It’s my personal belief that everyone born as a human is blessed with ideas. Many people get platforms to use, many miss it or don’t give importance to it. If you have any idea which you would like to turn to your success story then this article is going to be your guide. Business planning requires the planning of the process from idea to selling. 20 powerful ways to convert any business Idea into reality bring you step by step process to kick start and making your own business plan.
1. Do Market Survey
To start with the market survey knowing the demand of a product, the target customers, exploring potential competitors are essential to give businesses a competitive edge, and allowing them to thrive in new environments.
2. Know Your Niche (Target Customers)
Knowing the niche (target customers) solves half the problem of a startup. The market is big and customers are diversified therefore reaching to right people with the right solution to their problem or need is important to sustain a business.
3. Know your Competitors
Competitors are friends and enemy both at the same time. Competitors’ weakness is your opportunity whereas competitors are always a threat to your business as they can have better or more attractive products or services than your offerings. Analyzing competitors’ strengths and weaknesses can help you in making your business plan more effective.
4. Set Goals
After analyzing the market and target customers plan short-term and long-term organizational goals. Clear mission statements and goals can help in making a business model or plan.
5. Find Source of Product
In the case of a products-based business, the source of the product and manufacturing processes must be decided. In the case of a service-based business, skilled employees should be hired. Cost evaluation is essential for budget making and pricing.
6. Plan Mode of Selling
Among 4Ps of marketing, place or mode of selling whether production unit or retail store or e-commerce or service provider is important. Setting up the platform for sales is the next step. Production units need to sell in bulk to wholesalers, retailers or agencies whereas retail store needs physical store and e-commerce needs website setup.
7. Make a Sample
The sample is a prototype of a product used to analyze its appearance, features, and feasibility of process and usability. Making a sample can help in analyzing the risk and physical outcome of the product. The best example is companies launch demo samples in the market to check target customers’ feedback.
8. Set Price
By theory, everyone is aware that price is nothing but cost + margins. Honestly speaking, pricing is not just adding up all costs and margins but it is a strategic decision to fix it considering the customer’s willingness to pay and the competitor’s price. Right pricing can generate bigger revenue and profit whereas wrong pricing can impact sales and reputation.
9. Plan the Process
From raw material sourcing to operations to inventory to supply chain, everything involves process so that chain of work happens in continuation. The planning process is never an easy task and requires technical knowledge and expertise. In practicality, the process is set well with operating physically. However, planning process flow and SOPs to operate is important for a new business.
10. Plan the Resources
Based on the process plan resource planning is mandatory to execute work. Resource involves raw material or stock, skilled manpower, infrastructure, office setup, required machinery, tools, hardware, software, and so on.
11. Allocate Budget
Once resources are planned budget needs to be allocated to planned resources. Any deviation or add-ups needs to be accounted for so that its pricing is recalculated.
12. Launch with a Demo
Providing demo to buyers or launching demo products at planned platforms is a great way of reaching customers with physical products or services. Your effort to gather information about customers and honest feedback from customers is vital for the actual bulk launch.
13. Make Updation if Needed
Based on feedback from customers product may require minor changes. The honest feedback from customers you would need to make updating in your product or service. You would not like to run a business with a product or service with flaws.
14. Arrange Inventory
Arranging the physical stock of your product is the next step forward in order to bring bulk quantity into the market. Sorting and arranging systems in the warehouse need to be in place so that products for delivery can be picked easily without wasting time.
15. Launch on Social Media
Make a business page and launch your product or service on social media. Promote your business with ad banners, a blog, a product presentation,s or video clips. More and more people getting connected on social media have a better chance for higher sell.
16. Offers to Attract New Customers
Provide limited-time offers, combo offers, membership offer to boost popularity and sell. Once people are satisfied with the features of the product or service they would love to come back.
17. Ensure Delivery
When a customer approaches and makes the decision for purchase then providing delivery to him/her is important to maintain credibility in the market. Suitable mode of deliveries is important to ensure delivery on time and to the right customer.
18. Take Feedback
Getting feedback from customers on regular basis can help to strengthen the business process. There are many issues that may come up without a plan for example delivery-related issues, payment-related issues, or defects or shortcomings of the product or service. Providing solutions to customer’s issues is key to retain existing customers.
19. Analyze Performance and Set New Goals
In business, there could be many unplanned hiccups. Analyzing efficiency, planned vs. actual cost, and planned sales vs. actual sales can provide the right information to gear up for the future plan.
20. Update Features
Technology is updating every day so are customers’ expectations. Moreover, existing competitors or new competitors can take lead if the feature or service level does not get updated with time. For example, retail brands updated their business to e-commerce platforms and now many brands are opting for Omnichannel.
Hopefully, the above idea would be helpful for you to convert your idea into a profitable business. Please do write your feedback and suggestion in the below comment section.