Virtually every business has started from an idea that has been put into practice by the actions of the individual. In this day and age with globalization and the digital world that we live in that business idea needs to be researched thoroughly to ensure that it has a good chance of it being a success.
Once the idea seems feasible then the business research should start. The first mistake to make is to rush into that business without having a clear plan in place to launch the business.
On line Research
Find out what the international trends are and research the products and services that you have in mind through the internet. There are lots of ways of doing this and the first is to research companies that are doing a similar business. Establish what services they provide, what their delivery and payment terms are. How you can fit your idea into that and ways of offering something unique to give you the edge over your competitors.
The best way to find what the trends are is to join social media sites and establish if your business idea is trending through the various sites. Social media sites that use photos, and incorporate web sites is a sure way to conduct the business idea research because not only do you see what the trends are but how the different companies present and brand themselves.
If it is an idea that will not be used on line but a service or products within the a town or community one can still use the internet to confirm if the idea is a good one by seeing what response one will get through forums, social media and even blog. Search for companies within the idea that you might have on the social media sites as most of the modern companies advertise through social media as well. What makes this an effective way is that one can see how many followers there are for a particular company in that niche.
Research from other sources
Most countries have Institutions and resources in place for new entrepreneur to do their market research such as business schools, libraries and in some cases Universities. A good place to do research is at trade shows and see what is on display and how the public are receiving all the different new ideas being launched in the market. Reading business magazines because most industries have magazines that are used for advertising purposes.
Establishing the Business Plan
Once the research has been completed then the business plan can be done. By now one will have a very good idea what the competitors are offering and how the new venture can offer it’s products within that niche. Establishing the niche market is important as one does not want to waste time and finances on a market that would not respond positively to the particular idea.
The business plan at this stage will move into what is required to get the idea alive and start launching it. How much funds would be required to start the business and how quickly one would start seeing return on investment. These are important because if a startup is looking for funds the cash flow requirements are essential to operate daily.
The new venture will also need a clear plan in the business plan how the products or services will be launched. Either through advertising on the web, flyers, radio or TV. The startup will need to plan for a period of slow growth because most businesses take time and a lot of hard work to get to the stage where it is self-sustainable.
It is also important to be prepared for unforeseen stumbling blocks. If the startup thinks that after the research the plan is not going successful there should be contingency plans. Some people will scrap the idea completely but that is not necessarily the answer. In all businesses there needs to be changes of plan at times but as long as these risks have been thought through they can be managed and still present a successful solution.
Startups and Entrepreneur
As a startup the most daunting thing now that you have a good idea how you would like to launch it is to find the finance to put it all in place. As a startup the chances that you have enough cash to get the business operating is slim and therefore one needs to find an investor.
Investors are in this day and age easy but at the same time more difficult because of the many angel investors out there. The angel investors will probably find the startup first but if that happens be sure to do the due diligence of that particular investor. There would be nothing worse than getting your idea launched and then the investor is unable to support your project at a later stage. Do all the necessary PR and brand promotion even before you launch you idea.
To get an investor interested you not only need a sound business plan but also why the particular products or service will be successful. Make sure that you have a good pitch to sell the idea should you happen to come across someone who would like to invest in your idea.
To establish a good relationship with an investor requires good communication. Communicate with the investor straight away because they are important to your business and would be unwise to put them on hold or ignore their emails. This would create trust between you and your investor. Honesty is also very important because the investor would like to know exactly what results are being achieved and what problems the startup or entrepreneur are having. This is not necessarily a bad thing especially for startups because most investors will have experience with business and could give good advice on how to solve problems.
As a start up or entrepreneur there are opportunities out there for unique ideas and investors are available to help you get them off the ground and with good research and business plan you could have a successful business.