So, you have an idea for a new startup. Do you know how to get that idea off the ground and convert it into a viable business? Here are a few steps you should follow to ensure your business plan has an opportunity to become very successful.
Step 1 – Validation
This is the most important step of all. It is where you will determine whether or not to proceed any further. When you validate your startup idea, you test the viability of the product or service you intend to bring to market. You can do this with market research and reaching out to potential customers to see if a need exists for what you want to create your business around.
Step 2 – Market Research
Not only will this step help you to determine if there is a need for your idea, but it will reveal a lot of valuable insight and data for you to consider. It will uncover competition, and the buying habits of your target audience, and allow you to make informed decisions rather than random guesses. Market research can produce important information you can use for the basis of your startup.
Step 3 – Business Plan
This is essentially the blueprint that your startup will follow from this point forward. A well-written business plan lays out all the details of the structure of the business, the business goals, and how it will change to accept business growth. This means your business plan will outline financial details, staffing, strategies, and everything else related to the daily operation.
Step 4 – Prototype
A prototype is a visual representation of the product you plan to take to market. With one, you can test your concept and encourage feedback. The prototype can be something as basic as a wireframe or sketch that you use to introduce potential customers to your concept. Using a prototype also allows you to make alterations based on feedback before going to production.
Step 5 – Funding
Unless you have a lot of money stashed somewhere, this is where you will have to secure the funding to cover the cost of production. If you have to go to a lending institution, at least you can provide proof that there is a need for your product or service with the data collected through market research and from the prototype stages. Data will be essential when seeking funding.
Step 6 – The Team
This is where you gather key people who will assist in bringing your small business to life. It can be contractors, employees, freelancers, or whatever combination works best for your requirements. The important thing to keep in mind is to build your team with individuals with skills that align with your business goals. This will ensure success and productivity.
Step 7 – Marketing Strategy
How are you going to attract potential customers to your business? How will they know that they need your product or service? This is all made possible through marketing but you need a well-defined strategy to execute. The marketing strategy is more than just a list of advertising methods. It should contain targets and tools to measure and adapt along the way.
Step 8 – Launch
This is what you have worked to do. All the steps leading to here were necessary to get to this step. Launching your startup will be far easier now than if you tried to do it without a step-by-step business plan. The launch is only the start of your business. You will have to keep monitoring progress, make changes, and help your business as it begins to grow.
ACBC Is Your Small Business Coach In Brisbane
Starting a startup and need some direction? Action Coach Business Coaching can help. Contact them today to discuss the type of business coaching you need. When you use business coaching services in Brisbane, your risk is reduced and you stand a better chance at success. Call ACBC today to discuss how they can help you with your startup plans.
Launching a startup takes a lot of work from idea to reality. Some ideas never get to the reality phase. However, when you follow a step-by-step plan developed by a business coach, you reduce the workload and create a plan that keeps everyone on track and covers all the important tasks that need to be completed before you launch your product or service. A business coach can direct you best on how to approach creating your business plan.