Turning the Idea into Action
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Turning the Idea into Action
My idea for a business is to start an academy business as a sole entrepreneur. I have previously come up with the necessary frameworks and the requirements that I need to consider before and during my business operations. These plans include the legal framework, business plan, costs and taxes, and the types of contracts I would want to enter into during my tenure of operation. So far, I am confident that I have the necessary resources to establish the academy business. Having researched the process and technicalities involved in establishing sole entrepreneurship, I am sure I have the skills and knowledge to create the venture successfully. However, my business venture is still an idea that is yet to transform into a business venture fully. As such, this section of the paper describes the steps I intend to take to turn my idea into a business reality.
Steps in Turning the Idea into Action
Step 1: Research of the Market
Sarstedt and Mooi (2019) state that market research is the most crucial step for any person who intends to launch a new product, improve existing products, or take a competitive stride. This step is essential because it provides business people with all the necessary information they need to make informed decisions (Sarstedt & Mooi, 2019). As such, I will personally research within the area that I intend to start my academy business to establish whether there is a steady market for the company. My research will involve getting to understand the needs of potential customers, the market structure, level of competition, and viability of my idea within the region. My research will include person-to-person interviews, leg work of the region, and internet resources to gather the information I need. Since most of my research will be in the area where I want to establish the academy, I do not intend to use a lot of funds. However, I plan to take at least a month to research to gather and analyze all the information.
Step 2: Compiling a Financial Plan
My research of the market will determine if I will move to this step. If my research yields positive results, I will move on to create a financial forecast as this will act as a guide when the business is set up. Cull (2019) states that a financial plan that is thorough and comprehensive has better chances of securing an investment, especially when applying for funds from financial institutions, friends, or family members (Cull, 2019). I will personally compile my financial plan by estimating the cost of the resources that I intend to use. The plan will include realistic estimates of income. Cash flow, overheads, investment stages, and profits or losses projected over three business years. The objective of creating a financial plan is to determine the expenses that I am likely to incur during the process of setting up the business and to estimate the potential returns on my investment. This will serve as a pacesetter for the entire venture.
Step 3: Positioning the Product
Product positioning is a marketing process used to determine how to communicate the attributes of a product best to target customers based on their needs, carefully crafted messages, communication channels, and competitive pressures (Qi et al., 2019). Therefore, after ascertaining that there is a ready market for my academy business idea, and establishing that the financial figures work out, I will prepare my product for the market. My product positioning strategy would be to describe clearly and quickly what I would be selling to my customers. To do this, I will use social media channels, word of mouth, brochures, and person-to-person selling strategies. My main objective for this step is to state the benefits that my business will offer to potential customers and the kind of problems it will solve (Qi et al., 2019). I will also communicate the elements that my business offers that is different from what others in the region offer. This initial process will take about three months, after which, I will conduct a follow up to check the effectiveness of the messages.
Step 4: Building the Brand
Nelli and Mainela (2018) argue that the most successful organizations are recognized using various elements, including their logo, names, colors, symbols, tones, and their strapline. All these elements make up the brand of a company (Nelli & Mainela, 2018). Therefore, in building my brand, I will create an eye-catching logo together with a brand name that will be unique enough to attract the attention of my target customers. I also intend to develop strong values that will reflect what the academy plans to build in students and the community in which it operates. I plan to employ the services of a branding expert to help translate my brand personality into a feel, look, and tone of voice that reflects brand consistency. I will also employ a web-creator who will design a website that will offer in-depth information about the academy’s mission, vision, core values, and objectives. I intend for this process to take at least three weeks maximum
Step 5: Setting up a Legal Company
This will be the final stage of my business creation. This process involves getting informed about all the legal requirements of the business and seeking for ways to adhere to the legal requirements needed to set up my business (Terho et al., 2017). I am not extremely adept to the legal process of starting up a business, so I will seek the services of the company formation specialist to explain the process and propose the best way for me to move forward. I will also need the specialist to help me with the paperwork to ensure that I am legally complaint before setting up the business.
Conclusion
I understand that patience is essential if I want to set up my business successfully. Through research and knowledge from other entrepreneurs, I am confident that following these steps will help me turn my idea into action without many obstacles.
References
Cull, M. (2019). Learning to produce a financial plan: student perceptions of integrating knowledge and skills. Financial Planning Research Journal, 29-54.
Nelli, K., & Mainela, T. (2018). Opportunities for a Start-Up Company to Build an International Company Brand–Case Education. Globalization, 104, 9.
Qi, W., Luo, X., Wang, H., Liu, X., Yu, Y., & Zhang, Z. L. (2019). Robust product positioning considering customer preferences. IEEE Systems Journal, 13(3), 2154-2165.
Sarstedt, M., & Mooi, E. (2019). Introduction to market research. A Concise Guide to Market Research (pp. 1-9). Springer, Berlin, Heidelberg.
Terho, H., Eggert, A., Ulaga, W., Haas, A., & Böhm, E. (2017). Selling Value in business markets: Individual and organizational factors for turning the idea into action. Industrial Marketing Management, 66, 42-55.