Do you have a great business idea that you want to transform into reality? Entrepreneurship can be an exciting, creative career move. There’s no magic bullet for starting a successful business, but there are time-honored strategies to help you plan. Read on for several steps that will help you gain momentum.
1. Decide Who You Serve and Why
You’ve got the nucleus of an idea, but now it’s time to flesh it out. Who do you want to serve? Google using terms such as “ideal customer avatar” to find useful information to help you zero in on the unique attributes of your dream client. Also, why do you want to serve that specific type of client? Now is the time to do a deep dive into your values and true motivations.
2. Research Similar Businesses
Now comes the fun part. Take time to do online market research of businesses that are similar to the one you’re wanting to create. Not able to find anyone who comes close to serving your niche? That might be a good thing. Even if you’re only able to find adjacent types of businesses, you’ll glean useful information. How do you want to be similar, and how do you want to be different? Explore not only the product/service but also the branding.
3. Listen To Your Potential Customers
You might have access to your ideal potential customers IRL, or may have to do most of your “listening” online. Go through review sites (like Yelp and Thumbtack), testimonials on your competitors’ websites, and comments on social media. Identify pain points and the way you might meet clients’ needs in a way that others don’t.
4. Outline Your Business Plan
Your initial business plan doesn’t have to be as detailed as a loan provider might require, but it should be headed in that direction. Software like LivePlan can help get you started. Determine what type of product or servicing you’ll offer, all of the price points, and how you intend to market your business. Come up with a unique, compelling name.
5. Decide How You’ll Get Started
You’ll need an infusion of capital to start your entrepreneurship journey. From Kickstarter to loans, investors to trusts, there’s a wide range of ways to fund your dream.
Successfully launching your business idea involves careful, sequential planning. Keep these steps in mind to turn your entrepreneurship dream into a solid, sustainable enterprise.