So, you’ve got a great idea for a business … Now what?

Have you got a great idea for a startup, but you just don’t know where to start? 

If you’re ready to enter the exciting world of entrepreneurship, then firstly – congratulations! But how do you ensure that your idea is both profitable and viable in today’s market?

Well, keep reading to discover the 9 things you need to think about and ask yourself before launching your business!

 

1. WHAT PROBLEM DO YOU INTEND TO SOLVE WITH YOUR IDEA? AND WHO IS YOUR TARGET AUDIENCE?

It’s all well and good to have a great idea for a product or service that you’re passionate about, but you must first consider what PROBLEM it’s trying to solve, and if your solution is going to be viable for your customers. Taking the time to conduct market research can help to determine if your idea is worth pursuing. This means creating short surveys, or interviewing those who you believe would be the consumer of your product or service, and hear their feedback. We recommend that you don’t just stick to asking just your family and friends, as their feedback may be biased purely because they want to support you. 

 

2. DOES YOUR IDEA ALREADY EXIST? IF SO, HOW WILL YOU DO IT DIFFERENTLY? 

There are so many different startups out there today, so it’s important to perform competitor research and find out if there’s already a business (or businesses) providing the same solution as you. There’s more than enough room for everyone if there is, however, it’s important for you to stand out!

The best thing about conducting competitor research is you can find out what’s working, what’s not, and find a gap in the market that could be filled.

Ask yourself: What will be unique about my offering or the way I intend to do business? Is there a new way I could provide this service that hasn’t been done yet? 

 

3. HOW WILL YOU MAKE MONEY?

Something many entrepreneurs avoid thinking about is how they’ll make money. Considering how much you’ll charge for your product or service can be a scary thought, particularly if you don’t want to turn potential customers off. However, it’s important to lean into the discomfort of this process and do your research, so that you don’t charge too much, or even worse – too little, for your offering. Consider the type of revenue model you want to use for your business, will it be direct sales, a subscription model, or something else?

 

4. START BY LAUNCHING A MINIMUM VIABLE PRODUCT (MVP) 

The biggest mistake founders make when it comes to their business development is building the wrong thing, or finding that what they’ve built doesn’t actually suit their needs or their audience! A common practice in the world of startups is to develop a minimum viable product or MVP. This allows you to build and launch a cheaper, less advanced version of your product or service, so that you can gain customer feedback and improve your idea as you go. Changing your idea once it’s fully developed is costly, so while this process can be time consuming, it will potentially save you thousands of dollars down the track!

 

5. SEEK FEEDBACK AND VALIDATE YOUR IDEA 

The process of validating helps you to de-risk your idea by putting your customer at the heart. When you understand who the end consumers are and what they want, need or care about, you are no longer “guessing” or assuming that your idea will be successful. And if your idea isn’t viable, you know what adjustments are needed and you can change your idea accordingly.

And this is where seeking customer feedback from your MVP can go a long way, because you can make improvements to your offering as you go, so that when it comes time to launch your final product, you know it’s both needed and wanted by your target audience!

 

6. GET INTO THE MINDSET OF BECOMING YOUR OWN BOSS

There’s a significant difference between becoming self-employed, and working as an employee for a company. Suddenly, you’ll find yourself moving from an environment of being “managed”, to having to make each and every decision (no matter how big or small), for your business. This takes a lot of passion and courage, but with the right support around you, you’ll be sure to grow in confidence as you go along!

Take the time to consistently “step back” and reflect on your business, to ensure that you stay on track and continue to work with your end goal, and end-consumers in mind. Creating a productive and disciplined work environment is also paramount to your on-going success.

 

There are a number of important factors to consider before launching a startup, and while these things we’ve mentioned can feel daunting or scary, we recommend just focussing on one thing at a time.

Read the full article here: https://startupgippsland.com.au/so-youve-got-a-great-idea-for-a-business-now-what/

Startup Gippsland

- Startup Gippsland

Startup Gippsland is a collaborative project by the Bass Coast Shire, Baw Baw Shire, East Gippsland Shire, Latrobe City, South Gippsland Shire and Wellington Shire councils. Its aim is to support entrepreneurs who have business ideas that can scale to a national or international level.

Startup Gippsland has 3 programs to support startups at different life stages:
- A Incubator Program for early-stage startups to focus, validate and grow their business or idea.
- A Accelerator Program for later-stage startups to prepare their business for scale and international expansion.
- A Open Program of one-off events for startups at all stages to learn business fundamentals like business modelling, pitching and exporting.

To find out more about Startup Gippsland and each of the programs, head to www.startupgippsland.com.au
If you have questions about the program, your idea and eligibility, or the application process, then email us at hello@startupgippsland.com.au or call us on (03) 5644 3321.

Startup Gippsland is funded by the Department of Industry, Science, Energy and Resources, and delivered by GippsTech.

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