So, you have an idea. Now all you need to do is turn it into a business. It all depends on how you handle things from now to the launch. If you manage to succeed in each of these next steps, you will have a significant chance of success. So, what are the key decisions that are going to help you get there? Let’s take a look at the steps you need before the launch.
Have an audience
Before you launch any idea, you need to verify it. That means making sure it has the potential for profitability. There’s one factor that plays a larger role that any. The market. Does your business have an audience? Does it have competitors? If it does, is there a unique niche it can fall into? Business ideas don’t have to just be ones that can sell. They need to be ideas that can compete.
Know what you need
Validity is about more than knowing how your audience is, too. It’s also about knowing how you’re going to facilitate your idea and what it will take to make it profitable. This is just one of the many reasons you should consider at least a broad-strokes business plan. Test it all out in your head and on paper before you give it a run in real life.
Know who you need
There are few businesses that only take one person to run. Even if you want to retain full ownership, it’s a good idea to have some others on your side. Some who can cover the gaps in the knowledge you don’t have. Your startup team should have people with select skills like an administrative superstar. And a business veteran who knows all the best tricks for getting investors and connections.
Building the hype
Now that you’ve got the idea, the plan and the team it’s time to stop navel-gazing. Instead, it’s time to start communicating to the outside world. Your product should never come out as a complete unknown. You should build hype well beforehand. It might be through producing a prototype and taking it on a tour. Or it could be through networking and talking with the right influencers. Make sure you have a site and that it’s visible. The fact is that people should be awaiting your launch, not caught off-guard by it.
Taking care of production
For a prototype, and for the launch, you’re going to need to have the production process underway. Have you thought about how your product’s going to actually get made? Have you looked at effort-saving processes like PU moulding? Have you found your suppliers and your space? If not, it’s time to start doing that now. A small business doesn’t need a huge production floor. Even a garage can be enough. It’s about the materials, organization and equipment, primarily.
The launch event
When you’ve got the product made and the hype built, then you announce and hold the launch event. You want your brand to shine through, but mostly you want people to have a good time to frame the business in a positive light. So consider using professional event planners to take care of all the hospitality. For you and your team, it should be about showing off what you’ve done and talking to as many people as possible. Trade business cards, make plans and follow up on them. Now is when you start the goodwill ball rolling.