Conduct a Market Research
Market research is the process of discovering certain common characteristics and preferences of your customers, who your competition is, and what current and future trends can affect your (future) business.
Although starting up a new business is an exciting venture, it’s important not to rush into starting up or launching without a proper market investigation; thus knowing exactly where you fit in. To be successful with your product or service, you need to research about the market to give you a competitive advantage.
Conducting a research also helps you determine the viability of your business idea.
Knowledge is good! Researching about your industry and other markets that have direct or indirect influence on your business ideas (product or service) gives you a depth knowledge and expertise of your market and other businesses. When you have heads up on information regarding your competitors, customers behaviors, market conditions, etc you plan better for success.
Develop your idea (BUSINESS PLAN)
This written guide will help you map out how you will start and run your business successfully.
Your business objectives
Among many others are what you extensively look at when developing your business plan.
You have everything shaping up good now, after having developed your ideas into a winning business plan. The big question is; do you have the capital or funds to make the idea happen?
Do you have sufficient funding to kick start and keep a steady growth from a phase to another? Financial evaluation is important to give your ideas life. This would help you not to get stuck in the middle of the journey of building that big successful business. You do not want to invest all you have only to fold up when things are looking promising.
Register your idea (Business Registration)
There are a number of steps that can be taken in order to set up your business and to prevent your ideas from being used by someone else. The registration of your business is vital and allows you to participate in the formal economy. Your registration involves knowing how you want your business to be run. (Partnership, sole proprietorship, limited liability, enterprise, etc) including your tax registration, permits and business name – your business identity.
Build a team
No matter how compelling, excellent and innovative your idea is, the backbone or foundation of your startup basically rests on your team being able to execute your ideas. In previous articles (refer) I stated that startup’s do not need to hire in a hurry in other to save costs. There are other ways to strategically build a team to assist in building the dream business. But how can you be certain that you’ve assembled the right team to achieve that? (We would look at that in another article)
How do you now introduce your final idea (product or service) to the world or market?
You need a plan to do that.
Develop a remarkable launch strategy that will sail your idea deep into the markets. Note that, how you launch out can either be a disaster for doom or set you scaling up for growth and acceptance by customers.
Growth plan (Sustainability plan)
Hurray! Someone is about building a multimillion business.
Now growing the real business begins. How do you sustain growth and existence?
How do you keep being unique and relevant?
What are the strategies, your cash projections plans and the big decisions makings?
This is where the real journey begins.