January 7, 2019 | last updated January 8, 2019 4:20 pm
10 Things

10 Things I Know About ... Turning your idea into a business

Derek Canton

10) Pick the right idea. Picking an idea that is the right fit for you is important. A great indicator of this is finding the perfect intersection between your skills, knowledge, passion and market opportunity.

9) Validate your idea. You have more to gain than lose when it comes to sharing your idea. Determine if your idea solves a big enough problem and if people would pay for your solution. Between Google search and talking to potential customers in your market, understanding the market opportunity is important.

8) Secret sauce. Determine what is your secret sauce or unfair advantage in the marketplace. This is what will set you apart from the competition and keep your customers coming back.

7) Plan of attack. Making a business plan will help you organize your thoughts around your idea. It will make you think through things like the business model, team and financial projections.

6) Execute. Now that you have a plan of attack, it is time to attack! Complete at least three meaningful tasks every day to advance your idea into a business. The reality is your plan will change as you begin making advancements with your business. However, you will be prepared to navigate these changes.

5) Form a legal entity. Researching and determining the best type of legal entity for your business is important. Legalzoom is a simple way to form a legal entity. This is the right time to explore trademarks and intellectual property.

4) Identify your first customers. Your first customers will help you shape your solution. If done well, these customers will become ambassadors of your business in the future.

3) Create your product/service. With a demand for your solution, you will know exactly what to build for your market. If your solution requires initial capital to make, you might be able to get your customers to pay for your solution before you create it.

2) Marketing. With a few customers using your solution, you need to be ready to scale. Having a strong brand and web presence are the first stepping stones to promoting your solution. Creating a website, social accounts and business cards are a great place to start. On these platforms, you get to tell everyone about your secret sauce.

1) Sell, sell, sell. Now, it is time to leverage your network and marketing channels to promote your business and drive sales!

Canton is founder and CEO of Worcester tech startup paerpay. Reach him at derek1c@me.com


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