How to make plans for your startup
If you are interested in starting your own business, having an idea which suits your passions, goals, strengths, and resources is very important. However, translating your ideas for business into a successful, workable enterprise can be harder than it seems.
Sketch out the angles
Evaluate your opportunity from every point of view possible - in an objective, in-depth, analytical way. Look at things from the perspective of a client, an employee, even as an investor. What do these people need? How big is the opportunity? Is the timing right? What will it take to execute? Is the payoff worth the risk? What is the business model? Thinking up even a rough business plan makes sure that you do not leave any stone unturned.
Go deep
Determine whether your idea has the potential - whether there is a market and demand for your product. Talk to the people who know the market and understand business models. Go ahead and approach your rivals and predecessors.
"Don't be afraid to discuss your idea for fear that someone will steal it. That prevents you from getting the help you need. Talking to the market experts also gives you the business sense that you need." says Patricia Greene, PhD, Professor of Entrepreneurship at Babson College in Wellesley, Massachusetts.
Sleep on it
"If it doesn't have a revenue model, it's a hobby not a business," says Amanda Lennon, of innovation agency Innov8ive Minds.
Review your ideas over and over again so that you can concisely convey the exact nature of the business to everyone from your suppliers to your resource team. This will also help you to develop a plan for executing the goals you have in mind, and to decide how much capital you will need to do so.
Shape your product and start selling
Your ultimate vision needs to take the back seat here and you have to literally 'strip' your idea down to its core so that you can address the needs of your customer base. From here you can start building on your basic product as fast and economically as possible. Once that is done, you can start your initial sales.
It is always tempting to wait until your product is 'perfect' to start your sales. But as the saying goes, 'perfect is the enemy of good enough'.
Prototype and adjust
Play around with elements like pricing, branding, features, and customer experiences. As a result, you will be able to discover your own profitable and duplicable way to attract customers by trialing advertising messages, campaigns, sales pitches, and distribution channels.
Of course you will wish to fix the 'wrongs' but you might have made some 'rights' that are worth keeping. Hence, try 'tweaking' your approach towards that 'perfect' business plan.
With a 'tried and tested' plan and your resources in place, your growing business is worth all the trouble you've put in. However, any budding entrepreneur realizes that there are be many bumps and potholes along the road. You will too. Till then, 'May the odds forever be in your favor.'