September 23, 2018

Four Steps To Turn Your Idea Into A Business

Why start your own business? Starting your own business comes with challenges, but it also brings many benefits and rewards. From giving yourself flexible working hours to setting your own deadlines, becoming your own boss has its advantages. At GSM London many of our students want to become entrepreneurs, if you’re one of those students, take advantage of our guide on turning your idea into a money-making business.

 

Time-Management

Time management is essentially the ability to organise and plan time spent on activities in a day. A good time management plan will allow you to accomplish anything and place you at an advantage for more opportunities. There are many ways to manage your time smartly, especially as a student to find the right balance between your studies and work.

  1. Start by scheduling one hour a day on writing about your business idea. Ask yourself questions- Why? How? What? and When? For example, what is your business? who are your target audiences? … these questions will guide and help you unfold your business ideas.
  2. Set yourself achievable short and long-term goals. For example, a short-term goal could be “to write a mission statement by Thursday”. Your short-term goals are more often your daily task or steps you take towards achieving your long-term goal. Setting your business goals is key to help you stay on track and focus on your business growth.
  3. Plan time to attend business workshops to meet and network with people from your industry. This will help you make the right connections that can guide you through your entrepreneur journey.

 

Find Your Niche

Your niche in a nutshell; 1. is what makes your idea different, and 2. how will it benefit the audience you want to sell your product or services to. Answering these two questions will help you identify and develop your ideas into a unique selling point (USP). Your USP will develop your business idea further to success.

 

Develop Your Idea

At this stage of turning your ideas into a business, you could start by creating mock-up designs of your ideas, this could be your product design or a list of services your business will provide.  Make sure to plan a range of business models that you are able to adapt within your business strategy.

 

Market Research

Your market research is fundamental to the success of your business. Do your market research; including competitive analysis, product/services analysis, identifying and understanding your target audience and your pricing strategy. A complete research on your potential market will give you a good insight and guidance on what your customers need and want, guide you in positioning your business in the market and identify your competitors.

 

Starting a business can lead to endless opportunities, and to get started all you need is an idea, a plan and lots of passion. GSM London Formation Zone is here to help you get your business off the ground, whether it’s just an idea or, an already running business. We offer advice, information and contacts to help students become successful entrepreneurs.

 

 

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