Many people have creative business ideas, but that is only half of the equation. Turning an idea into a business requires an idea, as well as execution. In fact, execution is just as important for the success of new business idea as the initial idea itself. But the question is, where to start? We have compiled the first steps you can take to get your idea off the ground to turn it into a fully formed startup.
Center on the problem you’re trying to solve.
At the core of every company, there is a problem they are each trying to solve. An idea may seem like the solution, but what is it a solution to? Shifting focus to the problem you are trying to eliminate will then lead to a stronger and more fully developed solution.
Discover your market.
Learning where your idea fits into a particular market requires research on your targeted demographic, who you believe the most receptive users will be, and the problem they currently face. It is crucial to brand your product as something people understand, want, and cannot find anywhere else. While your idea may be a solution, it will only appear that way to the right market.
Most successful businesses require supporters in their startup stages. Very few thriving businesses were founded and financially supported by solely one person. Acquiring business partners helps the most when initiating your company because you gain financial backing, a sounding board for your thoughts, and validation for your aspirations.
Build a financial model and plan.
Once you have completed your market research, it is time to determine the financial viability of your startup. A “bottom-up” model is helpful to focus on the creation of your product, as well as how to market and sell it to your audience in order to make a profit. Building an overarching plan in the beginning will serve as a beneficial reference as you continue growing your business.
Locate your pivot.
A pivot in a startup is a course of action to correct a problem in the development of a business or a way to test something new in order to grow the company’s success even more. This fundamental change you make is a response to the feedback you receive from early customers and supporters. Although a pivot is often akin to a “Plan B”, it does not mean you’ve failed completely. It is about constant learning and choosing your next step from there.
Stay positive and resilient.
Turning an idea into a business can be a risk. You put your heart and soul into starting your company full-knowing it may very well fail. However, positivity and resilience will put you in the mindset that failure is not an option. If you get knocked down, figure out a way to get back up as soon as possible. Additionally, people are attracted to passion; so make sure you convey to other why you are so passionate about the company. Soon, they will develop a passion for your business as well.