How to turn an idea into a business… WITHOUT wasting time and money.

As entrepreneurs, we tend to have overactive brains… I sure do.

We are always coming up with new ideas.

I can humbly/humorously tell you that I own over 100 domain names. I waste over $1000/year on these ideas that I get every week. I’ve started letting them go now. LOL.

Anyway, the point is that… having an idea and turning it into a business are two different things.

MOST ideas never make it past an idea.

Some make it to the point of setting up an LLC.

Even fewer actually take their awesome idea to market.

And, from there only about 25% make it past 5 years in business.

There is a difference between having a good idea and turning it into a profitable business.

So that is why we see very very few new businesses succeed.

The reason is that there is a difference between doing your craft, hobby, or idea you have… and running a business.

Those are TWO different things.

I know some brilliant lawyers who started law firms that failed because there is a difference between being a lawyer and running a business.

I know some amazing doctors who started medical practices that failed because there is a difference between being a doctor and running a business.

I know some of the best life coaches in the world who couldn’t run a business and ended up in bankruptcy.

The truth is that when we start a business doing our craft, we only really do that craft about 30% of the time.

The rest of the time, we are trying to do marketing, generate sales, accounting, hiring/firing, putting out fires, social media engagement, etc.

The BEST way to manage this is to hire a professional business strategist so we don’t waste anymore time and valuable resources.

But, for those courageous enough to try it on your own, here are some best practices for bringing your idea to market.

Photo Credit: Faster Capital

These principles apply to both products AND services.

Begin by clearly defining your concept.

What problem does it solve? Who is the target audience?

Validate your concept by conducting market research.

Gather feedback from potential customers, analyze market trends, and assess the competition.

Create a Business Plan:

Develop a comprehensive business plan that outlines your concept, target market, revenue model, and financial projections.

If you don’t know how to write one, start here: https://dennisberry.com/how-to-write-a-solid-business-plan/

Prototype or Minimum Viable Product (MVP):

ALL successful companies do this… We don’t want to waste thousands of dollars on a product that there is no need for.

Build a prototype or MVP to demonstrate the core features and functionality of your concept.

Use this prototype to showcase your idea to potential investors, partners, or customers.

Product Development:

Once you have a validated concept and necessary funding, proceed with product development.

Testing and Refinement:

Continuously test and refine your product based on user feedback and performance data.

Marketing Strategy:

Develop a comprehensive marketing strategy that includes branding, messaging, and target audience segmentation.

Launch Campaign:

Plan a well-executed product launch campaign to create excitement and anticipation.

Distribution and Sales:

Establish distribution channels and sales strategies to make your product accessible to customers.

Scale and Growth:

As your product gains traction, focus on scaling operations and expanding your market reach.

Monitor and Analyze Performance:

Continuously monitor key performance metrics and gather user data to make data-driven decisions.

Sustain and Innovate:

To stay competitive, continue to innovate and evolve your product based on market trends and changing customer needs.

It is never easy making it happen, but with the right tools and support ANYTHING is possible.

If you’re stuck and struggling to get your idea to work, there are a few ways I can help:

1. Heart of Wealth Mastermind Group (HERE)

2. Life Mastery School by Dennis Berry (HERE)

3. HOW Newsletter with 35,000+ subscribers  (HERE)

4. Solopreneur Operating System Digital Course (HERE)

5. Work with me one on one to build/scale your business (HERE)

Building and scaling a business is never easy… I’m here to help.