Moving from Dream to a Concrete Business Idea

Whether you are starting a small business or reviewing business strategies to increase success and profit, taking the time to develop a concrete business idea is an essential part of the process. Developing that concrete business plan requires a careful review of your skills and interests, industry surveys and a detailed audit of your target audience. The data from those three core metrics combine to give you the information you need to move your business dream to a successful business reality.

Learn how to develop your business idea into a solid business concept. 

 

Performing an Audit of Your Current Skills and Interests

An excellent first step to making your business idea more concrete is a detailed audit of your skills and interests. This audit will help focus your business idea and determine the types of businesses that you are most likely to be happy with and successful in. Starting a business requires a significant financial investment. You want that to be a lucrative investment with long term viability and market sustainability. A final audit of your skills and interests allows you to examine your motivators and essential areas for professional development as you enter the business world.

Surveying Your Industry for Content Development

Including regular updates on industry news and events in your content development plan is an effective way to engage your audience and promote sales. The return on investment (ROI) is worth the effort to keep current and ongoing updates available for your staff and customers.

Content development helps to both define and refine branding development strategies. Surveying your industry means many things: noting industry growth trends and profitability features, noting upgrades and changes to industry regulations and procedures, keeping current with press releases and industry news. Regular industry surveys also allow you to adjust your plans to meet evolving consumer needs. Industry survey information is a vital part of effective content development.

Identifying Your Target Audience for Branding Development

Your concrete business idea must include an accurate view of who your customers and your content viewers are:

• How old are they?
• What is their average income?
• What other interests and hobbies do they have?
• Where do they live?
• What is their level of education?
• What are their goals?

You need as much information about your target audience as possible. That data inform your marketing strategies, your content development, your branding development and your overall business idea.

Moving from the dream of business success to real measurable success requires planning. Click To Tweet Measurable success requires effective audits and surveys of critical business data to inform plans and create accurate pictures of where your business is, and where you’re headed. The data analysis component of your concrete business idea puts your dreams into actionable steps that ultimately lead to success.

Learn how to get started!

Jennifer Frye, Founder & Principal Consultant, Clever Me

Get started with developing your business concept by downloading the Clever Idea Training Video and Worksheet to see how well your skills and experience support your idea.