What Do You Do Next For Your Business Idea

What Do You Do Next For Your Business Idea

So you have a great business idea…

What do you do next?

I will explain in this post how to evaluate a business idea and explain what the first steps to starting a business is.

I will also identify some sources for funding your new business startup.

How to Evaluate a Business Idea

The first thing to do when you get a business idea is to determine whether it’s a good idea.

Not every idea that seems good at first is practical.

And some business ideas have no market.

You will need to do some research to evaluate your business idea.

Here’s a checklist of questions you can use as a guide:

·         Is there a need for this product or service? 

 

Some of the most popular products and services meet a need that people currently have.

 

The product or service may improve upon or complement an existing product or service, or your idea may be a completely approach to meeting a need.

·         Is there a desire for this product or service? 

 

Sometimes some of the most popular products are desire-based rather than need-based.  

 

That means that someone is purchasing the product because they want to.

 

A few needs-based reasons for a purchase include to increase status or to follow a trend.

 

·         Who is currently meeting the need for this product or service? 


product or service

 

Answering this question gives you a start on evaluating your competition.

 

You need to know not only who your competitors are, but also how many of them there are.

 

Don’t forget to consider indirect competition.

 

·         Who will buy this product or service? 

 

Find out who your typical customer is likely to be.

 

This may involve conducting surveys, testing the waters, finding a focus group, and more.  

 

The better your understanding your potential customer, the more likely you are to create a successful business.

 

·         How big is that market? 

 

You may have a great business idea.  

 

It may even be brilliant.

 

But, if the market for your idea is very small, your business might not be viable…  

 

And that is unless people are willing to pay a premium for your product or service.

 

Which brings us to the next question.

 

·         How much are people willing to pay for your product or service?
 
 

 Products and Services

 

Your intake from your product or service needs to cover your costs and should include a healthy profit.

 

So remember, that even a small niche market can be profitable if potential customers are willing to pay you enough money.

 

·         How hard will it be to implement the idea?  

 

Understand, some ideas are easier to implement than others.  

 

When answering this question, take into consideration the amount of time it will take you to launch your business…

 

As well as, whether or not you will need to hire someone to help.

 

After doing your research, you should be able to tell whether you want to continue on and develop your business idea.

7 Startup First Steps

Start up first steps

What steps should a web designer take when starting a new venture?

Here’s a brief overview of the seven steps it takes to start a business:

1. Research. 

You have already gotten started on your research with the questions from the first section of this post.

2. Plan. 

A business plan outlines how you will proceed and can be crucial to finding funding.

3. Fund. 

Many business ideas require funding.

Fortunately, there are new sources of funding available.

4. Develop. 

You are ready to put your idea into motion.

5. Test. 

Many new business start with a trial or beta in the software world to test their idea and remove any problems.

6. Market. 

Even the best business ideas need to be promoted to attract the customers you need.

7. Evaluate. 

Whether your idea was a success or a failure, it’s important to stop and review what you did.

Now that you are familiar with the first steps that you should take with a new business…

Let’s go into a little more depth on the one area that many new business owners struggle with and that is finding funding.

Finding Funding

Finding Funding

Another crucial step in starting a business venture is finding funding.

The lack of the funding stops many would-be entrepreneurs before they really get started.

Here are some potential sources of funding for startups that are in no particular order:

·         The Bank.  

 

This is probably the first source of funding that most people think of.

 

Banks often offer the lowest interest rates for business loans.

 

To get a small business loan it helps if you have a proven record of business success.

 

The bank will also check your personal credit history if your business does not have a credit history of its own.  

 

You may need to check with more than one bank.

 

·         Angel Investors or Venture Capitalists. 

 

Angel investors are wealthy individuals who support startups.

 

They are similar to venture capitalists, which are sometimes firms rather than individuals.

 

Both types of financing are looking for high returns on their investment.

 

They may even want to take a role in making your business decisions to assure that return on their money.

 

crowdfunding

 

·         Crowdfunding. 

 

A new type of funding for startups is known as crowdfunding.

 

The concept is that a large number of investors purchase a very small stake in your company or donate to it.

 

The founder of a crowd funded company usually retains control of the company.

 

This type of investing is still in the pioneering stages.

 

Two examples of crowdfunding sites are Kickstarter and Indiegogo.

 

·         A Rich Family Member. 

 

Maybe you don’t exactly have a rich family member…

 

But you may have friends and family who are willing to invest in your business. 

 

For many startups and entrepreneurs, this is the first step in finding financing.

 

The support of friends and family can be crucial for some.

 

But if your company doesn’t succeed, your friends and family know where to find you. 

 

Just joking, kind of.

 

·         Self-funding. 

 

You may not be rich, but you may have some savings that you can sink into your own business idea.  

 

But if your idea has relatively low startup costs, this may be the way that you want to go.

 

The biggest advantage of self-funding is that you retain complete control of your brand new company.

How to Find Good Business Ideas — with Ramit Sethi

Have you taken a great business idea and developed it into a full-fledged business?

What advice would you give to others?

Tell us how you did it in the comments.

Here is another good blog to read: You Have a Great Idea. Now What Do You Do?

Read my latest blog on: The First Step of An Entrepreneur’s Journey Are Business Ideas

(NOTE: We are about to change the industry in a BIG way. [High Ticket] deal pay up to 60% over 3 tiers in referrals. You can earn $37, $67, $127, $270, $900, $4500, $7650, $12,600 in commission. 60 income streams! 19 are residual! The best part is, I was assigned a coach who closes all my sales FOR ME 🙂 What’s really cool about this is that as soon as a new member joins. They are assigned their own coach who will close their leads and sales FOR Them. <—(Read That Again) Right now you can check out the system for a $1 trial which gets you access to everything. Go Here To Learn More.DA Aspire learm more now

Click here for reuse options!
Copyright 2016 Maria Barina Live
(Visited 18 times, 1 visits today)

About Maria Barina

Maria Barina is a mother and grandmother who worked for the NYC Board of Education as Laboratory Specialist Bio/GS for 26yrs till the age of 56. Her husband, after 37 of marriage, passed away from Lung Cancer. She came to myEmpirePRO to seek guidance on how to get freedom that an online business can provide. Freedom to her is being able to do what she wants, when she wants to and to show others they can do the same to. Since she done that she is able to do this by working anywhere she goes and became a mobile-prenuer

One thought on “What Do You Do Next For Your Business Idea

  1. Pingback: How Do You Protect Your Business Idea? | Maria Barina Live

Leave a Reply

Your email address will not be published. Required fields are marked *

*