Step 1: Get feedback from friends, family, neighbors, professionals in related field.
To be frank, ask yourself and you will know you might have slight bias towards your own idea and thought it is a great one. But, have you asked honest opinions from the people around you? You will need to get feedback from those around you to know if you idea is realistic, achievable or remarkable. You will also need to seek advise from a group of experts from related field, or having the related knowledge and examine your ideas with critical eyes.
Step 2: Survey/ Market Research
Once you have collected all the honest feedback/ critics, you can start doing survey or market research about your business and products. Do not look down on this step because it helps you give u a big picture of how much profit you could generate with your products or services.
The types of survey/ market research you could use for primary research:
4) Focus groups
After collecting all the data, you can begin to start the secondary research. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group.
What's the way to collect data? There are two- Quantitative and qualitative.
The objective of quantitative research is to help you measure the large amount of numbers you collected through your surveys, and it can help you to explain a particular phenomenon. As for qualitative research, it helps you to fine tune or develop the results from your quantitative research. It helps to define problems and often use interview methods to learn about customers' opinions, values and beliefs. This research method is usually suitable when the sample size is small.
Step 3: Create your own side income
If you are currently having a 9-5 job that helps you pay your bills, you will need to have a side job so that you are still financial stable to support your own business when you quit your full time job. You can work as a freelancer during your non-working-hours. We have previously shared on one article about how economy sharing helps in career transformation here
. You can have a read for reference!
Step 4: Develop a business plan
Planning helps you to see your business in a bigger picture. You will need to have a business plan that includes A to Z. Which involves business overview, product and services, operation plan, financial plan, marketing strategy, customer relationship management, and team/ people that involves. Conclusion
Ensure that your ideas are realistic and can be measured by S.M.A.R.T.. If it is not, it is unlikely to success. So, time to fold your sleeve up and get your hands dirty!
It's already 2018, are you still thinking how to turn your idea/ hobby into business? Are you still thinking how to quit your 9-5 job and become your own boss? Well if you are, you should continue reading!