Steps to turn the idea into a successful project.. an exclusive expert explanation

Steps to turn the idea into a successful project.. an exclusive expert explanation

Do you have a genius idea that you aspire to turn into a successful project, and a tangible reality? But you do not know how to turn your idea into a project, or rather you need the stages of converting the idea into a project! Or maybe you feel confused and don’t know where to start?

Well don’t worry you are not alone! What you feel and search for answers to is an encouraging sign of your love for self-development and your high ambition to enter the world of money, business and profit by transforming the idea into reality by transferring your ideas from the theoretical part to the practical side.

In this article, you will find exclusive and valuable tips to relieve the clutter of questions you have.

Despite the many and varied ways of transforming ideas into entrepreneurial projects due to the different nature of projects, we will try to guide you in the right path on your journey in a general framework. Bring your regular cup of coffee and follow along to see how to turn your idea into a project. Let’s start from evaluating the idea of ​​a successful project.

How do I find a successful project idea?

  • Start from your field of specialization or expertise, and limit your ideas within that area.
  • Develop a product or improve an existing service in the market, do not think that if the idea already exists that you will not succeed, on the contrary, start from where others have arrived.
  • Look for unconventional project ideas, so that the idea is not rigid but can be developed and expanded in the future, and start with the smallest circle of the target audience and then expand.
  • Find a problem in your field! You may be a little surprised, but believe me, finding a project idea to solve a problem is the most important thing today in the world of entrepreneurship. Find a solution to a problem that people face more than your search for an idea from scratch because the problem and its solution is the idea (methodology of thinking).
  • Explore the possibility of opening new markets geographically for the project, by selling franchise rights and using your own brand.
  • Stay informed of developments in your field or industry, by subscribing to news sites specialized in this field to catch opportunities as laws and regulations change.

Tips before starting to find a business idea

Do not read the articles of 100 successful projects!

Focus on building new and innovative project ideas and non-traditional or expendable project ideas. Even if there are ideas that are close to yours, but you definitely have an easier solution to it or an advantage that a segment of people would like not to prefer, such as:

  • Amazon, the American company, has solved the problem of online shopping and made e-commerce in the world better, cheaper, and available to everyone. But it did not sell dental supplies, for example.
  • Uber, the transportation company, has provided a distinctive mobile application that solves the problems of transportation within cities at cheap and competitive prices, and breaks the monopoly of traditional taxis in the field of transportation. At the same time, the Careem company imitated it, but targeted an expert region in it and knew how to capture a large share of the market, forcing Uber to buy it for a ridiculous amount.
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One thought is enough

At first, don’t get distracted and keep a list of your other ideas on paper and stash it until you finish your first idea, as you may need it as a backup plan (B). The biggest mistake that entrepreneurs make is crowding out ideas and projects, you will surely lose everyone. So focus on one idea and let it be the closest to your experience, and I am sure that, God willing, you will not leave the project until it achieves the success you expect.

No small in the world of business and finance

Therefore, do not ignore any project idea to solve a problem, no matter how small, as long as it generates profits if in the future and not soon. But your early presence in the arena is enough to be a success factor.

Steps to convert an idea into a project

1. Make a feasibility study or business model

The second most important part of the process of converting the idea into a product and one of the keys to the success of the project is the existence of a business model or a feasibility study. Well don’t worry I’ll explain the difference to you:

  • Feasibility study: It is an old model for studying projects, tiring and expensive and will not benefit emerging projects. If your project is new, it will not be useful for you, leave it to advanced stages later.
  • business model: He represents the detailed feasibility study, with two papers in which you mention everything your project needs in terms of studying from all aspects to launch it. It will not suffice to explain it here so the business model is explained in a separate article.

2. Save your intellectual rights before protecting them legally

There is no doubt that preserving the rights of ideas is one of the most important factors in transforming the idea into reality, so protect your idea from theft if you think that it falls within the framework of new and innovative project ideas that no one has preceded you to, because stealing it in its early stages, especially, may be the end of your dreams.

But do not let your caution hinder you from implementing it or push you to postpone and hesitate in meeting an investor and presenting the idea to him if you need a funder.

Follow these tips to be more reassured and more confident in presenting your ideas, searching for funders and making deals with them:

  • Do not talk about your idea too much and do not share all its details with potential partners until after signing official contracts that guarantee your right.
  • Do not forget to obligate the party you will contract with, whether it is an investor, financier or programmer. By signing a non-disclosure document NDA While you are presenting your idea summary, supervised by your attorney if possible.
  • Choose carefully the parties you want to know the details of your idea if you are looking for a funder or partners. On the basis of criteria such as fame, good reputation, honesty, professionalism and professionalism.

And certainly the best way to preserve the rights of ideas is to protect the principle and start implementing your idea correctly and quickly. Even if no one has stolen it, know that it is possible that thousands across the world are thinking of it and often these ideas are synchronized because they are the result of emerging conditions in society and the world.

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Read: How to protect the brand locally and internationally

3. Obtaining financial financing for the project

There are dozens of options, we have chosen for you the most important of them here and there in a separate article called Financing projects with smart contracts:

self-financing

If you have some savings and you can finance your project yourself, you will not need to say I have a project and it needs financing because this is the best option, because it gives you greater financial freedom and control over your project and getting all the profits, and it will avoid you searching for a long time for funders of small projects who may question the success of your project idea.

according to SmallBizTrends A third of startups have a founding capital of less than $5,000. In other words, entrepreneurs finance their projects themselves at a rate of 78% and do not look for companies to finance private projects in its early stages until the value of the idea increases and lower shares are sold at higher amounts than if it was just an idea in the bud.

bank loan

The most widespread sources of financing, but dealing with banks at the beginning of your project is not a good option because they want guarantees, mortgages, and a convincing idea capable of success and growth, and may need time and profit rates or high interests in some countries.

crowdfunding

It is done by collecting money from large groups of people, while maintaining complete control of your project and free marketing for it, which is less complicated than the financing methods that will be mentioned later, and today there are digital platforms specialized in crowdfunding.

You will find many who are convinced of it will support you financially if you agree to the terms of these platforms, of course. More than $17 billion is raised in America annually, and more than 6 and a half million crowdfunding campaigns have been conducted worldwide. The most important crowdfunding platforms: Eureeca or Zoom platform

Financing through venture capital

Are you ready to give up part of your project to project finance companies in exchange for your funding? If your answer is yes. You will give a large share of equity to the owners of venture capital in exchange for their financial support, transfer of their expertise to you, guidance, training and marketing of your product or service. Because they often have a lot of experience in their fields, and this method of financing will suit you, especially if your project idea is in the field of technology and has opportunities for growth.

But expect that they will expect quick profit and great growth, so avoid them if your project is not large, or at least at the beginning of your project. Personally, I stay away from this type of funding because I see it as unfair to the entrepreneur and a waste of his efforts.

Angel Finance

It is done by wealthy people or retired people with experience in their field by investing an average amount of money, often 100 thousand dollars at most in your project and benefiting from their experience and extensive network of relationships. It is still in the losing phase or the so-called death valley curve.

But in return, they require you to give them participation in managing your business and a percentage of the profits, and they often finance projects within a field in which they have experience and ask to contribute to project management. It’s a good choice if you don’t have the character of One Man Show.

project incubators

It may be institutions, universities or organizations. It will give you the resources you need to start your business such as: money, office space, or offer you consulting or marketing in exchange for a share of the equity in your company. Examples of Arab business incubators BIAC Saudi Arabia, AUC Vlab Egyptian. Even business incubators, I personally do not prefer them, as is the case with accelerators.

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Read: The difference between business incubators and business accelerators

government support programs

Countries provide them to their citizens to transform ideas into pioneering projects after approval by specialized committees. You may face long bureaucratic procedures, but it is okay to try. It is a very good opportunity if you get it.

Relatives and friends

You can borrow from them or make them your partners because you know them well personally, and they will be patient with you and their priority will most likely be your support in order to turn the project into reality due to the emotional bond between you unlike investors or strangers who only care about the percentage of their profits. Just beware of confusing personal and work relationships.

Looking for a partner

A person or institution to help you financially and perhaps administratively, but first complete the legal transactions between you in order to guarantee your rights and create a work map to make the partnership clear in terms of the powers of each party and the type of support provided by the institution.

4. Design a logo that distinguishes your project

Where this visual logo (photo and short promotional video) is unique and summarizes everything about your project with the help of professional designers, and I explained in detail about the steps and method of designing the logo. We suggest you search for them on foreign freelancing platforms like Fiverr Or Arabic like independent.

Frankly, I prefer the foreigner because it contains Arab and foreign designers and the transaction is easier in terms of payment, while an independent one needs complicated steps in terms of documenting the method of payment and personal identity, and it was a troublesome thing for me with them. You can try Fiverr from this window.

5. Take your project to the digital world

If your idea of ​​your project is about a field of work that is based mainly on being on the ground, such as a supermarket or gym.

It is better to think about working also through the virtual world to keep pace with the times, increase the number of your customers, and promote more of your products or services through ads funded in Google Adsense or Facebook Ads, for example, by targeting the local area around you as well as Create a Google My Business account It will benefit you in bringing visitors without costs and I have noticed that local business owners neglect this point even though it increases customers significantly.

You can create a mobile application or website or create a free or paid online store and official pages for your activity across social networking sites such as Facebook, Instagram, Twitter, Linkedin and content industry sites such as Pinterest and YouTube, all with the help of suitable digital developers. And be sure to know the cost first, such as the cost of setting up an online store.

These were the most important stages of transforming the idea into a project to turn the idea into a lifetime opportunity, and there is no doubt that the issue of transforming ideas into pilot projects in particular is large and contains many sub-elements that we tried to shorten them for you to come up with even a small idea that will help you in your journey to make your idea a project based within the general framework, and most importantly Among all this is to be ambitious, positive, patient and more social, to better manage your resources, and to follow the approach of the owners of ideas that have turned into effective and successful projects.

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