A great idea is the seed of a good business, but it can only grow to its full potential if it is cultivated properly. Most great ideas remain dormant because people don’t have the courage, resources, time and/or money to take action. And for those who take action, most are unprepared and thus find themselves spending their valuable time and money on a dream that simply goes off track.
If you follow certain steps, you can turn your vision for a successful new business into a reality. Here’s a start-up roadmap:
- Figure out the problem you will try to solve – You get excited with your idea and focus on the solution it will provide to your customers. But, you have to first focus on the problem which will be solved by your business. Amazon, for instance, solved how e-commerce was, at one time, expensive and inconvenient. Today, it has more customers (and sales) than its brick-and-mortar competition.
- Analyze your idea thoroughly – Evaluate it through all angles – its timing, potential customers, competitors, execution plan, payoff vs. risk involved etc. A rough business plan is a great way to make sure you’ve covered all your bases. Assess your idea based on SWOT – your strengths, weaknesses, opportunities and threats.
- Analyze latest trends – If you are looking at a new product or service, does it meet your clients’ needs in new, creative ways? Will it stand out or get lost in the chaos? Explore your idea to see how you can make it different and/or better from the rest.
- Feedback from friends/peers – Ask friends, business colleagues and other strategic people to assess your new idea. Welcome their feedback.
- Find your exact market – You need to actually figure out where exactly will your solution fit into the market and in the lives of people. You may have to relocate to a different place, if it sounds more promising for your new business.
- Prepare financial model – Create a financial model that focuses on how your product or service is created, marketed, and sold to an individual user. Doing this will give you more insight on how your business will function. Your model should also focus on the target sales to earn a profit.
- Find out sources of capital – Possible sources of funding are self-funding, money from friends and family, credit cards, or loans. Depending on the amount you need, a more helpful source can be angel investors and venture capitalists looking to back your mission for a percentage of profits.
- Create a minimum viable product (MVP) – A principle of the lean start-up method is to create an MVP to determine demand early on and discover what works and what doesn’t. Take your MVP to potential target customers, listen to feedback, and use insights to develop your original model into a successful product or service that fully caters to your customer’s needs.
If you have a bright business idea, register on TheGongzuo.com and bring the idea to us. We will keep all the confidentiality about your idea and will also suggest to improve and groom your idea on the basis of our expertise and experience.