Business, Business Education

How to Turn Your Idea into a Business

It’s easy to turn your skills into a business. That’s one thing. You already have methodologies and experience. But, what if you just have an idea? Something you can’t seem to shake? It’s there day-in and day-out. You simply can’t get it out of your head. But, you’re afraid to tell anyone because you’re not sure it has merit. Or, it’s a take on something else that’s a proven model. Whatever the case, you’re eager to turn your idea into a business.

How to Know when It’s Time to Start a Business

The biggest barrier people have to starting-up a business isn’t money. It’s not a lack of motivation. The largest barriers are self-imposed. It’s over thinking things. In other words, a kind of paralysis by analysis. People come up with all sorts of reasons they can’t start a business. Funds. Time. Competition. Take your pick because there’s no lack of excuses. Which ultimately, that’s what these so-called reasons really are in practice.

Ideas are just ideas. An idea is the seed of a successful product or service. Without proper care and maintenance, it will not bloom. Ideas require solid research of the target market, a good strategy and a sound business plan, without which, ideas cannot go much further. If you want to start a business and make a go of it, you need more than just an idea. —Entrepreneur.com

We’ve all heard the success stories about entrepreneurs who didn’t give up. Take Walt Disney for example. Turned down by lender after lender, he never gave up. So many years later, we all see his crazy idea as a terrific business. Now, those theme parks are the best of the best. But, it all started with an idea — nothing more.

How to Turn Your Idea into a Business

Of course, you might not think your idea is necessarily business worthy. However, you don’t know until you give it a genuine try. Although it’s intimidating, there’s a big reward just waiting if you put in the effort. Here’s a few suggestions for how you can turn your idea into a business:

Ask friends and family for feedback. Don’t let fear stand in your way. Your idea needs feedback. If you speak with a few people about it, you’ll learn something interesting. This is a great way to flesh it out. And, it might even give you more ideas that contribute in a wonderful way.
Try to find working versions of it. If your idea isn’t out there as a reality yet, chances are excellent there’s something like it. Look for similar businesses and see how they operate. Even if it’s a new take on a common business model, you’ll learn through some simple research.
Start by giving it away for free. Next, put it into action. Set aside some time to give it away for nothing (or a very cheap price). When you put it into practice, you’ll see where it naturally takes you. And, you’ll also learn if it can actually be monetized.
Be ready to rework it along the way. Of course, you’ll need to give yourself permission to make mistakes. Use them to your advantage to better the service or product. As you do it over and over again, you’ll refine the process.

What other suggestions do you have to turn an idea into a business? Where did you start your company? How can someone set up for success with just an idea? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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I Want to Create a New Position for My Small Business – So How Do I Go about It?

September 9, 2022 No Comments

Entrepreneurs wear many, many hats. It is not at all unusual for a small business owner to perform several different roles. But, this Jack of all trades, master of none can’t go on in perpetuity. The longer it lasts, the less chance there is that the business can scale up. In order to grow a company, it’s necessary to have help and many business owners reach a point where it is unavoidable. So, they make a few hires but still continue to perform various functions until they realize that a new position will free them up to pursue their main goals. Hiring should Equal Growth It’s very common for small business owners to be nervous about their first hires. However, they eventually get past this and the team settles into a comfortable routine. This can easily result in a false sense of security and it’s not at all unusual for the owner to slip right back into or continue bad habits. If a heavy workload causes your employees to feel overwhelmed and frustrated, it may be time to add new positions to your department. Hiring an additional staff member or two can help you split tasks between employees more equitably and give employees the time they need to devote to their work. —Houston Chronicle Sure, someone has to perform those functions and the owner typically feels it is his or her responsibility. But, there comes a time when it’s clear that handing off at least some of those tasks to someone else would be very beneficial. What generally holds a business owner back is not having a clearly defined position, as they did with previous hires. Fortunately, there are some steps you can take to create a new employee position. How to Create a New Employee Position for a Small Business When it becomes obvious that you’re taking on too much, be it administrative tasks or something else, it’s time to seriously consider hiring someone to do that work for you. Here are some steps you can take in order to create a new employee position: Estimate its ROI. Before you start posting job openings, take some time to work out the most likely return on investment. Ask yourself if one or more of your current employees can assume these responsibilities. If not, then it is more likely you need to create a brand new position. Just work out a realistic scenario on how much this will add to expenses and what size return of investment you’ll get for this potential hire. Determine if it’s part or full time. Next, you’ll need to determine whether this is a part-time or full-time position. Go over your schedule and create a ballpark figure of how much time you spend on these tasks. This will give you a pretty good idea of the number of hours you’ll give over to a new employee. Plus, it will tell you how much time you gain back doing more important things. Compile a list of applicable skills. Now, you’ll need to create a list of applicable skills that a new employee would need to possess. This will also tell you if these responsibilities are truly interrelated or if they are a mixed bag. What’s more, it will point you in a more specific direction and help you to hone in on the right personality. Advertise the new position and interview potential candidates. Last but certainly not least, it’s time to fill the new position you’ve created. Write a job description that defines the role and your company’s expectations, then advertise it in trade publications, and on social media. What other suggestions do you have for an entrepreneur who is considering creating a new team member role? Please share your experiences and thoughts so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

The Landlord is Seriously Raising My Business Space Rent – What are My Options?

July 13, 2022 No Comments

Commercial tenants can expect their rent to go up every year. In fact, it’s a bit unusual for the rate not to increase at the end of a lease. But sometimes, unscrupulous landlords will take advantage of their tenants’ naivete and exercise a somewhat obscure clause that allows them to up the rental rate substantially. So much, that it can increase by a relatively high percentage, thus making it virtually unaffordable. Fortunately, there are some options commercial tenants have in these situations. Business Owners, Know Your Lease Although it may seem completely obvious or self-evident, don’t just skim over any commercial lease. If necessary, pay an attorney to look it over and explain it to you on a very elementary basis. Or, go over it carefully yourself and if you don’t understand something, be sure to research it on your own – do not just take the landlord’s word for what it truly means. There’s no standard agreement for commercial leases. In fact, negotiating the terms of commercial leases is usually expected. Depending on the state of the commercial real estate market, a business may be able to obtain significant concessions from a landlord. A property owner with a largely vacant business park, for example, will most likely make allowances. On the other hand, the business renting the space will have less control over the terms of a lease in a hot rental market or when renting a premium space. —FindLaw Small Business We’re not going to get into commercial lease types, because there are many kinds. But, it is quite common for leases to contain various expenses besides just renting pure square feet, including common area maintenance and repairs, and other expenses. However, it certainly isn’t unheard of that tenants get stuck with even more expenses related to their business rentals. So, again, be sure to understand the lease before you sign on the dotted line in order to avoid any confusion or surprises in the future. What To Do When Your Business Rent goes Up Unexpectedly If the commercial space you’re leasing for your business goes up dramatically, you do have some options available, though they may not always be the best. Here are a few things you can do if the landlord raises the rental rate on your commercial space: Do your research first. Start by getting a firm grasp on your state’s commercial rental laws. This won’t necessarily be a fun task, but a very necessary one. If you understand how these laws work, you may find something in your favor. At the very least, you’ll have more knowledge about how the landlord-tenant laws work in your state and will be wiser to make better decisions in the future. Survey the local market. The next thing you should do is to start looking at other commercial spaces immediately. You just may find some deals out there that would allow you to either lower your current rental rate or be competitive. Because of the pandemic disruption, many commercial landlords are desperate for tenants, since so many businesses have adopted work-from-home and hybrid models. Try to renegotiate your current lease. Another option is to try to renegotiate the lease on the property you are currently occupying. You can use your newfound knowledge of the law and of the local market opportunities to your advantage. This is especially helpful if you really want to avoid the hassles of moving your operation elsewhere, and the landlord is willing to be reasonable. How else would you deal with a sudden commercial rent increase? Please take a few moments to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Help! My Dad Retired from the Family Business Years Ago but Still Tries to Run It and It’s Causing a Lot of Problems

March 31, 2022 No Comments

It can be difficult when a parent retires from their job within the family business but continues to act as if they are still in charge. They may make unnecessary demands or try to micro-manage things that are no longer their responsibility. This can cause tension and conflict among other family members who are trying to run the business smoothly. If you find yourself in this situation, it is important to set boundaries and communicate effectively with your parent. So, let’s discuss some tips for how to do that. The “Unable to Let Go” Syndrome Some people, be it a father, mother, or even another family member, who’s worked for long periods of time in a family business regard the company as part of their identity. It’s simply part of who they are and therefore, it’s not easy to walk away. It becomes even more difficult when handing the operation over to children, who don’t have all their years of experience. One of the most agonizing experiences that any business faces is moving from one generation of top management to the next. The problem is often most acute in family businesses, where the original entrepreneur hangs on as he watches others try to help manage or take over his business, while at the same time, his heirs feel overshadowed and frustrated. Paralleling the stages of family power are stages of company growth or of stagnation, and the smoothness with which one kind of transition is made often has a direct effect on the success of the other. —Harvard Business Review Unsurprisingly, this can easily lead to a father, mother, aunt, uncle, or even a cousin to hang around. Perhaps to the extent that he or she still continues to “run” the business, without the permission of their successors. He or she may make promises, enter into deals, or offer discounts that undermine the new authority of their successive family member(s). Of course, this can cause resentment, anger, frustration, and might also be the cause of unnecessary fighting and/or financial trouble. How to Deal with a Parent Who Keeps Interloping in a Family Business After Retiring Fortunately, if you’re in a situation where one or more of your family members has retired but still continues to interlope in the family business, there are steps you can take. First, you need to have a discussion with your parent about their role in the business now that they are retired. It is important to be respectful yet firm in this conversation. Explain to them that while you value their opinion, they need to respect the fact that you are now running the business. This means that they should not try to make decisions or give orders without consulting with you first. You may also want to set some ground rules about how often they can come into the office or participate in business meetings. It is also important to stay calm and avoid getting into arguments with your parent. If they continue to try and take control, it will only escalate the situation and make it more difficult to resolve. Instead, try to have a rational and calm discussion about the situation. If necessary, you may need to involve other family members or even a mediator to help resolve the situation. Additionally, it may be necessary to speak privately with any customers who aren’t completely clear about who is actually running the company and who makes the decisions. This could help in the future with communication and in other important areas. If you find yourself in this situation, it is important to set boundaries and communicate effectively with your parent. By doing so, you can hopefully avoid conflict and maintain a healthy relationship with your parent. Have you ever dealt with this type of situation? What would you do to resolve it? Please take a moment to share your experiences and thoughts so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Turn Your Idea into a Business

How to Know when It’s Time to Start a Business

How to Turn Your Idea into a Business

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Related Posts

I Want to Create a New Position for My Small Business – So How Do I Go about It?

The Landlord is Seriously Raising My Business Space Rent – What are My Options?

Help! My Dad Retired from the Family Business Years Ago but Still Tries to Run It and It’s Causing a Lot of Problems

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