Blog

August 20, 2008

Turning an Idea Into Reality

What is the key to a successful business? Many would argue that there is not a definitive answer to this question. They say the answer depends on the circumstances and situations of a given venture. Some businesses come and stay while others come and go. But there is no formula, no unquestionable set of rules that, if followed, will yield a winning enterprise.

So why is it that some businesses succeed while others fail? It would be fair to say that this question does not have multiple answers, but one answer which is made up of multiple components, all of which are vital to the success of any business. Keep in mind, however, that some of these components are more sensitive than others (i.e. there is a big difference between a good business idea and having readily available business capital).

So here it is, a few highlighted components that, when fused, make for a great business foundation:

  • A Good Business Idea – Every business begins with an idea for a product or service. But every good business begins with an idea for a product or service that satisfies a specific need or want for consumers.
  • A Business Plan – Once an idea is recognized, a plan for action is the next step. This plan should include a concise summary of the business, timelines, marketing plans, a general business operations breakdown, and financial information. Use MetroAction’s Business Plan Outline as guide when developing your business plan.
  • A Business Structure – Businesses can take many forms: sole proprietorship, partnerships, corporations, and limited liability companies. It is important to choose the right one for your business.
  • Funding! – All of the previous components are basic preliminary steps for starting a business. But until the necessary funds are obtained the business will remain just an idea.  MetroAction provides up to $50,000 in small business funding to both start-up and existing businesses.

That’s it. Those are the basic components that answer the question “what is the key to a successful business”. Of course, there is more to it than that, but these steps will help build a solid core for a winning business.