For many, the idea is the catalyst, the springboard into a much more promising future. Ideas can be exciting and worrying in equal measure, and when developing a business, there are many processes between business idea and the actual realization of the business itself. So let’s get underway…
Once the idea has been thought up, it may not be perfect, but you don’t need to fall in love with this idea just yet, as the initial idea could go through many changes before its “got legs.” The important thing at this stage is to look at the idea from every conceivable angle. The best way to look at it is to see it as if it were through the eyes of an investor, objectively, but with an analytical bent. Ask yourself every conceivable question to get to every angle. Your business plan should answer any of these questions, but if you are looking for someone to rip your idea to shreds, that is a good thing. Ask everyone and anyone who has been there before you, from predecessors to competitors, customers to friends. Getting every conceivable angle on what is good, bad, or great about your product will help to make sure you’ve got a solid gold idea on your hands. Once you respond to feedback by crunching some numbers to give you an impression of how much capital to raise, start an implementation plan, and look for the right people to help bring this plan to life.
Once you’ve got this part nailed, you can bring the product to life and actually begin with your business. Many opinions differ on when you should set up shop. Some people think your product should be perfect, but in fact, your business is going to have to make changes on the fly so you may as well try to make do with what you have right now. Get the product up and running and develop a suitable marketing campaign that is within your budget, you can check out http://www.agenciesranked.com/ for the best agencies to help you with this part. The big part of this process is finding out what works and what doesn’t. As a result, you may need to go back to the drawing board and make alterations in your marketing, branding, or customer service. Getting a good measurement of these results can take time, but it is worth it to make the relevant changes.
Once you have been able to fix the product without changing the good bits, you are now in a prime position to update your business plan, change your strategies, and gather your resources. If you are going to investors, this would be a good time because you have numbers to show and a product that has been finalized so you can make accurate projections. This would be a very strong pitch. The final piece of the puzzle is to build up your business! The idea is the very beginning, the rest of the process is where the real magic happens.