Whether it came in a flash of brilliance or it’s been a longtime dream, you have a business idea but where do you start?
“How do I measure the potential of my idea without going all in too early?”
Sound just like you? Here's what you can do next.
Run it through trusted allies
If you have trusted associates, especially within the target market of your idea, run it by them. Get their insight to refine your vision. Ask questions like: (1) Do you think this is viable? (2) How should I develop this? (3) Would you purchase or pay for this kind of service?
If you don't know anyone from the industry you're tapping, this might be the time to expand your network and create meaningful connections.
The first important step to making your idea a reality, as painful as it is, is getting honest feedback outside of your own head.
Do market research
Once you’re done strengthening the core of your business idea, it’s time to get to know the market.
Don't be discouraged if you find out that your idea isn’t 100% unique. Instead, use this to your advantage. Take note of the strengths and weaknesses of your best competitors. What do they have that you can top off? What gaps did they miss that your business can fill in?
Also, it’s best to identify who your potential consumers and what their needs are that you intend to provide for them. Bring your idea to life by genuinely seeking to deliver value, not just income.
Write a business plan
Brilliant business ideas and the details that come with them rarely flood our thoughts in an orderly manner. This is why noting down the details through a business plan is necessary.
Business plans don't have to be formal, especially when you're just starting things out. Having one helps you prioritise and gives you control over your business. It also makes life easier if you are looking to fund your business by attracting investors or bank loans.
Create a prototype
A prototype, also called a minimum viable product (MVP), is a method to measure the feasibility of your vision. It can be a physical product with basic features or a non-physical product, such as a website representing your future business.
If you're targeting a niche like fashion or cooking, consider blogging to help build a following. This can help you gauge interest and impact without creating a fully formed product.
The goal is to make your idea real and gauge whether real consumers are willing to bite.
Even if you're starting small, consider how much money you need to start up and how you'll be funding early on.
You're in the early stages of a trial run for your business idea. So don't be too discouraged if things don't go as you imagined. Focus on your goals and always be ready to adapt to change. Reflect on the results and apply what works best.
Ready to take your idea off the ground? Let us do the stressful bit for you!
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