Turning Your Dream Business Into A Reality

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Everyone has their own dreams, whether it’s being the best bartender, the most sought after lawyer, or that entrepreneur who comes up with the next big thing.  Dreams don’t work unless you do. So put your fears behind you and your dreams in front of you.

Steering your life in the right direction can transform you from being ordinary into extraordinary. Especially for entrepreneurs, your dreams and determination combined can produce greatness. This is about having the will and the way. You must be confident enough and possess different ways to bring your future to your present.

Every business starts with a good idea, with perseverance and the help of God, ends up as a successful one. In the book, Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right, Matthew & Adam Toren talk a lot about this. They discuss how having a big vision is so important.

10 Steps on How to Transform Your Dream Business Into a Reality:

  1. Define the difference. Your product needs to stand out from other competitors like the smiley face in a crowd full of sad faces. Suppose your business is a coffee shop that sells mainly coffee and cakes. Are you talking about Starbucks? The Coffee Bean and Tea Leaf? Cafe France? Bo’s Coffee? Your product needs to be unique and creative enough. If your product is not clearly defined, people may have a “been there” view of it.

  2. Look for the problem-need-want your idea solves. Will the product shorten the time it takes to do something? Will it prevent and fight this and that? Can it make something more functional? If the product doesn’t address an identifiable problem, need or want, why would anyone spend money on it?

  3. Use clear, strong words. Find the exact right words and avoid jargon. Focus on a description that can fire the imagination. If you can’t get people excited about your idea, it’s not going to go anywhere beyond your head.

  4. Do your homework. Research online, visit conferences and talk to experts. Know if you are the first with that idea, or will you have competition?

  5. Do your homework again. Analyze your competition. Even if your product is the only one with that idea, someone may have another plan to solve the same issue your product addresses. Look at any businesses that may usurp your potential customers. Think of this to help you: What might people spend their money or time on instead of your product?

  6. Define your customer base. Who are your target customers? Will people buy your product instead, and replace what they are currently using? Or will people decide this is a brand new way to spend time and money with?

  7. Determine your resource requirements. What do you need to get started? Be exact. Can you build the product using ordinary tools and materials? Does everything depends on the distributor alone? Can you handle the soft opening alone or do you need a team? If so, the team consist of whom? How much do you need for the capital?

  8. Build a prototype. In other words, the model of the product to be sold.  The product’s prototype of course should be working and includes a clear understanding of function and reliability of the product. Always remember, don’t compromise on quality. Your product are your reputation.

  9. Do the math. Make sure that the product comes at a cost that allows you to sell and make a profit. No business is complete without a thorough financial analysis which includes the revenue projection, accompanying costs, estimated break-even point and future profits. An inaccurate financial statement can kill even the greatest idea.

  10. Write your plan. Have a copy for yourself the internal plan of the business, so that you know what to do the following day. It will keep changing but always remember, maintain flexibility in the plan.

When working for your dreams, you’ll either bounce, crash or fly. But one thing’s for sure, you’ll never know if you never try. Start with your ambition, which will require determination, persistence and faith to accomplish your dreams. Never give up. You will only fail when you stop trying.

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