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by Sydney
Political Cartoonist and Commentator


Sydney

Dec 05, 2020

How to  turn a brilliant Business Idea into an Empire


The Kenyanpost news

Having a business idea has become normal, so how do you the idea into life and actualize it to flourish into an income generating business empire without it crumbling down.


Here are quick concrete steps to take to turn your idea into a business empire;

1. Build up your idea

As an aspiring entrepreneur, avoid half-baked ideas. Always research around your idea to build it up ready for implementation.

Put your idea down on paper. This will act as a reminder of the bold steps that you are willing to undertake thus making your idea more lively.

'Are you an expertise in the area you are willing to pursue, do you have the required knowledge, passion and connections for the idea.' Take the questions into consideration.

2. Concentrate on research

Thorough market research should be your second step. A billion dollar research will turn your golden idea into a workable business model.

Doing your research will help you pen down your business plan thus you will be aware of how practical or feasible your business plan is.

Are you aware of you target market' Can you define their preferences, age and their target location.

3.  Create your business plan

Most entrepreneurs always find it difficult to draw a competitive business plan. For this sake, you can use relevant apps to help you come up with one. 

 Instead of bringing out sales and financial projections, your business plan should connect withpotential  investors and your personality.

Just like your goals, your business plan should be Simple, Measurable, Achievable, Realistic and Timely.

4.  Location

The world is going digital and nowadays you can run your business online and never worry about rent and utilities.

However, you need to have a platform where your target market goes, be it on instagram, twitter, facebook or any other social page.

5. Secure funding

The folllowing are the sources you can approach for funding:

  • Family - Do you have trusted family member who can stand with you'
  • Friends - Who are you friends when it comes to supporting you'
  • Investors - You can attract them through your million dollar business plan.
  • Angel funding- How lucky are you to acquire angel investors. Your efforts will tell.

N/B: Crowd funding and grants are also plan B sources.


Once you secure funding for your business you can now select a legal structure, choose a name for your business, get online presence and register with the government and you will be set to go.

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