Where To Start With A Business Idea – But what is a “beginning”? Printing your own business cards? Building a website? Set up a founder? Does it include business?
Here are the exact steps you should take to refine and validate your idea before you do any of this!
Where To Start With A Business Idea
Starting a business is on the bucket list of people I know who have done it for other startups in the past. This seems like the next step. Where are you going? The main goal.
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Before you take action, first define your reasons, goals and objectives for starting a company. Why do you really want to start a business? Are your reasons strong enough to withstand the hardships and significant declines in quality of life in other areas? Moving twice, breaking up with a boyfriend, not seeing each other in 3 months, are these reasons still there?
Don’t fool yourself. Starting a business is not an easy decision. It will change your life. At best, if you’re doing it for the right reasons. Worse, you try to fill the void with other sources and run away.
Brainstorming is one of the most powerful ways to share ideas, record and organize your thoughts. You can think of it as visualizing all your thoughts in the form of a tree: your main thought is a tree trunk and all the connecting thoughts represent branches that branch off.
This allows you to gather personal ideas and create a framework so that you can put a structure around the noise in your head.
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There are two methods of brainstorming that are very useful for getting a complete picture of your business ideas because they allow you to personalize ideas and organize them as you go:
Whichever method you follow, here’s a great way to find and create your business idea using a mind map:
Once you’ve organized all of your ideas into a mind map, it’s time to get to the heart of your business idea. The goal here is to state your business idea as clearly as possible in one sentence.
One sentence? You may think I’m crazy – your business idea is more than that!
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But this! But this exercise helps you be more specific and forces you to talk about how you create value and with whom.
You can use this example: (“My company, _ (insert company name) _, develops _ (special offer) _ to help _ (audience) _ _ (solve) _ _ (with confidential information) _.) _”).
If you’re having trouble coming up with one sentence right away, try writing a page about your business idea, then narrow it down to a paragraph and explain it in one sentence.
If this exercise doesn’t really work, you may need to go back to the drawing board to get the details you need to move forward with your business ideas.
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Take your one sentence business idea and talk to as many people as you can! While this may seem counterintuitive at first (people can steal your idea!), it’s one of the best ways to get direct feedback and improve your idea. And, remember: ideas don’t matter – execution matters!
1. Pay attention to those who like the idea and who think they are crazy – this can be a good sign to find your followers! What do people who love the idea have in common?
2. Listen carefully to the objection (eg, “That’s a good idea. But have you thought about…?”) and use it to refine your idea. Use your imagination to think through all the possible problems and issues and create a plan to solve them before moving forward with your idea.
To get the most out of this exercise, listen carefully to get an unbiased and unbiased opinion!
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If you are a startup, you might think that everyone can be your customer. But this is usually not true!
Of course, there are other examples, but the chances of him being the next Zuckerberg are slim. As in 0.0000001%.
So make sure your business idea solves a problem for a specific group of people. This makes it easier to find and sell to customers.
Creating a customer avatar is one of the best practices for getting to know your target market. To do this, ask yourself the following questions:
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For B2B businesses, define the following: business type, industry, business size, target role (eg sales manager if you offer a SAAS sales tool).
Once you have your ideal customer, you can also analyze the market size and determine if it is big enough.
Create a simple question to better understand your target customers, their needs, wants and willingness to pay. You can use an online tool like Survey Monkey or work easily with Google Forms.
You might be thinking, “I can skip this step, I have no competition! My opinion is unique!” I hate to break it to you, but you are wrong!
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A common mistake when starting a new business is failing to properly analyze the competition. So make sure you understand:
The best way to visualize your competitive landscape for yourself or your potential investor is the “Magic Square,” which analyzes your position relative to the competition based on two key metrics. Here is an example:
2. Who are your direct competitors: Companies that offer products or services that are similar to your obvious competitors. But that’s not all you’re competing for!
Think of it this way: you’re dealing with anyone and anything that can be used to solve a customer problem.
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Here’s an example: Coca Cola competes not only with other soft drink brands but also with tea and coffee, energy drinks and other stimulants – consumers need to be more alert and energized. A graphic design is a great way to visualize all your competitors directly based on common features or problems solved:
Once you know your competition and have a good picture of all the products and services on the market, it’s time to ask yourself two questions:
Develop the first version of your product or service. This is your MVP (minimum viable product). Depending on the complexity of your product, it means that you have to use the manual process after the technology. If it’s food, you can get people to try the recipe first. If it’s a service like consulting or coaching, do a free coaching session.
Basically, imagine a simplified version of your products and services with basic features and start getting real ideas from your customers.
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. Additionally, it helps you build a small group of supporters to help promote your campaign once it’s started.
Another option is to build a landing page or list your product on a crowdsourced website to collect leads that will help generate interest and promote your product.
The biggest question for all new entrepreneurs is: How do you make money? If you can’t, you may have a good idea, but it’s not a business.
Once you’ve refined and validated your idea, it’s time to get down to business, of course! When things never go according to plan and everything takes twice as long and costs twice as much as you thought, creating a good project plan is still important to bring your business ideas to life.
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This will help you understand the relative cost of the project and help you make important decisions about who to hire and how to pay for everything.
As a business coach for entrepreneurs, I have seen two main types of people struggle to build successful businesses:
If you are type 1 or 2, I hope this article helps you take the necessary steps to make your business idea a reality! Even if you don’t follow any specific steps or plan – as long as you’re still in the first stage, reading this article will help you figure out why you’re struggling to make progress and what you need to do to overcome your obstacles!
Liz is a mental and productivity coach and founder of Hope Coach Club. Take a free 5-day course and learn what it takes to launch your coaching career and build your business from the ground up. Sign up for a free lesson here.
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How to succeed in entrepreneurship; Creative Startup stories, creative stories and Introductory Startups will fuel your entrepreneurial journey.
Thinking and producing. Founder of hope.com. Want to start your own coaching business? Get a free email address > b.link/coachingcourse With so many business ideas in 2022, it’s hard to keep track of them.
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