Let me tell you a short story on how Sunday Steinkirchner started her business with $1.
Thirteen years ago, Sunday Steinkirchner and her husband picked an old tattered copy of Alice’s Adventures in Wonderland at street sale for $1.
Their find became a business idea, and they made that business idea a reality. The couple bought books at estate sales, $1 per book when they started the book business, though it was not easy.
You know what I mean; in any business startup there tend to be ups and downs, ins and outs, but you need to persevere.
So one day, they picked a Portrait of the Artist as a young man; a popular novelist which was the first US edition. And they bought it at the rate of $10, when they got home they researched on the title and find out that they had the true first edition in their hands.
It was first published in the US, and it worth $4000. Immediately, they sold it to a customer they had met online at $4000. So they used their profit to buy more of their usual books per $1. You can imagine how many books they would have on their shelf.
She said, “we went from having 9-5 day jobs and selling books part-time out of a studio apartment, to opening a gallery on 20th Street in Manhattan just this march.
We went from two employees – just my husband and me – to four employees”.
3 Major Questions You Should Answer
Start as little as you can depending on the type of business, hence your products or services are marketable.
But before you can make your business idea a reality there are three major questions you should look at first:
#1: How did you create the idea? #2: Did you evaluate the idea? #3: How did other people in that line of business start?
But before we continue let’s look at those simple questions above in a bit details. Because they can also add to bringing into reality your business idea.
#1: How did you create the idea? So where your idea came from is very important. A study has it that most business ideas come directly from personal experience meaning, your occupation. Right? You understand the people who tend to buy your products, the competition.
And generally, you understand the demarketing. Again, for example, in this particular Street, or place nobody else is doing this kind of business.
#2: Did you evaluate the idea? Okay, now you’ve got the idea, how do you know is a good idea? So before you make the business idea a reality, I believe you might have also answered the previous question.
#3: How did other people in that line of business start? At least before you kick-start the business, I think you might have as well checked out other people in that type of business.
I mean how they started because some companies have been in that type of business before you. For example, you can research their beginning days, the hurdles, the challenges they conquered and many other ups and downs as I mentioned in the story above.
Then from there you can avoid some possible mistakes you learn from their past, and also the wise decisions they took that make them successful today.
A Step-By-Step Guide
There are necessary things you need to put to note that will make your business idea a reality. Before you start any business you should think of people first, whether they be employees or customers even yourself.
- The first one is risk taking – We talked about the 5 attributes of a successful entrepreneur in the past. In that post we talked about being a risk taker as an entrepreneur, I don’t mean gambling in Las Vegas like most people does.
I mean a well-calculated risk which means, you are ready to bet your finances or the firm.
- Courage – another thing is that you need to be courageous. They say, “there is no harm in trying”. You have to take a bold step when you want to establish a business.
one of the key reasons why your business may not come to reality is when you don’t have any experience, or you’ve not had any training in that type of business. So what you need to do is, ask around, get to know the right place to acquire the necessary information on that business type you desire.
- Skill – now as a person I believe you know what you can do very well? Are you a marketing kind of person? Or a sales kind of guy? Finance person? management kind of person? etc. If you don’t have some of these skills you go and get somebody who is good at that depending on the type of business idea.
Just be realistic, get the necessary things done and show me why your business idea will not be a reality. That takes us to the next one.
- Decision making – you know yourself better than anybody else. You make some decisions and apply them yourself. So like as I said earlier, after evaluating your idea and you find out it was good, then make that decision by putting it to work.
I mean, take a bold step to establishing the business.
1. Rent or buy a business space
2. Register the business with the Corporate Affairs Commission of your city
3. Print you Brochure
4. Print you business Cards
and other marketing documents.
Make sure you have some few skillful guys to work with. You can even start alone in some businesses, and still come out successful. You have your products or services already in place, then start your operation. So with those things in place, your business idea will be a reality.
Answer The Startup Questions + The Step-By-Step Guide = Business Idea, a Reality
Finally, if you take the necessary steps I outlined above you will surely ride on the Eagle’s Wing of your new business. The questions and the steps. You can also learn from the story above to make your business idea a reality. Are there any other steps that you feel should be added? Don’t hesitate to add it in the comment space, and if you’ve found this post helpful please share to your friends.