Developing an Idea into a Business Plan

 Developing an Idea into a business plan

We all have had an idea which seems to be “the one” but soon crashes to be “another one” in your ideas generating world. 

An idea is just a thought unless you plan to take any action on it. An action can be as simple as taking the first required step, however small it is, doesn’t matter. 

Today in this we will be discussing how to develop an idea into a business plan:

1.Market research: It is one of the most important steps when it comes to checking the credibility of the idea. We don't want our plan to crash after putting in so much effort or money. 

Ensure the idea you are planning to develop does have a demand in the market. 

Even if the current demand is low, check whether it has a better value in the near future or if it is something which is required in the market but is not launched yet.

You can easily check the market demand or if people are searching for it through keyword research. 

For eg. If you are planning to launch an organic tea, you can do your keyword research around organic tea and see how many people are searching for it monthly or annually. 

You will also get an idea of other keywords surrounding organic tea, people are searching for.

2. Ensuring the right platform to start with: The very first step is to determine what type of idea is it? What are the right platforms that you need to leverage to launch it successfully?

For eg. If your idea is to launch a service-based business, then you will need to have a well put website with great optimized content on it. 

You will have to leverage the social media platforms such as Facebook, Instagram, etc to create a buzz around the service-based business by presenting well what are the services you are offering. 

On the other hand, if you are planning to launch an e-com or manufacturing unit then the infrastructure you will require both digitally and physically will be high and intricate.

Therefore, it is very important to have a clear idea of the platforms you will require and how to go about it.

3.An Inside research of the market: I know I am talking about a lot of research but it's best to be a little prepared both mentally and in terms of knowledge. 

When we talk about an idea, we need to ensure that we are well equipped for the consequences or the hard-ships we are gonna be facing through the process of launching it. 

Here, you will need to do good inside market research i.e. research of the companies or people who are already established in the market that you are trying to enter. 

Whatever your idea or product may be, it will fall into some category or subcategory and the main aim is to know it inside out, how it works, what are the steps, etc.

4.Creating a business strategy: This is the most interesting one, in my opinion, as it requires the development and designing stage of the idea.

Take a piece of paper and list down all the steps that you need to take to conceptualize, curate, pre-launch launch, and sustain the idea. 

Set bench-marks to make the journey interesting and to track the growth or development of the idea.

5.Design a brand face: My favorite part! To design your brand and give a personal touch to it. 

This is the step where you will start designing your website, selecting the color theme you want your brand to be associated with, coming up with a logo, etc.

You can leverage platforms like canvas, pixels, etc to design and download high-resolution pictures to design your brand face.

You can get creative here.

These were the main steps to convert a tentative idea into a business plan. You can go further and figure out the investment you will require if there is any investment. You can mold the further process the way you desire or like.