Do you have a great idea but don’t know how to get it off the ground? A lot of people want to be an entrepreneur, but how do you get started? At Blayzer, we specialize in turning your idea into a reality by following a simple structure that you can implement yourself.
Have an idea.
Whether your kitten needs mittens or you think people can’t go on without your self-buttering toaster, you must first have an idea that you believe in wholeheartedly.
Define a strategy and validate the idea (market validation).
Assess your strengths, challenges, and opportunities, and gain a full understanding of your goals and vision by validating your market. Before starting production, set realistic objectives and gauge whether or not you are targeting the right audience for your product.
Raise seed money.
This is listed as the third step but should be done simultaneously with your market validation. Seed money is the initial investment you make in your business and can come from your own personal savings, investors, awards, grants, or from more traditional routes like taking out a loan.
It is important to note that whether or not you have begun the production phase, you must market your business. The key is to market your business as your product in the early stages. Not only can this help you assess whether or not you have targeted the right audience, but it also generates excitement for your product’s release and broadens your potential customer base.
Now that you have acquired your seed money and are actively marketing, it is important to keep in mind Lean Startup Machine’s principle of Minimum Viable Product (MVP). This encourages entrepreneurs to put forth the least amount of effort required to get their ideas into production so that they can further fund their businesses by getting the “minimum viable product” to market.
Build an Online Reputation.
Before NASA launches a rocket into space, they need a launch pad. Having a solid online presence is crucial not only for generating buzz about your business, but also for maintaining and expanding your network. Establish your business via social media profiles like Twitter and Facebook and make sure that communication channels with your customers are established before you launch. This will allow you to manage your customer relationships and capture leads for future business.
Launch your MVP!
Okay, so now is the time to drop it like it’s hot; your business that is. But before doing so, we must make sure that you are prepared for the prosperity you are about to encounter. Key performance indicators (KPIs) and analytics can help illuminate which elements are most important to your business’s success and track the activity of potential and current customers. They serve as barometers for how your business is doing and what needs changing.
When it is time to go live, treat your launch like it’s an event. Tell the public about it, then tell them again and after they say “I heard you,” tell them one more time. Have a date and stick to it. Reach out to local media and on launch day, make sure to have live examples for people to see, touch, and use.
Your business is up and running and now, you are making money. Congratulations! But let not your diligence wane. Make sure that the value of your product or service is fairly priced and that it is easy for customers to purchase. Is everything flowing properly? Data is your business’s blood stream; study the numbers so that you can identify where to cut costs, anticipate future obstacles, and continue delivering the best product at the best value.
Now that you’re on your way, the cycle starts over. If you don’t have an entirely new idea, start improving on the previous one.
If you feel like you need some professional guidance, feel free to contact Blayzer, and we’ll help however we can.