If you have an idea, and you’re thinking of turning it into a business, then it’s important to think about the business development plan of that idea.
But how do you start this?
In this article, you will find out more about how to turn your idea into a business, how building an idea applies to business development, some tips on what to look out for, and how you can get started building your business.
What is an idea?
You know that feeling you get when your eyes light up after you find yourself confused, indecisive, or just lost for words; that ‘Eureka’ moment happens when you have an idea.
An idea is usually generated with the intention to solve a problem, but not all ideas are formed during a brainstorming session; they sometimes sneak up out of the blue in the middle of a random conversation or while you’re snuggled up watching Tv.
At Rudimentary Alternative, we believe in the power of ideas, and we make sure to create the tools you need to unlock your individual genius
Now going back to the general definition of an idea; An idea is a curious concept formed in the mind that propels you with a desire to explore that concept further.
What is a business?
Although a business is formed seeking profit; its first priority is to create value for customers; which could be in the form of a product or service that solves a problem, next, that value you offer to your customers can then be exchanged for payment.
In order for your business to operate, it needs an agenda ‘mission, vision & goals’ and a structure.
Deciding on an agenda & structure at the beginning influences every little detail about your idea and your business, and ultimately affects how you register your business, and how you raise funding.
Consulting with a business development expert is always an added advantage when you’re set on turning your idea into a business.
When you ideate, you focus your mind into creative thinking mode, you capture and break down every little aspect of your idea until it starts to take form.
Imagine you had a puzzle in front of you that needed to be put together; although in this case, you do not have the complete picture of what the puzzle looks like in its finished form.
The reason ideation requires creative thinking is to allow your imagination, not logic, to take control and serve as your guide while you try to make some sense of your idea.
Creative thinking gives you a fresh perspective allowing you to see problems as exciting opportunities, without giving up on them so easily.
When we have ideas, the process of ideation allows us to filter through our thoughts until we find that special idea that makes us passionate to see it through to the end.
Some ideas become products or services that larger companies need at that moment, and you may not need to transition your idea into a business; let’s say you are a blogger who enjoys creative writing and you just got this wonderful idea for a new article to write about, you could end up being hired part-time or full-time to work in an organization that requires your services, so no business needed.
But some ideas require you to carefully think about the process, strategies, and tasks that your idea needs; in order to become a product or service, in order to deliver that product or service, and then make a profit.
Business development is the creation of long-term value for an idea or business; whether it’s a for-profit or non-profit business.
Internal or External Business Development
Business development is vital when starting a new business venture, also when exploring expansion opportunities for existing businesses as well, it can be conducted internally within the organization by its founding team members or externally with the help of a business development consultant.
Business development activities occur in different stages of the business; from project management, product development, marketing & sales, partnerships, and finances, understanding how all these come together to affect the business growth is the core purpose of business development planning.
Building Your Idea Into A Business
By going through the ideation and business development process you begin to build an execution plan, which becomes your business plan.
A business plan is a written document that describes an idea’s core activities, objectives, and how it plans to achieve its goals. A business plan allows you and the recipient to understand your idea, product, launch, or growth strategy, as well as its financial needs & outcomes at a glance.
In summary, a business plan identifies an opportunity and details how you plan to capture value in that opportunity.
Once you have determined that your idea can create value, and you can offer this value in exchange for payment, then it’s time to give your idea a business plan.
How Do I Write A Business Plan?
A business plan gives you a broad perspective on the feasibility of an idea, it also comes in handy when you want to raise capital, attract talent into your business, or expand your business operations. A business plan document does not stay stagnant; as humans we have moments where we fall ill, incur great losses, grow up, and eventually die. This also applies to a business plan; since it also tracks the health of a business in real-time, it changes as well; and needs to be checked on and revised accordingly.
Here’s what to consider when writing your business plan;
1. Show your passion
Let your passion for your idea reflect in the tone of voice you use while writing your business plan.
2. Show reference data
Ensure that all information mentioned in your business plan should reference where you got the information from; especially information relating to figures
3. Research every content
Research every content that goes into your idea’s business plan. One way to document your idea’s content is by using Rudido. Rudido is an ideation learning tool that guides you as you research, build, and eventually sell your ideas.
By working with business schools & business coaches, Rudido ensures that every innovator on the platform has access to the ideation-relevant content their idea needs.
Find out more about Rudido
4. Clearly highlight your idea’s unique selling point
Use every opportunity presented in your business plan to address how your product or service is unique and creates value for your target customers, this gives you a competitive advantage over other similar businesses that eventually become your competitor
5. Be honest in your research
Although the objective of your business plan is to showcase opportunities beneficial to your business and customers, it’s also important to document challenges when it comes to your market and financials, this shows that you are aware of the challenges and have thought out how you plan to mitigate these challenges
6. Plan with purpose
A business plan is used internally by the founding team to monitor their business growth, or externally to attract investment, or talent, which is why it is important to understand the purpose of your plan before you begin researching & creating your business plan
7. Know your customers
The same way you must plan with a purpose, you must know as much as you can about who the value you are creating is for; ‘your customers’. Knowledge of your customers helps you as you create value in the form of your product or service, so keeping your customers in mind is key.
Creating your idea’s business plan is an important step in building your idea into a business. When ideating, keep in mind to create a business that can survive the impacts of Covid-19 and the post-pandemic world.
Keeping these tips in mind as you dive into the world of ideation & business development ensures that you create a business that is well-positioned to not only capture your today’s existing market, but it also makes plans for its future growth..because eventually, we all have to grow.