4 Keys for Turning Your Good Idea Into a Real Business

There are many paths to becoming an entrepreneur. For me, the inspiration came out of an unfortunate personal experience as a parent of a child with food allergies. Like many mompreneurs, who respond to the unmet needs or potential hazards facing their children, my experience prompted me to innovate and fill a void in the marketplace. I believe that the best ideas come out of such a desire to fill a real need. After my son's teacher passed out snacks in the classroom, one of his peers ended up in the ER from an allergic reaction. Busy with a classroom full of children, the teacher had simply forgotten about this particular child's allergies. My son, Ben, also has food allergies. After the incident in his classroom, the undeniable truth kept running through my head - that could have been my child.  The incident made me realize that no one was going to be as concerned with my child’s safety as I was. I decided I needed to teach Ben about his allergies. He needed to be able to alert teachers and other adults about his health when I wasn't there. I wanted to inform Ben in a way that made him feel comfortable with the situation so that he wouldn't be nervous about speaking up when the situation arose. When I looked around, I couldn’t find anything in the marketplace that addressed kids’ health concerns in a friendly, non-intimidating way. I didn’t need a focus group to tell me there was a need. I was the focus group.  Enter AllerMates. Using our original, zany cartoon characters, we offer educational content for parents and children that is relatable and non-stigmatizing. In addition we offer life-saving tools such as alert wristbands, dog tags, lunch bags and cases to hold medicines. With our products we prevent situations like the one in Ben's classroom and keep our children out of harms' way. Helping others through AllerMates has been a rewarding process. I have learned a lot about what it means to turn your good idea into a real business and the challenges that come with it. If you've identified an unmet niche in the market, there are 4 key elements that I would suggest you put in place before moving forward with the launch of your entrepreneurial endeavor: 

4 Keys for Turning Your Good Idea Into a Real Business

1. Gauge Your PassionSo you've discovered an unmet need in the marketplace. Turning that discovery into a successful business is a big undertaking, and there are some things to consider before you begin. The most important thing to ask yourself is do you have a deep passion for the business you are thinking of launching?  From the outside, being an entrepreneur can seem like the ideal job. Flexible hours, working from home and best of all, you are your own boss! That means you can do things your way on your time. But there is a lot that doesn't get considered in that image. Success requires lots of hard work and dedication. As the owner of a small business you will spend endless hours and potentially years getting yourself launched and stable. There will be tons of big, unexpected challenges that you have to endure. When you have dug yourself in deep and you are facing these barriers, it is your passion that will pull you through. Without it, you may be setting yourself up for failure.  2. Research Market DemandWhen you have passion backing you, it makes the whole process easier. But there is another essential element to consider. You found a need, and that is great. Now it's time to get an idea of the size of the market. Is this a small need, or a large need? This difference can make a huge impact on how your business is received and how likely it is that you will succeed. There are several strategies you can employ to assess your market potential. According to Victor Kwegyir, author of The Business You Can Start:Spotting the Greatest Opportunities in the Economic Downturn, a good starting point is to vet your own idea with questions like the following:

• Is this product or service I have in mind going to satisfy a market need?
• Who are my potential customers, and where can they be found?
• What competition is out there? Is it direct or indirect, local, national, or international?
• How distinct is my product from what is being offered by the competition?
• Can the product stand the test of changing trends or take advantage of it before it dies out?
• Does the law of the land allow for such a business to be established?
• At what prices are consumers prepared to buy my product, and can I make any profit at any stage?

 Other strategies include Google searches and conducting exploratory surveys. Be cautious about relying solely on feedback from friends and family, when deciding whether or not there is adequate market demand for your product, as they are likely to give you biased feedback. If you're planning to get feedback from your own social circles, try to put another degree of separation by asking friends of friends. I found myself in a pretty fortunate situation with Allermates. At least one out of every thirteen kids has a food allergy, making my market size relatively large and allowing my business to grown much faster and much larger than I had even anticipated. If there truly is a need for your product or services, you will find out how to make it attainable. It may take a little longer to get yourself going depending on the demand. That doesn't mean that you won't succeed, but keeping this in mind from the beginning can help you avoid frustration down the line.  3. Surround Yourself with the Right PeopleWhich is to say, surround yourself with smart people. Seek out communities and confidantes that challenge you, sharpen your ideas and hold you accountable. There are some powerful communities out there of strong and smart entrepreneurial women--take advantage of these resources. Before I began AllerMates, I was very cautious about talking about my idea. I was concerned that someone would steal it. I had to get over that, and when I did, the feedback and suggestions I received in return were extremely valuable in the formation of my business. As cliche as it is, it remains true that if we don't learn from the mistakes of others, we are bound to make those mistakes ourselves. So be careful not to let fear interfere with this process of relating. Don't be scared, but be smart. Pay attention to what information you choose to share and who you share it with. If it makes you feel more comfortable you can even have people sign a non-disclosure agreement. However you approach it, don't let fear get in the way of you sharing your ideas.  4. Make Sure You Have a Support System in PlaceOnce you get things going, having a support system of family and friends behind you can make everything more manageable. Balancing a new business in with daily life can be challenging and a lot of compromises must be made. Bring your spouse and kids into the conversation about launching a business, both to ask for support and to hear their thoughts/concerns about the ways the business may change things at home. By including your family at the outset, you help to ensure mutual support and cooperation along your entrepreneurial journey. If at any point your passion falters, family and friends can be there to give you a shift in perspective. Even the most unmanageable tasks can be made easier when you don't have to do them alone. This is a big task you are taking on and I'm sure there are people in your life who would love to help. Without my family, I never would have started AllerMates!

Let's hear from you. What advice do you have to offer for turning your good idea into a real business? Tell us in the comments!

  About the Author:Iris Shamus, New Jersey resident and mother of three, created AllerMates to help children that suffer from severe allergies. She has a personal desire to keep children safe and educate others about the seriousness of children's medical conditions. Iris believes that "the greatest gift you can give your kids is safety" and began her business to help as many parents as possible. Her products, including kid-friendly bracelets that alert everyone to life threatening allergies or medical conditions, help to provide the safest possible environment for your child while helping them feel good about themselves. You can check out AllerMates on their website, Facebook, Twitter, Linkedin, Youtube or Pinterest.