Going From Ideation to Action

As two ambitious entrepreneurs, my husband and I have always been full of good ideas. We frequently find ourselves trying new restaurants throughout LA, discussing our next best business venture and ideas that could disrupt entire industries. Not all ideas make it into full-fledged plans or funding rounds, though. After several successful ventures, and starting a restaurant during a global pandemic, we know what it takes to give our best ideas a shot at success, and how to prepare for potential pitfalls. 

Like I once was, many go-getters are brimming with ideas, but unsure how to translate daydreaming into doing. Starting a business can be exciting, overwhelming, and full of twists. It requires planning and hard work, and even with careful preparation, there will always be unexpected challenges that arise. However, with the right mindset and approach (and a good mentor), you can navigate these challenges and set yourself up for success.

Let’s review my step-by-step tips for going from ideating to acting, and starting your first (or next!) great venture. 

Develop a clear framework for what you want to create.

Before you start your business, you should have a journal full of plans, goals, and research. First, determine your market niche. Where do you fit in? Are you filling a need, or are you creating something entirely new? 

One tip I love for creating business pitches is to put your idea into terms people understand, creating something memorable, digestible, and to-the-point. For example: “When you think of us, imagine Uber meets IHOP, with a sprinkle of HelloFresh.” These types of quick statements can help demonstrate a use-case for what you’re selling.

As you continue to develop a framework for your idea, your business plan should include goals, an ideal target market, competition analysis, some financial projections, and ideas for a marketing strategy. Your idea of success may not be the same as ones you find in MBA textbooks or on Shark Tank – be sure to define what it is early on. 

Conduct market research.

It's important to understand your target market and their needs before starting your business. Conducting this research can help you identify personas of your ideal buyer, understand their buying habits, and determine how to position your product or service to meet them where they’re at. 

One of my best tips for conducting market research is simply to talk to people about your idea. As an entrepreneur, I know that talking through half-baked ideas can feel vulnerable. “What if someone steals my IP? What if they laugh about it before I even have a chance to refine it?” That’s why you need a team of trusted advisors in your corner. Talk to your grumpiest uncle, your oldest neighbor, and your youngest barista. What do they think of the idea? You’ll often find that the very first questions people ask about it are the best guiding tidbits you can use to refine your model and your pitch. 

Find a mentor.

Your community is key to bringing your ideas to fruition. Believe the age-old saying: “it’s all about who you know.”  A support system can make or break your business model, so surround yourself with people who understand the challenges of entrepreneurship and can offer advice and support. This can include joining a business group, networking with like minded people, and finding or hiring a mentor. 

Draft a full-fledged business plan.

First, you'll need to choose the right structure for what you’re trying to create. This decision will impact how you pay taxes, raise capital, and manage your business. The most common structures are sole proprietorships, partnerships, LLCs, and corporations. Each has its advantages and disadvantages, so it's important to do your research and choose the one that's right for you. 

From there, you’ll need to map out the nitty gritty of your plan: what will your website domain be? Your operating budget? You’ll need to create a marketing plan, an investor deck, and potentially even a cap table. 

Starting a business requires capital, and there are many ways to secure funding. Be sure to ask your mentor about potential business grants they’d recommend. You can bootstrap your business by using your own savings, borrow from friends and family, apply for a small business loan, or seek out investors. Whichever route you choose, make sure you have a solid financial plan in place and understand the risks involved.

As you start planning, familiarize yourself with the licenses and permits that may be involved in your business. Each state has varying laws on food and beverage sales, taxes, and the licenses required to operate. Consider taking a role in your industry to get a feel for the market, and these types of rules in place. Whether you work as a dishwasher for a local restaurant or a COO of a tech startup, real-world experience is invaluable in entrepreneurship.

Get your initial branding underway.

Your brand is more than just a logo and a name. It's how people perceive your business and what sets you apart. Building a strong brand requires a clear understanding of your target audience and how to communicate your unique value proposition (or pitch). Invest in a high-quality website, professional branding, and potentially even a social media presence to help establish yourself and your company.

Many entrepreneurs tend to take the branding step on themselves, but I’d recommend at least having a second set of eyes reviewing your work before you put it out. Always prioritize quality over quantity for marketing materials, and strive for excellence. How you represent yourself makes all the difference in the world. 

Try to stay adaptable.

Starting a business requires a lot of flexibility and agility. Be ready to change plans on the fly and constantly refine your work. You may need to pivot your business strategy if things aren't working out as planned. This might mean changing your target market, adjusting your pricing, or shifting your marketing strategy. Adaptability is another trait a solid mentor can help teach you. 

Starting a business is an exciting journey, but it's also a challenging one. With these tips, and the right mentor in your corner, you can increase your chances of success, and build a business you're proud of. Remember to stay focused, remain flexible, and don't be afraid to ask for help along the way.

The featured image used in this article is by Kelly Sikkema.