You’ve come up with an amazing idea, but you don’t have a clue about how to turn it into a business? We’re here for you, mate! Here’s a list of things to do in order to make your dream come true.
Use idea matrices for B2C or B2B startups
Eric Stromberg, a former co-owner of the Oyster book service purchased by Google, has shared a B2C matrix on his blog. The matrix describes consumer markets, as well as tactics that a company can apply to produce a unique product for a particular market. Some cells contain examples of existing startups relevant to the topic.
Focus on the area for which you would like to create a product - or consider several of the most interesting sectors. If there are already competitors with a strong product in your category, then try focusing on other free niches.
Eric Stromberg also created a B2B matrix, which you should familiarize yourself with if you want to create a product / service for companies.
Developing a new product based solely on one’s own ideas about what the market needs can become a trap. It is better to firstly receive feedback from potential consumers, to monitor their reaction and willingness to purchase your product.
There are special resources for testing both the idea and the product at the initial stage. There, you can get advice from entrepreneurs, feedback from potential buyers and an idea of how the majority perceives the idea.
You can also use time-tested methods - for example, the Walt Disney method. Disney invented and used a method which he called Imagineering (combination of imagination and engineering). The idea was considered from three different positions: the dreamer, the realist, the critic:
- the dreamer has many diverse ideas and no barriers, criticism or censorship;
- the realist turns the ideas of the dreamer into something realizable, he thinks about the tasks;
- the critic considers the idea from the point of view of its problems, he cares how viable it is and whether the process of its implementation is worth it.
The SWOT analysis
Once you have made a fundamental decision (decided on what your business will do), you can proceed to the next step - choosing a strategy. At this stage, try to evaluate the market and the opportunities that it gives. Decide on your goals: both global and for a specific period. Conduct a SWOT analysis of your project by identifying its strengths, weaknesses, opportunities and threats.
- Strengths are the characteristics of your project that give you market advantages;
- Weaknesses are characteristics that put your business at a disadvantage;
- Opportunities are external elements that can be used in the interests of your project;
- Threats are elements outside the company that can become a source of problems.
If your idea is not new on the market and you plan to squeeze out competitors and occupy your own niche, try building a strategy and focus on your advantages. Highlight details that will be significant to the consumer and that may influence their choice in your favor.
Choose your staff
The next step is to decide who will bring your idea to life. Whether you will assemble your own team or use outsourcing services, the success of your project depends on this decision.
The advantages of gathering a team:
- you personally choose the ones who will implement the project;
- you can build a closer emotional relationship with the team and use an individual approach in terms of motivation.
One of the main disadvantages when looking for a team from scratch is the timing. It happens that the search for one employee often takes too much.
Outsourcing advantages:
- saving time on staff recruitment - everything will be done for you;
- all the main risks and responsibility for solving problems with the replacement and search for new personnel is borne by the outstaffing company.
The disadvantages include the risk of losing your entire team at once when terminating cooperation with an outstaffing company. In addition, mutual understanding with the team may not be at such a high level as in the case of full-time employees.
Gather and analyze feedback.
At this stage, you have already assembled your dream team, started to realize your ideas and got the first results - a minimally viable product.
This represents a product with a basic set of functions that will be enough in order to introduce your prototype to customers and receive feedback for further development. Naturally, collecting information through a minimally viable product will cost you several times cheaper than developing a product with wider functionality.
After creating it, your task is to test it with the use of minimal resources, so you could understand the market’s reaction, as well as get a profile of possible customers. Then, you’ll make the necessary changes to the product, as well as to its presentation, based on the information received.
Now, everything is ready. The adjustments to the marketing strategy, the constant collection of feedback, improvements and changes in the product and the promotion of your project are your future.
We wish you good luck!
