Politics and Business
How To Make Your Idea A Business Reality
You’re working one day or sitting at home, and then inspiration hits. You have a fantastic idea for a product or business. Now what?
Well, there are a number of ways to determine whether or not your idea has potential.
Ask yourself if you’re solving a problem
Does your product or business idea solve a particular problem? Or have you invented a solution to a problem that doesn’t exist? If you’re unsure. Find out from people who you consider to have that problem.
Pinpoint Your Target Market
Who’s going to be buying your product? Is it businesses, people, or even governments, in which case you’ll need to use a company like Clark Street Associates Skywater to help you get your product in front of the right officials for a demonstration?
Most companies never get off the ground because they don’t know who their ideal customers are. They believe that if they laser focus on one type of buyer then they are going to put off everyone else. What they end up doing is appealing to no one.
Get Someone Else To Share Your Vision
Going it alone in a startup can be intense. Many of the most successful startups in the world had two or more people involved from the outset. Get your entrepreneurial career off to a great start by surrounding yourself with great people.
Create A Business Model And Financial Forecast
Now you know what you’re selling and who you’re selling it to, it’s time to work out how you’re going to do that and the financial costs involved. If you’re producing a product, will you be selling this directly online or through concessions and associates? Each is a viable selling strategy but requires vastly different resources.
Unless you already have experience in financial modeling you’re probably going to need a bit of help. Reach out to your network for recommendations for people who can help you.
Now you know how much you need to get started, it’s time to find investment. Whether you do this through savings, loans, startup grants or VC investment, there are usually a lot of different hoops to jump through so you need to make sure your business plan is airtight.
Test Your MVP
Before you put your product out there for all to see, you’re going to need to make sure it works. Building minimal viable products (MVP) can cut down on cost but produce something that can be market-tested. Therefore, if you haven’t got it quite right, you haven’t thrown your entire company strategy behind it yet.
The feedback you get from this process is invaluable as it will either confirm your approach, provide you with insight as to how the product can be improved, or cause you to pivot your business entirely.
Bringing your idea to life can be a long and drawn-out affair. There are many obstacles to jump over even before you can get your product tested. But by doing things the right way, you ensure you’re building a solid platform and business model which will benefit you for years to come.