Strengthen your brand, focus on what is most profitable and shed inefficiencies. Five ways to turn business ideas into reality and make your business a better place for customers and staff.

5 Strategies That Can Turn New Business Ideas into Reality

No matter what type of business you own or how long your doors have been open, there is always something that can be improved. As new business ideas emerge it can be challenging to implement even the best of them when it means challenging the status quo and overcoming internal resistance to change.

1. Create a formal system for evaluating business ideas.

“It is by acts and not by ideas that people live.” Anatole France

Entrepreneurs and business owners usually don’t have a shortage of ideas. Without a formal system where ideas can be evaluated, plans of action can be developed, responsibilities can be assigned and measurements can be defined and tracked over time, most ideas – even the best of ideas – might never see the light of the work day.

2. Involve everyone.

“Ideas are like pizza dough; made to be tossed around.” Anna Quindlen

There’s a saying that goes, “too many cooks spoil the brew.”  This might be true in the kitchen, but in organizations that want to grow and change, the more people that weigh in, contribute, buy-in and become personally invested in change initiatives, the better. When your staff feel listened to and ideas are refined to reflect their feedback and concerns, they are much more likely to buy in and get behind transformative business ideas.

3. Embrace real change.

“The difficultly lies not so much in developing new ideas as in escaping from old ones.” John Maynard Keynes

It’s human nature to resist change and fall back on what is familiar, especially if new behaviors don’t bring instant gratification. Remember you will not be able to achieve new goals with old ways of thinking and old ways of doing. The pace of change in today’s competitive marketplace alone dictates that you need change ambassadors in your organization if you want to grow. Empower and rely on people on your staff who aren’t afraid to take on big challenges and learn new things!

4. Proselytize.

“Eventually everything connects – people, ideas, objects. The quality of connections is the key to quality.” Charles Eames

If you want to achieve big things, you can’t afford to have staff that don’t believe in the vision. Everyone in your organization, everyone, ultimately has the power to contribute toward or against your business goals. Make sure they are all on board.

5. Invest adequate resources.

“Money is a wonderful thing because it enables you… to invest in ideas that don’t have a short-term payback.” Steve Jobs

Your willingness to fund and allocate staff, time and other corporate resources to a given initiative is a direct reflection of your commitment to achieving the goal. No matter how sound or exciting your business ideas are, without allocation of adequate resources – including money – turning them into reality will be difficult.

Our business finance tools could be ideal options if your business lacks the working capital needed to execute ideas that will help your business grow in the New Year. A merchant cash advance can provide your organization with a lump sum of working capital that can be used for many different business purposes.

How to Make and Keep New Business Goals

An Outbound Engine survey found that less than half of small businesses have a plan for growth. But many business ideas need a marketing or operational plan in order to succeed. As you implement new ideas make sure they are tied to plans that include specific goals and measures. offers up several tips for setting and sticking to goals, and we’ve adapted their list for business owners here:

  • Don’t try to do too much at once, limit to one or two goals that are most important
  • Set realistic goals with specific, measurable benchmarks and a finish line
  • Don’t wait until New Year’s Day – make goal setting part of your organization’s process on an on-going, systematic basis
  • Be accountable and assign goals and tactics to specific people with dates set for measures, reports, and contingency plans
  • Be accountable to your accountability plan – where does the buck stop?
  • Communicate and celebrate incremental successes
  • Embrace change; you can’t achieve new goals with old thinking and the same tactics
  • Each day ask the question: what can I do today to move toward the goal?
  • Make sure that your company is “healthy;” fix what goes wrong internally so that employees can focus on reaching the goal
  • Have some fun along the way!

Not every entrepreneur comes pre-programmed with good startup ideas. Some have the dream but don’t know what to build. Here are five resources that could help you decide what kind of business to start.

Good startup ideas are everywhere – if you know where to look

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You Can Identify Good Startup Ideas From Gaps, Evolution and Failures

1. Consumer Trends and Forecasts

Research, studies and articles sharing stats on consumer and business trends and forecasts are available for nearly every industry. This type of data can help you identify emerging markets which are forming in response to:

  • Demographic and population changes  
  • New or advancing technology
  • Changing consumer preferences or generational preferences

Census data and data analysis can give you insight into population and demographic changes. You can also find similar data available in the real estate industry as well as reports about housing, jobs and similar content. This content can tell you where to look for up and coming markets that are not yet saturated with businesses like the one you envision.

Technology changes pervade virtually every industry. Trade and industry organizations publish information about new and emerging technology all the time. CB Insights published an amazing infographic noting that there are more than 150 Startups whose innovations are transforming brick-and-mortar retail.

We see this every day in our industry. Innovations in merchant services, payment processing, virtual, mobile and brick-and-mortar point-of-sale, gift cards and loyalty programs are constant. Knowing which to implement, and implementing technology effectively is one of the ways we add value so our clients can create competitive advantages and compete to win in their marketplace.

2. Education

What do you know? Your areas of expertise and experience could translate into a business where you teach others, test products, write technical specs, provide expert reviews, etc. This could be especially rewarding if you are able to identify an area of expertise that really lights you up, where you can invest not only knowledge but passion to educate others.

3. Under-served Markets or Market Segments

In most industries, there are lots of medium-to-large players already on the field. The good news for you as an entrepreneur is that good startup ideas can still translate into success, because those big players are all competing for the same customers or buyers. By identifying markets or sub-market niche audiences who are being underserved (or aren’t being served at all), you can carve out a target audience that few direct competitors will be going after.

4. Ideas other Entrepreneurs Threw Away – or Failed At

Even good startup ideas can fail, for a variety of reasons.  CB Insight’s latest data as to the top 10-ish reasons that even good startup ideas fail includes:

  • 42% – Inadequate market need
  • 29% – Inadequate funding
  • 23% – Inept team
  • 19% – Inability to compete
  • 18% – Pricing / cost issues
  • 17% – User un-friendly
  • 17% – Inadequate business model
  • 14% – Inadequate marketing
  • 14% – Poor customer care
  • 13% – (Tie) Poor market timing, lost focus, unhappy investors)

Looking at that list, note that none of the respondents said their idea wasn’t good. In every case, startup failure is attributed to poor execution, not poor ideas. Bad timing for one entrepreneur might make an idea perfectly timed for you. Changes in the market might mean that an idea that wasn’t sustainable last year is now viable. Accurately projecting costs (and setting pricing), ensuring funding, building a sound business model or assembling a competent team could enable you to succeed with good startup ideas that others were unable to accomplish.

5. Pain Points

Underserved markets point to gaps in the marketplace. Pain in the customer or buying journey show you where a better business model could mean a competitive advantage. Your own pain points as a consumer or in business could even show you where to start. Additionally, you can look at social media and online reviews to see where companies are failing to deliver product or service quality, or the quality of experience the customer expects.

Good startup ideas deserve good payment processing solutions:

If you’d like to learn more about how you can save money on payment processing or use point-of-sale and other merchant services technology to your competitive advantage, let us know! Complete the form below and we’ll be in touch.

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