{"id":898,"date":"2019-08-28T08:37:05","date_gmt":"2019-08-28T08:37:05","guid":{"rendered":"http:\/\/emiratesbd.ae\/blog\/?p=898"},"modified":"2019-08-28T08:37:05","modified_gmt":"2019-08-28T08:37:05","slug":"5-steps-to-turn-your-dream-business-idea-into-reality","status":"publish","type":"post","link":"https:\/\/emiratesbd.ae\/blog\/5-steps-to-turn-your-dream-business-idea-into-reality\/","title":{"rendered":"5 STEPS TO TURN YOUR DREAM BUSINESS IDEA INTO REALITY"},"content":{"rendered":"\n\t\t\t\t\n<p><strong>5 STEPS TO TURN YOUR DREAM BUSINESS IDEA INTO REALITY<\/strong><\/p>\n\n\n\n<p>When\nyou have a great idea for a business, the thrill can drive you headlong into an\nenergetic launch. But wait. Statistics show that over 50% of businesses fail in\ntheir first five years \u2013 with 30% failing in the first year alone.<\/p>\n\n\n\n<p>There\nare several reasons why businesses go down but this early failure rate is\nusually the result of poor planning. For a business idea to succeed, you need\nto follow methodical procedures to ensure you launch from a firm base.<\/p>\n\n\n\n<p>And the\nfirst question to ask is whether your idea is as smart and original as you\nthink.<\/p>\n\n\n\n<p><strong>1. Research The Market<\/strong><\/p>\n\n\n\n<p>You may\nthink you\u2019ve come up with a fool-proof idea but is there a market for it? Many\nbusinesses launch, only to find someone else has already had the same idea and\nhas got into the market first. Or the potential market is so small that you\u2019re\nnever going to be able to make a sustainable income from it.<\/p>\n\n\n\n<p>You\nneed to carry out a full market analysis of your idea and the target audience\nto ensure your idea is really going to fulfil a need.<\/p>\n\n\n\n<p><strong><em>Answer The Key Questions<\/em><\/strong><\/p>\n\n\n\n<p>Start\nby doing a SWOT analysis on your proposal, defining all the strengths,\nweaknesses, opportunities and threats associated with it. Involve all your\nbusiness associates, or friends and family members if you\u2019re working alone.<\/p>\n\n\n\n<p>Start\nby doing a SWOT analysis on your proposal.<\/p>\n\n\n\n<p>Going\nthrough the process will help you to evaluate and refine the concept at a high\nlevel.<\/p>\n\n\n\n<ul><li>What demand is there for\nyour idea?<\/li><li>If it is a product, who\nwill buy it?<\/li><li>If it is a service, who\nwill use it?<\/li><li>Who else in the UAE does\nthis already?<\/li><li>Are they successful and,\nif so, why?<\/li><li>What price can you put on\nyour product or service?<\/li><\/ul>\n\n\n\n<p>As you\nbuild up answers to these questions you will form a clearer picture of whether\nor not your idea is sound. If it\u2019s not, let it go.<\/p>\n\n\n\n<p><strong>2. Compile A Financial Plan<\/strong><\/p>\n\n\n\n<p>If your\nmarket research is positive and you decide to proceed, the next step is to put\ntogether a financial forecast. This will become a valuable guide when you\u2019re up\nand running and is essential if you\u2019re applying for funding.<\/p>\n\n\n\n<p>The\nmore thorough your market research and your financial plan, the better chance\nyou stand of securing investment. This also applies if you\u2019re relying on\nfriends and family for launch capital \u2013 often the preferable option because the\nterms are more favourable.<\/p>\n\n\n\n<p>But\ntake a professional approach and make sure you have an agreement in writing.\nThere\u2019s nothing like unpaid debts to turn a relationship sour.<\/p>\n\n\n\n<p><strong><em>Make The Figures Work<\/em><\/strong><\/p>\n\n\n\n<p>Your\nfinancial plan is a key part of your overall business plan, forecasting how the\nfigures will add up. It needs to include sound estimates of overheads, cash\nflow, income, profit\/loss and investment stages, usually projected over three\nto five years.<\/p>\n\n\n\n<p>Your\nfinancial plan is a key part of your overall business plan, forecasting how the\nfigures will add up.<\/p>\n\n\n\n<p>Of\ncourse, these figures will be largely theoretical but they need to be based on\nreality, so do your research. An accountant or business startup consultant will\nbe able to help you.<\/p>\n\n\n\n<p><strong>3. Position Your Product Or Service<\/strong><\/p>\n\n\n\n<p>So you\u2019ve ascertained that there is a market for your idea and\nthat the figures work out.&nbsp;<em>Now&nbsp;<\/em>it\u2019s time to prepare your idea\nfor market.<\/p>\n\n\n\n<p>You\nneed to be able to describe quickly and clearly what it is you\u2019re selling.\nPotential customers have a very short attention span, so you need to grab them\nin a matter of seconds.<\/p>\n\n\n\n<p><strong><em>Master The Messaging<\/em><\/strong><\/p>\n\n\n\n<p>Start\nwith the benefits. What will your product or service do for its customers? What\nneed or problem will it satisfy? Explain it in language that your target\ncustomers will understand in under 30 seconds.<\/p>\n\n\n\n<p>When\nSteve Jobs of Apple launched the iPod in 2001, he didn\u2019t describe the new\ndevice as an MP3 player with a 5GB hard drive. He introduced it as \u2018a thousand\nsongs in your pocket\u2019. The audience understood the proposition immediately.<\/p>\n\n\n\n<p>When you\u2019re\nhappy with your messaging, test it on friends and family or your startup\nconsultant.<\/p>\n\n\n\n<p><strong>4.&nbsp;Build Your Brand<\/strong><\/p>\n\n\n\n<p>The\nmost successful businesses are instantly recognisable in many ways: their name\nand logo, their strapline, their colours, their use of imagery, their tone of\nvoice. All these factors make up their brand.<\/p>\n\n\n\n<p>You\ndon\u2019t have to be a large, established company to have a strong brand. By paying\nattention to all these aspects, you can build a new brand that quickly catches\non and gains recognition.<\/p>\n\n\n\n<p><strong><em>Knowing Who You Are<\/em><\/strong><\/p>\n\n\n\n<p>Consistency\nis key. Your brand needs to be an unwavering reflection of your values but it\nalso needs to reflect the values of your target customers. You can develop your\nbrand personality by thinking of your product or service as a person or an\nanimal, for example.<\/p>\n\n\n\n<p>With\nthe help of a branding expert, you can translate your brand personality into a\nlook and feel and tone of voice, with brand guidelines to follow for\nconsistency. It\u2019s the consistent application of these guidelines across all\nyour marketing that gives your idea life as a brand.<\/p>\n\n\n\n<p><strong>5. Set up a legal company<\/strong><\/p>\n\n\n\n<p>With\nyour big idea developed and tested, you\u2019re now at the stage to formally set up\nyour business. There are various ways you can do this in the UAE. Cutting\ncorners, though, could jeopardise your company before it even starts.<\/p>\n\n\n\n<p>With\nyour big idea developed and tested, you\u2019re now at the stage to formally set up\nyour business.<\/p>\n\n\n\n<p><strong><em>How To Launch Your Business In The UAE<\/em><\/strong><\/p>\n\n\n\n<p>The\nbest approach to setting up a legal company is to use a reputable company\nformation specialist. They will listen to your needs, explain the options and\npropose the best way forward.<\/p>\n\n\n\n<p>They\ncan also complete all the paperwork, set up a corporate bank account and make\nsure you stay legally compliant.<\/p>\n\n\n\n<p><strong>Ready For Action<\/strong><\/p>\n\n\n\n<p>Patience\nis the key when turning a business idea into reality.<\/p>\n\n\n\n<p>Applying\nthe above steps in order should help avoid the pitfalls of building your house\non flimsy foundations. Most importantly, share the process. Listen to\nconstructive criticism and take professional advice. After all, this could be a\nlife-defining venture.<\/p>\n\t\t","protected":false},"excerpt":{"rendered":"<p>5 STEPS TO TURN YOUR DREAM BUSINESS IDEA INTO REALITY When you have a great idea for a business, the thrill can drive you headlong into an energetic launch. But wait. Statistics show that over 50% of businesses fail in their first five years \u2013 with 30% failing in the first year alone. There are several reasons why businesses go down but this early failure rate is usually the result of poor planning. For a business idea to succeed, you need to follow methodical procedures to ensure you launch from a firm base. And the first question to ask is [&hellip;]<\/p>\n<div class='heateorSssClear'><\/div><div style=\"float:right\" class='heateor_sss_sharing_container heateor_sss_horizontal_sharing' data-heateor-sss-href='https:\/\/emiratesbd.ae\/blog\/5-steps-to-turn-your-dream-business-idea-into-reality\/'><div class='heateor_sss_sharing_title' style=\"font-weight:bold\" >SHARE THIS POST<\/div><div class=\"heateor_sss_sharing_ul\"><a aria-label=\"Facebook\" class=\"heateor_sss_facebook\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Femiratesbd.ae%2Fblog%2F5-steps-to-turn-your-dream-business-idea-into-reality%2F\" title=\"Facebook\" rel=\"nofollow noopener\" target=\"_blank\" style=\"font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle\"><span class=\"heateor_sss_svg\" 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But wait. Statistics show that over 50% of businesses fail in their first five years \u2013 with 30% failing in the first year alone. There are several reasons why businesses go down but this early failure rate is usually the result of poor planning. For a business idea to succeed, you need to follow methodical procedures to ensure you launch from a firm base. 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