An idea put into action is more valuable than one that merely exists. Almost everyone has had a good idea at one time or another, but not everyone can execute it to turn into a viable startup business opportunity. Consider the following tips if you’re looking to turn your idea into reality.
Preliminary research
It’s crucial to conduct preliminary research to know if there’s a need for your idea. The first step is to identify the core problem your idea is solving; the problem that makes your customers itch for a solution. Articulate this problem as best you can and ways in which your idea solves it – it may help to write it down or create a few slides on the matter.
You’ll also need to clearly define your target market during this stage. It’s important to be as specific as possible. Think about the age group, gender and personal attributes of the people who will be using your product. Understanding who your initial target market is will help you define exactly who to talk to about your solution. You may see your target market shift as you continue to research, and that’s okay. Just make sure your target market isn’t too broad – saying everyone is your target is a clear path to failure.
Once you’ve identified your target market, get out and talk to them. This is a crucial step, and we cannot emphasize it enough. The companies that guess what their customers want are the ones that fail most often. Identify a sample size that fits within your market and walk them through your idea, the solution to their problems. Listen to what they have to say with an open mind. Be proud of your idea but don’t be married to it; there’s a high chance it’ll evolve during these conversations. This is your opportunity to get educated from the people who may end up buying your product.
Remember, you have not built your product yet; you’re simply discovering the market viability of your idea. It’s okay if your idea changes along the path of discovery. This is usually the case, and it often yields more successful results.
Create structure
Once you’ve proven your idea solves a core problem, you’re ready to create structure to your startup company. There are many steps in this process, and there’s no right or wrong order of operations to them. Just make sure you hit each one.
Get a team in place. Having a skillful management team, a high-quality board of advisors, and the right business partners are the key to success. A good management team should be able to easily adapt the business concept over time to turn your good idea into a great company. Likewise, a good board of advisors should understand or be involved in your industry, has been successful in the past, and can get you connected to the right people.
Put together a company strategy for your startup. Figure out which customers you will want to sell to first. You may want to test your product for a specified time period before charging your customers. Whatever route you choose, a strategy is essential prior to execution so that your efforts work toward your desired end goal of the initial product.
You’ll also need to establish a business model that works for your company. This is the time to think about how you’re going to make money off your idea. Talk with potential customers and advisors about how much they’d be willing to pay for your solution. Figure out their pain points and how much it costs them to cope with those. Using inadequate solutions for their pain points could cost them revenue – if this is the case, how much are they losing? You don’t need to know the exact price right away, but get a ballpark estimate so you know what you’ll need to turn your idea into a profitable startup. Lastly, create a legal structure for your business and consult a lawyer – a very good lawyer.
Launch the startup company
You’ve talked to customers, your team is set and your strategy is in place. It’s time to launch.
Start by designing and building your initial product. Design is vital for your customers’ user experience and ability to understand your product – do not skimp on design. When you’re building your initial product, think of the critical design and functionality components that will cause your customer to buy. Entrepreneurs often make the mistake of trying to build the perfect product from the get-go. Instead, build a viable product to get people to start using it and know that it’ll be an ever-evolving product. Ask yourself if a particular feature is absolutely necessary for the product to work or if it’s a nice-to-have feature for further down the road.
Once you have a working product, get it in your customers’ hands. Not only is this step important from a sales perspective, but also a development perspective. The feedback you’ll receive is paramount in the product’s evolution long-term. Get your customers to test or buy your product and ask for their feedback. Listen to what they have to say and don’t defend yourself. Some suggestions may not be on par with the direction you’re heading. Just respect all the comments you receive and use the ones that make the most sense for your business. From here on out, it’s continuous adjusting, updating, and developing new features to move your company forward.
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