*This article was featured on BlackEnterprise.com
When it comes to turning your business idea into a marketable service or product, many entrepreneurs struggle with where to start. Maybe you’re struggling with how to sell your product or service? Or maybe you’re afraid someone will steal your idea? Wherever your challenge lies, the magic is in the execution. You must be prepared to make an investment of time and money, and factor in some determination, to turn your vision into reality.
When CEO of Superstar Nail Lacquer, Ariana Pierce, was creating her business, she decided to create a list of everything her idea encompassed. “I created a list, then a marketing board of what I wanted for my brand. The board had my company name, logo, price point, lacquer collections and names, and budget,” said Pierce. “It was easy to stay focused when going through the process of creating this product because I had the brand vision in front of me.” Pierce provided these five easy steps to help you achieve the same clarity when you launch your business:
- Analyze and validate your idea. A great product or service solves a problem. What problem can you solve and turn into a money maker?
- Conduct research to see if your idea is unique. If it isn’t totally new, see how you can differentiate yours from the competition.
- Invest in your idea and protect it. If you have a new invention or product innovation, you may need a patent, copyright, or trademark. There are books that can help you determine which one you need. Here are a couple of resources: United States Patent & Trademark Office and To Patent or Not to Patent.
- Get a prototype as close to your product vision as possible. This is the time to correct, add to, or take away from your product idea. Check out 5 Tips for Creating a Prototype.
- Draft a business plan and execute it with a business coach. A business coach will help you avoid many mistakes that come with being a new entrepreneur. They can give you ideas, strategies, and marketing plans that will catapult you to the next level much faster. Go to the Small Business Association and your local Chamber of Commerce for support.