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10 Tips For Turning Your Idea Into a Business

Ideas are a dime a dozen. Making a dime on that idea can be quite a challenge, though. Turning a thought into a business can be arduous and overwhelming for some. Thankfully.
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Ideas are a dime a dozen. Making a dime on that idea can be quite a challenge, though. Turning a thought into a business can be arduous and overwhelming for some. Thankfully, someone is here to help. We sat down with David Spiro, the founder of Elevatr, a recently launched iOS app that helps people manage and amplify their ideas into business plans worth executing. David shared his top 10 tips for turning your inclinations into realities.

1. "Pursue your idea, or you could rupture your spleen."

Every great business begins as a simple idea. Don't take your idea for granted, pursue it. Break it down; visualize your road to success, and act on it. You could easily regret not doing so in the future. It might even cause you to rupture your spleen, says Spiro, speaking from experience.

2. "Solve a problem for yourself."

Take the time to explore each idea in its entirety and build concise plans for every problem you find worth solving. But before choosing one idea over another, take a step back and ask yourself: Am I a member of the market that is having this problem? Execution becomes more manageable when you identify a problem that affects you. You'll craft a more logical solution and be passionate when showcasing it.

3. "Keep your pitch short."

Your pitch is your identity. Keeping it short and concise will allow others to digest it easier. Allow others to absorb the information and ask questions. Pitch the rest of your idea through your answers.

4. "Get to know your target market."

You need to ensure your target market actually has a need that requires a solution. You're already taking a leap of faith to pursue your idea, engaging with potential consumers is a way of lessening some of the risk. Get out of your own head and get out of your comfort zone. You will learn so much more from speaking with consumers, advisors and experts in the field than you will from having a never-ending internal monologue.

5. "Be compartmentalized with everything you do."

Your idea is a vision for how your business can change the future. If you want the business to become a reality, you must properly execute the little things. For product development, establish the core aspects first and then expand as needed. For distribution, start with a familiar area that has a large collection of your target market, and then expand. For fundraising, get what you need in order to start, and then go bigger. Break everything down into manageable steps.

6. "Build a great product; don't forget the brand's voice."

Creating a great product is one thing. It'll be functional, serve its purpose, and have some users. But what will make it stand out? Your brand. The voice of your brand can make or break your product. Build a voice that resonates with customers and it will create an unforgettable user experience. Bonobos has done this by opening stores that do not have clothing, but rather guide customers through the process of creating a custom ensemble and then ordering via its website. Red Bull has broken from the energy drink niche to be viewed an innovator that pushes the limits of human capabilities.

7. "Monetization."

Let's be honest. The purpose of a business is to make money. There's nothing wrong with that. Be sure to have a strategy and understand how your product can make money. Examples include monetizing through advertisements, freemium models and directly charging consumers. There are many different options; know what fits your product.

8. "You can't knock the hustle."

You may have the world's best idea, but it won't become a successful business by itself. If you are unwilling to do the legwork, endure the hardships, and make sacrifices, it may never get off the ground. Hustle, hard work, grit, determination and perseverance are all characteristics of a great entrepreneur.

9. "Hire slow and fire fast."

Your idea thrives off of employee energy. Surrounding yourself with the right people can help take the idea to a new level, while those who don't share the passion can quickly derail your vision. Take the time to find the right people and don't be afraid to let the wrong people go.

10. "Make 11, 30, and 60 day goals."

Time management is essential for proper execution. Setting goals is a great way to stay focused and keep the course. Get in the habit by setting one to achieve in a little over a week. Then set ones for one and two months down the road. Benchmark the goals against your vision and start planning for the short, moderate and long-term. Each time a goal is achieved, you are one step closer to seeing your idea become a business.

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