online presence. With the right keywords within your website content and a plan for sharing your website on other advertisements you create, you can likely put your business in a place where your target customers notice you. Your website can also provide information relevant to your target audience, like your contact details, product descriptions, testimonials from your beta testing group and your company's history.

Related: How To Make a Website on Google Sites in 10 Easy Steps

7. Choose how you market

Instead of expanding your marketing efforts too much, focus on a specific way to market to your customers, depending on which platforms they use most and how they absorb content and helpful information. For example, instead of applying your budget and effort to building a marketing campaign on social media, within search engines or through word-of-mouth marketing, consider where you can make the largest impact that produces a higher return on investment.

Read more: 10 Marketing Strategies To Grow Your Business

8. Set goals and re-evaluate

After you've completely formed your business idea, discovered your ideal customers, found out more about the competition and understand how you effectively market your business, it's time to set the goals that guide you to success in your new venture. Set SMART goals that are clear and easy to evaluate your production. Because the initial goals you set may need some adjusting after your business gains a bit of traction, be open to readjusting as necessary to ensure you're forming goals that match your needs, abilities and business attributes.

Read more: How To Write a SMART Goal (And How They Work)

9. Build a team

One of the most important steps in being able to see your business idea to fruition is to build a team that can support your vision. Your team can include a business partner, employees, investors, mentors or customers who are willing and able to provide unbiased feedback. Make sure your partners have the same business goals, that your employees have unique skills that only help to enhance your business and that investors are well aware of your idea, business goals and the steps you plan on taking to help your business find success.

Related: How To Build a Team Environment

Skills for developing your business idea

There are several skills and attributes you may find helpful to possess and develop in order to form a successful business, including:

  • Perseverance

  • Organization

  • Commitment

  • Negotiation

  • Sales

  • Communication

  • Time management

  • Problem-solving

  • Attention to detail

These skills and characteristics can help you focus on your business idea and goals, explain your concept to others, convince your customers to buy from you and give you the confidence you need to continue working on your business even if you experience setbacks.

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