How to Turn Your Business Idea Into Reality

Chances are you have thought about starting a business of your own. After all, it is an incredibly appealing idea on the surface. Calling your own shots, designing your own products, forming new relationships. It is all very exciting. Maybe it was just a fleeting thought you mentioned to a friend and then never discussed it again. Or, it could be the motivation you rely on to make headway in your professional life. Either way, one thing seems to be true – there is an inherent entrepreneurial spirit thriving within you. But the existence of this does not equate to the formation and success of a business idea.

You likely will not want to hear this - turning your business idea into reality is an uphill battle. The truth behind this statement has been enough to dissuade entire armies of people from fighting for their business ideas. As much as you want the founding of your business to be the glamorous rise to fame you see in the movies, it is more about elbow grease than anything else. Christopher "Biz" Stone, a Twitter co-founder, spoke to this by saying, "Timing, perseverance, and ten years of trying will eventually make you look like an overnight success."

So how exactly do you go about turning your business ideas into reality? The good news for you is that we have a few practical ideas lined up for you to consider. To top this off, there are more than a couple of well-versed people who have offered their thoughts on the matter.

1. Know (or Learn About) What You're Getting Into

o matter what you desire out of starting a business, which industry you eventually reside in, or even what your competition will be, turning your business idea into reality will be one of the more difficult efforts you might ever willingly sign up for. However, the variables just mentioned can be a great starting place. Without an awareness of all that goes into starting a business, the surprises will be more than enough to derail your efforts.

"So many people want to start their own business, but so few people want to do the research necessary," said John Berry. CEO and Managing Partner of Berry Law. "From feasibility to highly specific price points, there's so much to be aware of that you can't skate by at all."

Like it or not, this leaves all the responsibility in your lap. Do you have a solid understanding of the process required to become a legally operational business? If not, it is time to do some reading. Then there is tax season to consider. Oh, and the regulations surrounding employee hiring as well as safety. These are only the tip of the iceberg when it comes to the essentials of what you need to know to successfully launch your business.

"As a hopeful small business owner, applicable knowledge to your specific situation is key," said Harry DiFrancesco, CEO of Carda Health. "You will find it hard to make much noticeable progress in getting the business off the ground without knowing what you need to get started and why."

2. Create and Follow a Well-Documented Plan

In the simplest terms, a business plan is a road map. It shows exactly which routes the company needs to be taking so as to end up at the desired destination - success. But you cannot go out to a local retailer and purchase a one-size-fits-all map that will transform your business plan into reality. In all honesty, any business plan that you follow will be of your own creation, as successful companies are not giving these out willy-nilly. However, this is for the best, as these "maps" really are highly specific.

"An idea is nothing more than some little bubble floating around in your brain," said Cody Candee, Founder and CEO of Bounce Luggage Storage. "It differs greatly from a business that is turning a profit in real-time. You'll never get to the latter if you don't create a plan to get there."

Creating a concrete plan will be an undertaking, to say the least. There is much to consider here, from financial specifics to product rollout and even advertising. But following through on all this is something else entirely. In fact, it can be argued this is where most companies falter and eventually fold. In some ways, following a plan is a bit like a ship on the open sea - without clear documentation of the complete journey, getting swept off course is a likely outcome.

"Your business plan needs to be your own, but you also need to follow it above everything else," said Kyle Clements, CEO of Quipli. "Ideally, it has you covered at every turn, so don't lose sight of it."

3. Don't Forget to Test and Adjust Accordingly

All that being said about planning, there is something worth noting - even the best planners in the world have needed to make adjustments to their plans on the fly. There is no man-made business plan which has the ability to be flawless on every count. If left unchecked, these flaws could spiral into corporate instability. Once again, it is your responsibility to address this. But why let these flaws hurt your company more than necessary?

"When companies rush to launch their first product or whatever it is they're doing, they're exposing themselves to a lot of risks," said Nick Allen, Founder of SportsLingo.com. "Nothing is free from error, so why not test things out before going to a public stage?"

There is more than one way to go about this. But it depends on what you and your company are attempting to pull off. Should it be a new food product, there are more than enough options for food testing groups. If it is an app that you hope to make an impact on, you will have your pick of tech testers. The point is you can easily uncover potential issues the current version of your product may have. But what really matters is your response to this information.

"The companies who fail to listen to the customer or even expert testing responses are the ones who have the shortest lifespan," said Justin Olson, Chief Marketing Officer of Fast Pace Health. "You would be wise to submit your company to this when you arrive at this point."

4. Work on Your Personal and Corporate Relationships

At the end of the day, existing within any field of commerce depends wholly on relationships and their growth of them. Of course, there is the business-to-customer relationship which almost everyone is familiar with. But growing this to a point where the general public starts to take notice of it is easier said than done. Truth be told, it might be the biggest speed bump, which is why many people choose to start small here.

"Supposing your business idea is actually solid, going to friends and family to show it off can be a great move," said Alex Wang, CEO of Ember Fund. "The existing relationship lends itself to trust, and your product should further that. From there, hopefully, your product can do a lot of the work."

However, there are other relationships to account for. Suppliers, contractors, clients, or any number of other outside parties all fall into this category. Without them, your business likely would not exist in the first place, as everything comes from something in the corporate world. Seeing as this is the case, these relationships should be treated with just as much consideration as personal relationships.

"A bad relationship with a party your business depends on will only make a hard process that much more difficult," said Asker A Ahmed, Director of iProcess Global Research. "Do everything in your power to keep communication free flowing and helpful to one another."

5. Enough Waiting Around

At some point, all the planning, pondering, consideration, questions, and more will be nothing more than a distraction from what needs to happen - you starting your business. That is not to say you should dive in head-first without making the proper moves. Everything mentioned above is evidence of the opposite. But waiting around for that "perfect moment" will put you at a disadvantage that will only grow the longer you let it hang around.

"Talking a big game about the great company you're going to run one day is just Friday night bar talk if you ask me," said Karim Hachem, VP of eCommerce at La Blanca. "It takes a really special person to create a profitable company, and those who actually step out and try to stand a much better chance."

This is the big step, but without it, that wonderful business idea you have been sitting on for years now will never, ever become a reality. Assuming you do not want to spend the remainder of your working years receiving a paycheck from someone else, now might be as good a time as any to make it official and begin chasing your dreams.

"If I had a single penny for every great business idea that never even made it outside a person's mind, I would be the richest person alive," said Ian Heyman, Founder of Male Drip Protection. "If you think you have something that will make you money, there is no sense in letting it go to waste without a fair shake."

Hopefully, all this information is the tipping point in convincing you to finally take some practical steps toward turning your business idea into reality. But if you need one last encouragement, Bill Gates, the founder of Microsoft, has you covered: "To win big, you sometimes have to take big risks."