Turn Your Vision Into Reality With Our ‘First Steps’ Plan
Easy as it may seem, transforming your business idea into a full-fledged working model takes a lot more than one might think. Inspired by the approach favored by today’s entrepreneurs, we created a 10-step approach to bring the idea in your head to reality.
Real World Analysis of Your Idea
- Every idea is meant to provide a solution to an existing problem. While businesses claim to have the solutions they are often not unique or differentiated enough in the market. With every new idea, you will find that it solves a specific issue when you strip it down to its core function.
- To evaluate your idea, you must act like an investor would. Learn to think of an objective, thorough and an analytical way to identify your customers, their needs, the scale of the opportunity, and the business model. Make sure to develop a comprehensive business plan that brings everything you do into a well-developed system.
- It is important to picture who your ideal user is, figuring out where your idea fits in a sea of users and their lives. One of the biggest mistakes that startups make is the failure to get people to understand the need for a product or for a service. Find people who know the market, who can help understand what would work and what wouldn’t in the real world, which would help you come up with an unbeatable strategy for distributing your product.
- Essentially, the feedback should be the first thing to respond to, with priority being assigned to make necessary changes to your business plan, product and go-to market strategy. Running some initial numbers should help you get a sense of the capital you would require to reach the key milestones. Keeping all that in mind, develop an implementation plan with your most important goals over the next few months.
Planning and Implementing the First Phase
5. Having done the market research, one must figure out if it is financially viable. For this, create a model with a ‘bottom-up’ approach, a customer life cycle that focuses on how your product or service is created, marketed and sold to an individual user. Doing so, you will have even more insights into how your business will function.
6. At the heart of every product that is envisioned, is a core offering that would address the most widespread need of your customer. Keeping the ultimate vision for the product in the back of your head for now, you must work on a stripped-down concept of the product, a bare minimum offering that addresses core offering, as quickly and as inexpensively as possible.
7. With other products already in the market, you need to figure out how to match your offerings with the needs of the customer. Test elements like pricing, branding, features and customer experiences, figuring out a cost-effective method to attract customers towards your product through various distribution channels.
8. While waiting to perfect your product before launching would be ideal, but until the product is out in the market, you’re flying blind, spending time and money with a limited ability to learn how your customers react to your product. Keeping this in mind, the core product should be taken to the market as soon as it is ready to learn about its impact and get feedback.
Ready to Grow? Stomp on the Distribution
9. Once you learn about the aspects of your product and your marketing strategy that you possibly got wrong, it is time to make fixes to the plan.
10. Having a market-tested plan and all your resources in one place, it is time to expand your company. Make sure that you convey the idea of expansion thoroughly to your entire team so that they are also prepared for the process, and what is expected of them and that they have it in them to get it done.