D.N. – Business Owner
Are you are an entrepreneur with a small scale business idea?
If so, you shouldn’t stop there!
With the right mindset and dedication, you can help turn your small scale business ideas into a reality.
As of September 2015, there were 27 million working-age Americans who started or were running a new business.
That makes up nearly 14% of all working-age Americans!
Part of being a successful entrepreneur is creating a good idea and having the passion, intelligence and work ethic to develop.
Read on to learn how to turn your small scale business ideas to reality.
Identify Your Goals
To bring your small scale business ideas to life, you need to have clearly identified goals.
What product or service are you offering your customers that they cannot get anywhere else?
If your product or service is not the first of its kind, how are you doing this better than the competition?
Once you answer questions like this, you should identify how your product or service will help to solve a problem your customers are facing.
Your goals should be narrowly tailored so that you can measure your progress towards each of them. You should also be careful to ensure that you are setting both short-term and long-term goals.
By doing this, you have a measuring stick for your small business as your idea becomes a reality.
Understand Your Market
Even the best idea can fall flat if you don’t understand your target market.
What are the demographics of the market you are targeting with your product or service?
By identifying this market, you can determine the ways that you can connect with them the best.
This might be through presentations, emails, your website or a combination of different ways.
Understanding your market will also help you to competitively price your product or service. If you are too high or too low, you risk missing out on valuable business opportunities.
You should also be prepared for where to find funding for your small scale business ideas.
Depending on your idea, you may able to fund the initial start-up costs yourself.
But if your small scale idea is bigger or more costly than you think, you may need to seek funding from a bank or investors who may want a stake of ownership in your business.
Make Small Scale Business Ideas a Reality
Bringing your ideas to life in the form of a business can be challenging but rewarding.
You need to ensure you spend time brainstorming your idea and how it fits into the current and future of your industry. But making your idea a reality also requires understanding your target market and identifying your goals.
If you need more funding than what you have on your own, you will need to find it from other sources, which will require you selling someone else on the idea of your product or service.
Rafferty Pendery is an entrepreneur and a venture capitalist who is here to help others who share a passion for business.
Contact him today to learn more about how he can make your business dreams become a reality!
G.M. – Business Owner
D.L. – Business Owner