Tips for Starting a Business

Tips for Starting a Business

Have you thought of an amazing business idea, but you don’t know what to do to make your dream startups into reality? If you have tried starting a business and growing it into a successful company, you know that having a great idea is the easy part. However, by following a few simple steps, you can make this process easier and move into business success quicker.

Conduct a Market Study

Your idea may be unique, but chances are that someone is offering substitute, complementary or similar products or services. Therefore, you need to conduct some market research. First, is there a market for what you want to offer? Look at your potential competition and analyze their financials to determine whether your product can be profitable. Also, determine how large your market is. If the market is small, look for ways to expand it, such as changing your idea so it appeals to a broader market.

Create a Rough Plan

After you conduct your market research, you need to develop a rough plan. State your idea. What product or service will you offer? Draw it out if it is a product. Then, identify your target market and how you plan to reach it. Identify what you will need to get started and how quickly you hope to grow. Set logical, reasonable goals, and if you surpass them, great!

Start Collecting a Great Team

It should be a relief to know that you don’t have to do everything yourself. Soon after you develop your rough plan, you should start searching for key team members. These are individuals who can help you develop a formal business plan and who have the knowledge you lack.

Search your alumni networks and platforms like LinkedIn for ideas and suggestions on prospective team members. Don’t forget to look for a mentor and advisors with industry and experience with startups. If you cannot pay these individuals upfront, you may consider deferred payments or giving them equity stakes in the company so they will make money over time.

Build Your Business Plan

Your business plan is a more formal document than your rough plan. It will include detailed descriptions of your product, sales methods, key employees and business strategy. It may also include your mission and vision. Don’t forget to include your market research and projected profits, if available. This plan will keep you going during challenging times and can be shown to banks and investors to gain financing. It should be comprehensive.

Build Your Product

As you develop your formal business plan, build a minimum viable product that you can share and test in the market. Request feedback from all initial buyers or testers.

Your startups are just a few steps away. It won’t be easy, but consider the benefits of turning your dream into a reality. Contact Green Apple Funding today, we are more than happy to help!