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Steps To Turn Your Business Ideas Into Reality

 

Everyone has ideas. I get ideas by the dozen. When I’m showering, when I’m stuck in traffic, when I’m checking out Instagram stories and much more. But that does not mean that all can be converted into million-dollar businesses. Note that these cannot be converted into million-dollar businesses, but I may simply not be driven enough to see those particular ideas through to that milestone. When you have a great idea for a business, the thrill can drive you headlong into an energetic launch. But wait. Statistics show that over 50% of businesses fail in their first five years.

One of the biggest challenges for aspiring entrepreneurs seems to be getting off the starting line. I have many friends with big ideas and big dreams, who are constantly seeking affirmation and advice but never get around to making that first step of building a product or incorporating a business. Despite these challenges inherent in turning a business idea into reality, however, a well thought out business idea can become a full-time career. There are a lot of success stories, in fact, of very young entrepreneurs making millions of dollars on business ideas conceptualized in their parents’ basements. There are several reasons why businesses go down but this early failure rate is usually the result of poor planning. For a business idea to succeed, you need to follow methodical procedures to ensure you launch from a firm base. I would like to discuss a few steps that can lead your ideas to a successful business.

The first step you have to follow is the Research the market. Maybe your idea is wonderful but are you sure your business has a market or what. Many businesses launch, only to find someone else has already had the same idea and has got into the market first. Or the potential market is so small that you’re never going to be able to make a sustainable income from it. The next step is to validate your idea. Get the idea out of your head and onto paper. Even if it’s only a few PowerPoint slides or typed paragraphs, writing something down is the step toward making it real. Share this with your network and see the response. Are people excited to use it? Do they feel their needs or problems are resolved by using your product? Is it easy to use?

The next step you have to follow is to consider your finance. While having your office in a guest bedroom in your house or in your basement may be a bit inconvenient, it may be a better alternative early on, as you save a lot on maintenance expenses that you can pour into your business instead. Of course, you can always get a loan from the bank, but in times of economic downturn, their interest rates may not be very friendly to upcoming small businesses. You can also get funded by individual investors, but make sure that theirs and your visions align.

An idea that cannot be patented or protected is very likely to be replicated by established competitors who have more money and resources than you can dream. So, the next step must be Register the intellectual property to protect your idea. In many countries, registering your business is easy and doesn’t cost a lot of money, so you should do that as soon as possible. This will give you the freedom to start selling without having to worry about the technical aspects of it, like getting the bank to approve your business bank account. The same goes for domain names; once you have a good business idea, register the domain name immediately as the cost is almost negligible but not having it will have a major impact on your marketing later on.

The last but not the last step is to Set up a legal company. With your big idea developed and tested, you’re now at the stage to formally set up your business. There are various ways you can do this in the UAE. Cutting corners, though, could jeopardize your company before it even starts. The best approach to setting up a legal company is to use a reputable company formation specialist. They will listen to your needs, explain the options and propose the best way forward. They can also complete all the paperwork, set up a corporate bank account and make sure you stay legally compliant.

Patience is the key when turning a business idea into reality. Follow these steps, filter your ideas and turn your business dreams to reality.

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