VD12: How To Go From Idea To Business
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Do you remember the rush of adrenaline you felt last night as you told your friends about your latest idea? Your friends applauded you while you patted yourself on the back. You woke feeling invigorated ready to take on the world. So what is next from there?
Materializing your idea into a tangible business requires some planning. In today’s video, I will provide guidance on how you can go from idea to business.
Research, planning, and execution are essential to building a successful business. Here is how you can get started:
1) Write a business plan:
It sounds cliche, but it’s necessary. A business plan will help you clearly identify potential opportunities and think about every angle of your potential business.
Use an app like Liveplan.com to help you write your business plan.
By answering a series of questions, Liveplan will help you draft a comprehensive business plan, while helping you think about every facet of your business.
2) Pick a business model:
Determine, which type of business model fits best with your idea. You will need to monetize your idea otherwise you will not have a business.
There are three types of business models you can pick from:
1) Service – provide a service in exchange for a fee, either through a project fee model or commission based.
2) Membership – ask your audience to pay a fee to access content or a specific feature. Think of it as leasing your services versus asking your clients for a flat fee.
3) Affiliate marketing / Advertising:
With affiliate marketing / advertising business models, you earn money based on your business referrals and overall audience. You earn a commission based on how many leads you generate. If you choose to pick this form of monetization, you should take into consideration that you will need a lot of traffic. You need to ensure you have a substantial audience. You will need to first grow your audience before being able to monetize from this model .
Conclusion: Think about every facet of your potential business. Planning will help with the execution of your idea.
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