We all have ideas for startup, Some of them are great while others need improvements. Over the course of our life and profession we all hear countless ideas from countless people and entrepreneurs but not all of them are viable business concepts.
Ideas need validation. If you got a great idea and planning to turn it into a business startup or if you have already launched a startup company then this guide would be very helpful for you. The worst case scenario in a business startup is that when you launch a new business and realize six months down the road that it was not a good idea because by this time you would have already invested too much time, money and effort into the venture.
Make a Business Plan:
Approaching a New Business Venture without a proper business plan increases your chances of failure and a number of new business ventures are already failing in the market out there. An Idea may sound amazing verbally but when it comes to Finances, Logistics and other important details it may not be as good as it felt initially. Writing a formal Business plan increases your chance of getting finance by 29% and that of business growth by 50%
Define Your Target Audience:
Your idea may sound fantastic but you need to study for whom it would be fantastic?
You have an idea for a service, modification to an existing product or new invention, you should have a clear view of whom you would be selling to.
Conduct Market Research:
So now when you have an idea of who will be your target customer, it’s time to put your theory to test and also keep in mind that an idea that is good for one market may not be good for another one. Steps you can take are:
> Conduct Interviews
> Carry out Surveys
> Look for Beta Testers
> Focus Groups
> Distribute Product samples
Establish Your Brand:
Your idea and your brand should have a different identity than others. This requires a well-defined strategy. You need to figure out what your brand is, whether it is trendy, edgy one or one that is more oriented towards families or business people because you will have to establish your brand in the same manner so that the customers perceives it how you want it to be perceived.
Surround yourself with the right people:
So now is the time to make a team and the team must be assembled carefully picking the best people for the job. The size of the team should be according to the scope and type of your business. You need to get people in the areas where you are weak.
Every startup needs money to take off, this can vary from thousands of dollars to millions of dollars. The main Costs here include:
> Research & Development.
> Operating Costs.
> Legal Costs
Build Hype before Launch:
So now that you are almost ready to launch and everything is coming together, it’s time to implement your branding strategies. Create social Media Profiles, Buy Domain names and launch websites, carry out activities at local malls, etc. The aim of all of this is to establish and promote your brand before you officially launch so that people know what’s coming for them and get excited for it.
There is a huge difference between an established business and an idea. You need to follow all these steps with great care in order to turn your idea into a great business.
Aalpha is headquartered in heart of Bangalore, if you are a startup or a SME company and looking to outsource App Development or simply Hire Developers, then please connect with Aalpha and we will be glad to offer free consulting cum proposals for your projects.