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7 Steps to Turn an Idea Into a Successful Business

As Albert Einstein once said, “In the midst of every crisis lies great opportunity.” In the business world, every successful idea and venture has stemmed from an opportunity — a circumstance that someone acted upon. For some, this idea stemmed from a problem or, as Einstein said, a crisis. For others, it stemmed from a passion. Inspiration can hit us at any moment, but it’s what we do with our ideas that transforms our world.

As entrepreneurs, we see the world through a different lens. Rather than seeing challenges, we see opportunities to revolutionize an industry. One such opportunity came during my time as a baseball coach.

I realized that after an athlete’s lesson or training session ended, conversations with the athlete’s parents were focused more on the monetary transactions than on the improvements of the player. This was my spark of inspiration — my opportunity.

I’m a firm believer there is a better way than the status quo, so I set out to solve this problem. I executed on this opportunity and built Bookacoach, now Upper Hand, to make it easier for coaches and trainers to manage their business so they could focus on doing what they love: developing athletes.

So, how do you replicate this method? How do you turn a simple idea in your head into a successful business? You must first understand how to execute on your idea to build a successful company. While each business has a unique story, these seven steps are fundamental across all businesses.

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How to turn an idea into a successful business, do your homework: become a student of the game.

The critical first step in the process is to do your homework. Much like an athlete must study the rules of the game, their opponents and their technique, you must become a student of your game. It is important to gain a comprehensive understanding of both the opportunities and challenges of your business and the industry before you take the plunge.

For business owners, it is important to identify the market need for your product or service. Research conducted by CBInsights found the No. 1 reason why small businesses fail is because there is no market need. By monitoring your industry, your competitors and prospective team members, you can have a true understanding of the problem of consumers as well as the gap in the market that creates opportunity.

Make decisions: Don’t wait until it’s too late to get moving

While it’s necessary to do your homework, you cannot wait until it’s too late to get moving. One of our core values reads, “When you are 70% certain, decide.” If you wait until you are 90% certain to make a decision, you have simply waited too long.

When it comes to marketing your product or service, it is important to value the power of real customer feedback to refine your product or service. Looking back at my own entrepreneurial experience, my advice is to begin selling faster. You will gain much more valuable insight putting your product in front of your consumers and iterating as fast as possible than you will perfecting your business plan from the start.

Related: How to Validate Your Business Idea in 30 Days (or Less)

Remember you can’t improve what you can’t measure.

Without setting clear, measurable goals, you cannot track your progress. You are relying solely on assumptions to drive decision-making. For example, in the sport of golf, if you don’t keep score, how will you know if you are improving? Sure, you can hypothesize based on your improved technique or how you felt about the day, but in order to truly define progress, comparing scores is essential.

Likewise, in business, it is imperative that you define clear and tangible goals that allow you to monitor your progress. Whether these goals are weekly, monthly or quarterly, you should regularly review these measurables to gain insight into your business success. How many people visit your website each week? How many of those people converted to customers?

Remain process-oriented

When building a business from the ground up, it is critical you remain process-oriented. Instead of aiming to get from A to Z right out of the gates, focus on getting from point A to point B, then point B to point C. By directing your energy to one task at a time and doing it well, you make a little progress toward your ultimate goal each day. Furthermore, there are bound to be obstacles along the way. Having a process-oriented mindset will allow you to see those challenges as steps along the business journey, contributing to your business success.

Expect the unexpected

No matter how much research or planning you do, you must always expect the unexpected. The key to handling unpredicted crises is to focus on controlling what you can. One way to mitigate the effects of a crisis is to develop a plan of action for how you will handle any potential roadblocks.

The pandemic is a prime example of an unexpected challenge that businesses across all industries over the past year faced. However, successful businesses were able to pivot their offerings as well as their business structure to accommodate remote work , increased health and safety concerns and changing consumer needs. Being proactive to remediate risk not only helps you execute on your business plan, but it also helps you build and maintain customer trust.

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Trust the data.

Access to accurate and real-time data not only allows you to glean insights into the success of your business at the present moment, but it can also be used to guide decision-making. When building a business, this data is especially useful in visualizing business KPIs and detecting impending growth blockers. It is imperative you trust this data as you build your business.

Above all, believe in yourself

Building a business from the ground up is no easy task. It all begins with believing in yourself. If you don’t believe in yourself, how can you expect anyone else, from your friends and family to potential investors or colleagues, to believe in you?

As Jon Gordon said, “Talk to yourself more than you listen to yourself.” Talking to yourself like a champion will empower you to be a resilient, confident leader of a company. Those with high levels of self-efficacy — the belief in your ability to complete a task — don’t just think about the ideas, but they are also able to execute on them.

Key takeaways on turning an idea into a successful business

Remember, it’s not an idea that will transform the world — it’s what you do with that idea that will instigate change. When inspiration strikes, it is critical that you have the right tools and mindset to enact on opportunities. From researching the market to getting your product in front of your consumer, it is important you understand the value of data, feedback and tangible goals to help ensure you are on a path to success.

So, in the midst of a crisis, or when an opportunity presents itself, how will you be prepared to challenge the status quo?

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Business Tips

Turn your idea into a business: strategies and tips, may 15, 2023.

Investopedia reveals a concerning trend in the business world: a high failure rate among new ventures. Statistics indicate that a significant portion of businesses face adversity, with 20% experiencing failure in their first year. Furthermore, the rate increases to 50% in five years and an astounding 65% within a decade.

These statistics underscore the difficulties faced by new ventures over an extended period. To withstand these challenges and set your idea for long-term success, it’s essential to prepare yourself with expert tips and strategies, and advice that have proven to be effective. 

Strategies and tips that can help you to turn your idea into a business

Within this segment, we will present concise strategies and tips that will help you to turn your idea into a business.

Business planning and strategy

A crucial step in turning your idea into a business is developing a comprehensive business plan. This plan serves as a roadmap, providing a strategic framework to guide your actions and decisions. It outlines your vision, mission, and goals, while also delving into market research, competition analysis, and financial projections.

Having an understanding of your target customers is essential for customizing your products or services to address their requirements. Conduct thorough market research to gain insights into your target audience’s demographics, behaviors, and pain points. This knowledge allows you to develop targeted marketing campaigns and establish meaningful connections with your customers.

Creating a unique value proposition sets your business apart from competitors. Identify what makes your offerings special and how they address your target market’s needs distinctly and compellingly. This differentiation will help attract and retain customers in a competitive market.

Setting clear goals is essential for driving your business forward. Establish specific and measurable targets that align with your overall vision and mission. Make sure your goals are SMART (Specific, Measurable, Achievable, Relevant, Time-bound) to provide clarity and enable effective tracking of progress. Break down your goals into actionable steps and regularly monitor your performance to stay on track and make necessary adjustments along the way.

Building a strong foundation

Choosing the right business structure is a crucial step in setting up your venture. Consider the various options available to you, which encompass sole proprietorship, partnership, corporation, or the formation of a limited liability company (LLC). Each structure has its advantages and legal considerations. 

For instance, forming an LLC provides flexibility, liability protection, and potential tax benefits. It is worth researching the lowest LLC filing fees and understanding the specific requirements for starting an LLC in your state, such as how to start an LLC in Arizona .

Securing funding is often a challenge for new businesses. Explore different funding options, such as bootstrapping, loans, grants, or seeking investors. Develop a comprehensive business plan and financial projections to present to potential investors or lenders. Furthermore, it is worth exploring alternative avenues for funding, such as utilizing crowdfunding platforms or engaging with business incubators.

Bringing together a skilled and capable team is pivotal for the prosperity of your business. Identify the key roles and skills required to support your operations. Create job descriptions, conduct thorough interviews, and assess candidates based on their qualifications, experience, and cultural fit. 

Establish clear and standardized operating procedures (SOPs) to maintain a consistent and efficient approach in your daily operations. Implement reliable systems for financial management, inventory control, and customer relationship management. Leverage technology to automate routine tasks, enhance productivity, and improve decision-making.

Moreover, complying with legal considerations is vital for operating your business smoothly. By engaging legal expertise, you can ensure that your business remains adequately protected and fully compliant with regulatory requirements specific to your industry and location. This involves obtaining the necessary licenses, permits, and insurance coverage, which reliable lawyers can assist you with.

Branding and marketing

Direct your focus towards creating a captivating brand identity and messaging that deeply connects with your target audience. Clearly define your brand’s values, mission, and unique selling points. 

Craft a compelling brand story that sets you apart from competitors and connects with your audience. Consistently reflect your brand identity across all touchpoints, including your logo, website, and marketing materials. A strong and authentic brand identity builds trust, fosters customer loyalty, and attracts new customers.

Next, implement effective marketing strategies that encompass both online and offline approaches. Tailor your strategy to your target market and business goals. Consider content marketing, email marketing , SEO , public relations, events, and partnerships. Careful planning, execution, and measurement of these strategies are vital for maximum impact and return on investment.

Leveraging digital marketing channels and social media platforms is crucial in today’s business landscape. Develop a digital marketing strategy that contains social media marketing, search engine marketing, influencer marketing, and online advertising. 

Identify the channels that strongly resonate with your specific target audience and generate compelling and pertinent content that fosters awareness, engagement, and conversions. Use analytics and leverage data-driven insights to enhance the effectiveness of your digital marketing endeavors and achieve superior outcomes.

Remaining informed about the latest marketing trends and technologies is crucial in the rapidly evolving digital landscape. Continuously evaluate the performance of your marketing initiatives and make necessary adjustments. Explore emerging technologies like AI and marketing automation to streamline processes and enhance personalization. Building strong customer relationships through exceptional experiences is vital for fostering brand loyalty and driving growth.

By synchronizing your brand messaging and marketing strategies with the requirements of your specific target audience, you can establish a strong brand presence, cultivate awareness, and realize business growth.

Sales and customer acquisition

Prioritize customer satisfaction and strive to deliver exceptional experiences at every touchpoint. Establish trust by providing transparent and honest communication, delivering on promises, and addressing customer concerns promptly. Cultivate a customer-centric culture within your organization to promote loyalty.

Train your sales team on effective selling techniques and equip them with the necessary tools and resources. Encourage active listening and understanding of customer needs, and tailor your sales pitch accordingly. Leverage storytelling to engage customers emotionally and demonstrate how your product or service solves their problems or improves their lives. Continuously refine your sales techniques based on customer feedback and market trends.

Customer feedback is a valuable resource for improving your sales and overall business performance. Actively seek customer feedback through surveys, reviews, and direct interactions. Analyze this feedback to identify areas for improvement and implement necessary changes. 

Operations and growth

Efficiently managing day-to-day operations and growth, as outlined in your operational business plan , are critical factors in turning your idea into a thriving business.

Establish clear processes and workflows to streamline tasks and maximize productivity. Delegate responsibilities effectively, ensuring that each team member understands their roles and responsibilities. Leverage technology and automation tools to simplify routine tasks and reduce manual effort. Regularly assess and improve operational efficiency to optimize resources and enhance overall performance.

As your business gains momentum, scaling becomes a key consideration. Explore growth opportunities by assessing market demand and identifying areas where expansion is viable. Evaluate options such as entering new markets, diversifying product or service offerings, or partnering with complementary businesses. Conduct thorough market research and financial analysis to make informed decisions. Implement effective project management practices to ensure successful execution during the growth phase.

Monitoring key performance indicators (KPIs) is crucial for tracking the progress of your business. Common KPIs include revenue growth, customer acquisition and retention rates, profitability, and operational efficiency. Leverage data analytics and reporting tools to gain insights into your business performance. Make data-driven decisions by analyzing trends and patterns to identify opportunities and address challenges. 

In addition to keeping track of KPIs, it is crucial to remain well-informed about industry trends and the evolving market landscape. This enables you to adapt your strategies, stay ahead of the competition, and seize new growth opportunities .

Efficient day-to-day operations and strategic growth planning are vital for transforming your idea into a  business. Focus on managing operations effectively, explore growth opportunities, monitor key performance indicators, and make data-driven decisions. 

Financial management

By focusing on budgeting, cash flow management, expense tracking, and seeking financial advice, you can ensure financial stability and optimize profitability.

Develop a comprehensive budget that outlines your projected income and expenses. Take into account both immediate and future objectives and allocate resources in a manner that aligns with them. Regularly review and update your budget as circumstances change. Utilize forecasting techniques to anticipate future financial trends and make informed decisions.

Monitor your cash inflows and outflows diligently to ensure you have sufficient funds to cover expenses and meet financial obligations. Implement strategies to accelerate cash inflows, such as offering incentives for early payments or optimizing your sales and marketing efforts—control cash outflows by negotiating favorable payment terms with suppliers.

Implement robust accounting and financial systems to accurately record and categorize transactions. Conduct periodic evaluations of financial statements, such as profit and loss statements and balance sheets, to gauge the profitability and financial stability of your business. Identify areas where expenses can be reduced or optimized to enhance profitability.

Gaining insights and guidance from financial professionals, such as accountants or financial advisors, can prove invaluable when seeking financial advice. They can assist you in interpreting financial data, recognizing potential risks, and formulating strategies to enhance your financial position. Collaborate with them to create financial forecasts, analyze investment opportunities, and mitigate financial challenges.

Maintaining good financial management requires discipline and dedication. Stay informed about tax regulations, legal obligations, and industry-specific financial requirements. Implement internal controls and processes to safeguard your business’s financial assets and prevent fraud. Regularly conduct financial audits to ensure compliance and identify areas for improvement.

Risk management and adaptability

Identifying and mitigating potential risks is a proactive approach to safeguarding your business. 

Complete a comprehensive risk review to identify potential threats and vulnerabilities. This includes analyzing market conditions, regulatory changes, competitive landscape, and internal factors. Formulate backup plans and strategies to mitigate risks and reduce the potential impact on your business operations. Regularly review and update these plans as new risks emerge or circumstances change.

In today’s dynamic business environment, embracing innovation and adapting to market changes are crucial factors in staying competitive. Encourage employees to generate and explore new ideas, products, and services. Stay updated on industry trends, technological advancements, and changing customer preferences. Embrace innovation by incorporating new technologies, processes, and business models that can give you a competitive edge.

Adaptability is crucial for surviving and thriving in a rapidly changing market. Monitor market trends and customer feedback to identify areas where adaptation is necessary. Be open to feedback and listen to your customers’ needs and preferences. Flexibility and agility in responding to market changes can help you seize new opportunities and address emerging challenges. Continuously evaluate your business strategies and make necessary adjustments to align with evolving market dynamics.

Cultivating a culture focused on continual improvement is crucial for achieving long-term success. Encourage learning and professional development among your employees. Provide opportunities for training, skills enhancement, and knowledge sharing. Regularly evaluate your business processes and operations to identify areas for improvement. Encourage feedback and suggestions from employees, customers, and stakeholders. Implement performance measurement systems to track progress and identify areas where efficiencies can be enhanced.

Risk management, adaptability, and continuous improvement are interconnected pillars of business success. By identifying and mitigating risks, embracing innovation, and fostering adaptability and continuous improvement, you can position your business to navigate challenges and capitalize on opportunities.

Turning your idea into a business requires a strategic and well-informed approach. By implementing the strategies and tips discussed in this content, you can navigate the challenges and maximize the opportunities that come with entrepreneurship.

Stay committed, remain adaptable, and continuously seek knowledge and expertise to fuel your entrepreneurial journey.

More must-read stories from Enterprise League:

• Find out how to get more customers for your business in a unquie way.
• Innovative small business growth tips that will take you to the next level.
• What do successful people sacrifice in order to achieve their dreams .
• Find out how having age diversity in the workplace can improve your business .
• The best apps for entrepreneurs that will help you achieve your goals.

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From Idea to Business: Essential Steps for Turning a Concept into a Startup

Anurag Paul

Turning an idea into a successful business isn't a smooth journey. While the initial idea is crucial, the path from concept to implementation is challenging. It involves meticulous planning, strategic thinking, and determination. Entrepreneurs face multiple phases and obstacles, making the process daunting.

There's no one-size-fits-all formula for a successful startup, but essential steps exist. Conducting thorough market research, identifying target groups, and assessing feasibility are vital. This stage sets a strong foundation by defining the goals and reasons for the business's existence.

Collaboration and brainstorming refine the original idea. Regular feedback from mentors or potential consumers helps improve it. As you progress through the conceptualizing stage, your idea transforms into a tangible blueprint for your business.

Research and Planning

Conducting serious studies on changing an idea into a business is essential. It starts with an extensive analysis of the market. It includes segmentation of the target market, assessment of preference patterns and behavior among the target market, as well as analysis of trends in the industry. It is then essential to come up with a good business plan only after thoroughly researching the market.

The company's goals, revenue sources, sales strategies, or estimated costs should be detailed. Business plans provide the best road map to make crucial decisions and secure needed funding. Additionally, one should look into any legal restrictions that might affect the transition of an idea to a profitable business.

For instance, it may involve acquiring relevant permits and licenses, adhering to tax guidelines, etc. At last, transitioning an idea into business entails paying close attention and assessing everything in view. It is essential to have a flexible plan that considers everything. It will improve the chances of a successful transition period.

Building Your Team

To build a team, you must first establish what positions you should have on board for your concept to work perfectly. These could be experts in marketing, finance, technology, and other aspects necessary for running a successful business. Afterward, look for people with the required skill set and those with the same vision and mission as the organization.

There is also a need to consider the compatibility of individuals within a team alongside other technical qualifications. When challenges come, a united squad communicating well can conquer them better. It would help if you assembled a dream team, which takes time and energy, but finding the right individuals will contribute immensely to ensuring your business venture's success. When you are building a team, you must know the art of influential leadership .

Product Development

Business idea development and implementation are integral to making a successful product. It refers to converting an abstract idea into tangible products that meet the end user's demands. It is essential to plan, do market research, and have a clear understanding of the competitive environment.

The first stage involves deeply examining the idea while determining its feasibility. Here, it entails assessing elements like demand for a product in the market, competitive advantage, possible dangers, and other resources necessary in the execution process. You can build a good business strategy, including targets, approaches, schedules, and financial forecasts.

After setting up the basis, one can concentrate on product creation. It entails developing models, also known as prototypes/minimum viable products (MVPs), which are tried out on prospective customers who provide feedback that is used in subsequent iterations. Every time you test and improve it, there is critical information that informs and makes your product better before launching it officially.

Apart from intangible development functions like design and process, implementing business ideas involves preparing effective marketing plans to attract prospective clients and build a good brand image for your product. Also, it becomes crucial to explore the top online learning platforms so that you can learn more about product development.

Funding Your Startup

Any startup requires funding, as this is the vital fuel or power that makes the idea real. Raising enough funds is critical when taking a business from an idea to a market as an entrepreneur. Funding is usually done through bootstrapping, loans, grants, angel investment or venture capitalism.

Knowing your business model and financial forecasts is essential before you look for funds. It will assist you in determining the amount of capital you want and give investors confidence about using your investment.

You should research various funding possibilities and choose one that works well for your goals and budgetary constraints. As such, when trying to get seed funding from angel investors or venture capitalists, be ready to sit through a few pitching sessions about presenting your product or service and your team.

It should, however, be noted that the search for funds may take time and will involve various denials until a good match is found. Be patient and continue adjusting your pitch until you achieve success. From concept to business, be diligent and steadfast about acquiring vital supplies that will shape your dreams into profitable business startups.

Launching Your Business

After coming up with a concept for starting a business, the critical thing is to implement it. It is the implementation of your innovative idea that will give value to customers, helping you earn some money. Success in this process, however, takes time and deliberate steps.

You must ensure the product is viable and that competitors are on the market. It can assist you in understanding the dynamics in the market, the need for your product or service, and competition. Draft a strong business plan, indicating your intended targets and how they will be attained.

One is supposed to get capital through investors or loans to cater for things like product advertisement, production costs, and the wages of employees, respectively. More so, it is worth noting that building a competent team with a similar perspective will be instrumental in ensuring you implement the ideas successfully.

These parts need to be put together and finally launched. However, even after starting your business, it is essential to remember that you will still be faced with new hurdles and emerging opportunities. However, idea implementation implies much more than just a good idea. It includes extensive research and decision-making aimed at a thought-out execution plan.

Growth and Scaling

In every firm, growth and scaling are the main objectives that a company's business concepts should have while being executed. Businesses must be guided by a clear vision as well as an articulate strategic plan to achieve it. It involves targeting specific markets, determining customer needs, carrying out market surveys, and creating a unique selling proposition that establishes its superiority against competitors.

Also, such companies must keep changing their operations strategies to be more competitive. Many growing businesses experience positive expansion prospects with entry into other markets and the introduction of extra goods and commodities.

To successfully grow their businesses, they must strategically invest resources like money, people, and technology. Any growing and successful business model needs meticulous planning, smooth operating procedures, clear communication lines across diverse teams or departments, and a top management system designed to inspire excellence in its people.

Flexibility in a scale-up is imperative, enabling the business to adapt quickly to various market changes. In executing business concepts, new ideas must be introduced into markets, managed correctly, and adapted to available resources. After a company attains this level of competitiveness, it becomes possible for it to realize sustainable growth and scalability in today's competitive business environment. Moreover, you must research and go through the best examples of inbound marketing that can help you in driving more sales and revenue.

Exit Strategies and Future Planning

It would help if you had an overview of your exit plans and future plans when commencing a business. Such a process includes preparing for probable situations like offering the company, being absorbed into another firm, or inheriting it after death from one's children and relatives.

These should be considered as early as possible for incorporation in the company plan and smooth transition during merger and acquisition activity. It is essential to periodically review and revise these plans, for your business will continue growing and changing. That is a review of the market dynamics, checking out possible dangers, and setting up alternative measures on unexpected issues.

Planning for an exit strategy is also an option that may relieve an entrepreneur and possibly improve the cost of their business. It proves good planning for contingencies and demonstrates sound financial management skills. Furthermore, a good management system should have established plans to enable the setting of aspirations to sustain development in organizational advancement.

In conclusion, establishing a viable venture out of ideas is an attribute that involves perseverance, among other features. However, ensure that you thoroughly investigate and confirm your concept before moving forward. After realizing your target market and competitors, you should craft an exceptional value proposition and a comprehensive business plan.

The others are important people who can help you travel from idea to business. Be deliberate with risks taken, and make a few adjustments in due course. It would help if you came up with strategies to grow your idea and make it profitable in the long term.

Ready to take your startup to new heights? Dive into our in-depth, expert-verified, and meticulously researched OpenGrowth courses . Fuel your entrepreneurial ambitions with practical insights and take that crucial first step towards unstoppable success now!

Anurag has been writing content for over eight years, and he is dedicated to it and cannot see himself in any other industry. As a passionate writer, he is interested in business and entrepreneurship. An accomplished technologist and financial expert, he strives to empower others through entrepreneurship, leaving his comfort zone to explore entrepreneurship. Having worked in the Financial sector for more than five years as a full-timer, he also has a keen interest in Corporate Finance ...

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated April 17, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

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One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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How to Turn an Idea into a Business in 6 Easy Steps

1. competition.

• ​2. Target audience

3. Map of empathy

4. goals and formalities, 6. stakeholders, summing it up.

Start with brainstorming on a piece of paper. The more thoughts and ideas you write down, the better. Then create a solid business plan for your product or service and break it down into sections. We believe that the following steps to starting a business will help you turn your idea into reality.

Before you saw this article, your potential competitors had also asked themselves, “What do I need to start a business?” You can learn a lot from their experience. Observing your competitors on a global scale is your first step to success. Pay attention to their wins and mistakes. That will help you evaluate your idea and shape the right business model.

Competitor analysis is a method of research and evaluation of businesses operating in a particular market segment. It may give you clues to questions like when to start business?,   why start a business?, etc.

SWOT analysis is usually used to examine a competitive landscape at the preliminary stages of market research. It is a structured planning method that evaluates the Strengths , Weaknesses , Opportunities , and Threats of a business entity, project, or idea. Strengths and weaknesses refer to internal factors. Opportunities and threats are external.

Start with analyzing your business strengths. These are points that give you a competitive advantage. For example, business location, budget, professional services capability, etc. Your weaknesses are the factors that put you at a disadvantage in front of another business owner. For instance, financial risk in your business plan, staff turnover, risky market segments, etc. Having many weaknesses does not mean that a business fails. It just means that you are aware of your downsides and can manage them effectively.

Then, move to your opportunities. Opportunities should not be confused with strengths. Strengths are the real-time resources or capacities a new business uses to succeed. Opportunities are favorable, hypothetical situations that have a high chance to occur in your business environment. Similarly, threats are potential factors that may present a challenge for your own business.

A SWOT analysis helps businesses understand how they can use their strengths to reach their opportunities and overcome threats. They also learn how to minimize the influence of their weaknesses on threats. Conducting this analysis will give you clues to the first steps to starting a business. But SWOT has some limitations. It does not prioritize the points you list; this should be done by you and your team.

​2. Target audience

If you understand the market, you get to one of the most critical stages of executing your idea. But how to start a company if you don’t know anything about your client? It’s impossible. Don’t think of your product as an interesting offer to your audience. They see dozens of the same offers daily. Think of your product as a solution to your customer pains . And you need to know what pains to solve, right?

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Firstly, define who your client is. Define your target audience’s gender, age, location, occupation, etc. Conduct preliminary research on your market.  It will allow you to create a picture of your buyer persona.

A buyer persona is a hypothetical character representing your ideal client. High engagement figures do not matter if you attract the wrong audience. The wrong audience doesn’t bring you money. If you want to start a small business and then scale, you need to know who your prospective client is.

Suppose that you have a design studio and aim to find more people to make an offer. You regularly reach nearly 1000 people with your social media posts. But these figures do not convert into profit. Why so? Simply because you reach random users, not your target audience.

A buyer persona offers you a detailed view of your target client . It is a kind of personal narrative that tells you a story of your audience’s interests, habits, pains, etc. The video tells you more about what buyer persona is and why you need it:

To create your buyer persona, collect data about your potential customers. Where do they live and work? What are their hobbies? Who or what affects their purchase decisions? Then segment your audience and proceed from their needs while starting a business.

If you lack data, you can interview representatives of your target audience . To validate the data, talk with your employees who closely communicate with your clients. It will give you valuable insight into your ideal customer’s needs and motivations that influence their consumer behavior. These insights will be very useful if you plan to open an online store, for example.

Here is how the information about your buyer persona may be organized:

So, what do you need to start a business? You need to know your client well. The map of empathy created by Dave Gray is another useful tool for you.

To do empathy mapping , involve your stakeholders, sales representatives, and marketing or product development specialists. Together, you will try to understand the real needs and problems of your clients and learn more about how to build a successful business.

The empathy mapping process is the most effective at the stage of product design when you already know something about your buyer persona but haven’t integrated this knowledge into conception yet. But it’s never too late to create such a map. It will also come in handy when you develop a marketing strategy and estimate marketing acquisition costs.

Empathy maps give businesses a deep understanding of their user personality . They help generate insights from prior research and increase the team’s awareness of whom they target.

Empathy maps differ in format. Above, you can see the most common structure of this map.

To start with, put your target customer into the center and divide your sheet into 4 parts as demonstrated in the image. Plus, the sections of pain and gain at the bottom. Provide information for each part. This will let you dive into the context under which your users live and learn more about their mindset.

Empathy maps can be adjusted to your business specifics and situations that require investigation. Sometimes, the category of think and feel is hard to explore. Nonetheless, understanding how your end-user makes decisions helps you provide an excellent client experience. It also aids the development of a product that exceeds your customer’s expectations.

Setting objectives is an essential part of the business planning process. Goals describe what result you want to achieve and help you find the best way to succeed.

Set SMART goals. SMART stands for:

• Measurable;
• Attainable;
• Time-Based.

When your goal is specific and time-based , it eases the planning process. When your goal is measurable and attainable , your team is engaged and on track. Lastly, when your goal is relevant , you know that there are high chances of monetizing it.

Do not forget about all the formalities . Formalities are important not only for a brick-and-mortar business. Online businesses should also have a business license and operate legally. Registering a business name and getting business insurance are steps needed to comply with the federal government or state requirements.

You need to open a business bank account and get a business credit card to keep business and personal finances separate. It’s important to choose the right legal structure as well. For example, if you plan to open an online store, you can register your business as a sole proprietorship. Also, don’t forget about the employer identification number that later will be needed for tax reporting.

​5. Team

Three core processes of business execution include people , strategy , and operations .

Knowing how to start a business is worth nothing without people. A well-chosen team is essential to any organization’s success. People are the ones who react to the target market changes. People create strategies and translate these strategies into the real world. A project is much more likely to perform well when people who work on it are moving towards a shared purpose. Good teamwork creates synergy . It’s when the joint effort of a team is greater than the sum of individual efforts.

To assemble an effective team and hire employees for the right roles, outline the qualities you want to see in your future teammates. Your candidates need to have the right soft skills and hard skills. Hard skills are the teachable competencies needed to perform work duties well. Soft skills are personal traits that play a big role in teamwork and risk management. When choosing a candidate, pay attention to both soft and hard skills. Test their conflict-solving abilities and make sure that their values fit into your organization’s culture.

If you have an online team, you save money on office space maintenance. But it doesn’t mean that your employee’s work day can be left to chance. You have to set a productive work environment, offer health insurance, and provide your team with everything needed for them to do a great job.

In the first steps of starting a company, you will probably need to involve stakeholders. Let’s start with the ways to find a business partner and convince investors that your idea is worth considering.

Finding investors

Making key financial decisions is a challenging task. If you are on a tight budget, try to find stakeholders who will be ready to support you. You can look for investors online or approach local entrepreneurs and established business owners. Local events where successful businesses meet may be a place where you can get tips on how to set up a business in terms of finances. Connections with small business owners can also give you a direction for finding investors.

When you see people getting interested in your idea, pitch it in an engaging way. While pitching, present information transparently and consistently. If you plan to get a business loan, you need to prove yourself to be a trustworthy and dedicated person. Use a format of presentation where you make an executive summary of your goals, startup costs, and prospects. You can find many templates of such presentations online.

It’s important to remember that business communication styles and work ethics differ from region to region. If you are in the search of the best country to target, consider the top 3 list. There are many investors in these countries who eagerly support small businesses if they prove the viability of their business model.

A successful business requires a lot of marketing and promotion effort. When seeking funding online, investigate the websites that connect startuppers with investors . Start with LinkedIn and Reddit to set the connection with the right people. Generate content related to your idea and share it on your business page. You can even become a content contributor for a recognized online source in order to grow your marketing communications. Also, you can launch the ads campaign with your company description and goals in business magazines or news portals.

Choosing the right partners

Nowadays, being present online is a must for small businesses that want to raise money and scale. Before opening a business, you need to have a growth strategy for your business account on social media channels.

Apart from this, you will need a website or app representing your business. You can hire a software development team that will help you build a solid brand identity in digital. A great idea is to outsource because it’s affordable and convenient. If you choose this type of cooperation, you should know the difference between dedicated teams and staff augmentation to opt for the method that suits your business the most.

While looking for a partner, consider what types of products the team specializes in. Check client reviews and explore a company’s portfolio to evaluate the expertise of a partner. And if you do not know for sure what kind of product your users expect to get, start with an IT consultation . Digital consultants will study your idea and help you build a consistent and engaging strategy for setting up a business online.

This article gives you guidelines on how to open a business. Starting from scratch is always challenging and risky. But if you have a clear business plan, you see the direction of how to set up a company. Many business owners underestimate the planning stage. However, writing down your plan forces you to think it through and helps to build a solid business structure.

Let’s sum it up. Before opening a business:

• Conduct market research on your competitors and your target audience.
• Create an empathy map and set SMART goals.
• Comply with formalities and get the right staff on board.
• Find stakeholders interested in your product.

You can put our steps to start a business into a checklist to go through. It will help you not to miss anything vital and offer services/products that attract your prospective clients.

And if you need help with your online business, do not hesitate to contact us . Our skilled developers have a proven track record of delivering results .

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How to Turn an Idea Into a Business

Turning an idea into a business can be one of the most fulfilling and rewarding challenges of a lifetime. It’s not easy, but the skills and experiences required to start a business are learnable.

Great entrepreneurs are made, not born. Hard work, drive, and absolute determination can make up for gaps in skills and experience. The rest is learned by doing, making mistakes, and adapting along the way.

Wilbur Labs is a startup studio turning bold ideas into market-leading companies. Since 2016, we have built and invested in 21+ companies, including VacationRenter , Joblist , Barkbus , OpenMedicare , FinanceHQ , and more. Today, our portfolio companies have hundreds of millions of users from around the world, and have generated billions of dollars in sales. We plan to launch several companies every year.

One question that we’re constantly asked is:

How Do You Turn an Idea Into a Business?

Launching a business is typically a one-time event. At Wilbur Labs, it’s a repeatable and systematized process. Turning a bold idea into a business — over and over — is what we do. Over time, we have defined several critical steps that are key to effectively turn any idea into a business. We’re sharing that playbook with you to help you on your journey.

Note: This guide assumes that you already have an idea for a business. Coming up with an idea for a company is a separate topic covered in our How to Get Startup Ideas Blueprint.

Step 1: Research

The research stage is where you pair your initial idea with independent and external information. This should include first-hand research, speaking with industry experts, and talking with target customers to answer key questions:

• What problem are you trying to solve?
• How big is this problem?
• How would this make people's lives better?
• Why are the current solutions not optimal?
• Who are the competitors?
• What is the business model?
• How big of a business could you build?
• Are you the right person to solve this problem?
• What advantages do you have in solving this problem?
• Do you care about this enough to work on it for 5+ years?
• What are the outstanding challenges or questions?

During this stage, you should talk with as many people as possible. You will be surprised how many target customers and industry experts are receptive to cold outreach to discuss a business idea. We recommend using LinkedIn or Twitter to source experts who know the problem you are trying to solve, and ask if they’re open to having a quick chat to discuss your idea. Many people passionate about an industry or a problem love talking with others who are equally as interested.

In addition to cold outreach, you should also use your personal network to reach out to any existing industry contacts who may be helpful — or know people who might be helpful — in researching this idea.

Be cautious about asking business advice from people close to you, because it’s unlikely that you will get truly honest and critical feedback. Expect pushback because it’s unlikely that everyone will love your idea, and that’s okay. Some of our boldest ideas received mixed feedback in the beginning. The point here is that you hear multiple viewpoints and use feedback to guide your research and planning.

Make sure to go very deep on your research during this stage. Some of our ideas remain in this stage for 6 to 12 months. Ideas are easy and everyone has them. This stage helps filter out the so-so ideas to prevent you from wasting time in a later stage. Frontloading research and due diligence here can also reduce risk and expedite future stages.

The best business ideas will bring a sense of urgency and motivation, pushing you to keep moving forward. If you are able to gain significant momentum through research, it makes sense to move into the planning stage.

Step 2: Plan

In the planning stage, you should focus on taking your learnings and creating an executable plan. This will require diving deeper into the areas you looked into during the research phase, as well as answering new questions.

At Wilbur Labs, we create a “Concept Evaluation” which is our own version of a business plan. Whatever format you choose, it’s important to have a written plan that organizes all your research into an actionable plan that looks at every angle of your idea.

We like to work backwards during this stage, thinking about how we want the business to look 3 to 5 years ahead and then build a roadmap to get there. In our Concept Evaluation, we answer a number of questions, including but not limited to:

• What does the product look like at launch, year one, year two, and beyond?
• How will you get customers — think: marketing or distribution? How much will it cost?
• What are the sources of revenue?
• What’s the expected lifetime value of a customer?
• How will you retain customers long-term to boost lifetime value?
• Where is the break-even point (cost) of this business?
• Where is the break-even point (time) of this business?
• How do you solve the challenges you identified in the research phase?
• What initial investment is required to get this off the ground?
• How much time will it take to get this off the ground?
• What investment is required over the next three to five years?
• What’s the optimal funding source?
• What partnership(s) will you need?
• What type of infrastructure will this company need?
• What team is needed to build and grow this business?
• What advisors could you reach out to for help?

In addition to answering the questions above, our Concept Evaluations also include a product roadmap or Gantt chart, financial model, and start-up checklist.

Product Roadmap

The product roadmap and corresponding Gantt chart provide a simple, but tangible way to look at the different work streams that will be a part of each phase of the business. The key here is to plan out dependencies, so you can parallel processes and avoid bottlenecks.

You won’t be able to do everything on day one. The important question to ask yourself during this planning stage is: What is the Minimum Viable Product (MVP) that you can launch with and how do you build on that MVP post-launch? We are believers in launching as soon as possible to collect real customer feedback and use that to evolve the product along the way.

Financial Model

Our financial model is built using assumptions we find on our own, or inputs from industry experts. While this model is likely to change in the real world, we want to keep a close eye on the economics and the break-even point. This is used to forecast the growth plan, timing, and investment level required.

Funding is a separate topic on its own and there is no universal best practice to finance a business. As an entrepreneur, you will need to look at a number of factors, including your personal situation, business cash requirements, and long-term plan. It’s worth spending time with advisors or mentors to discuss the best funding option for your situation.

Startup Checklist

We love checklists and have a checklist for everything. Checklists ensure consistency and completeness in carrying out a task. Checklists also allow you to frontload all the planning so you can focus on executing at the next stage. For our startup checklist, we include everything required to get from day zero to launch day. This includes corporate structuring and entity formation; legal and accounting prep; compliance, hiring, product building; distribution and marketing; operations, partnerships, and business development. We are extremely thorough and write out every critical task, corresponding notes, status, and owner.

Before moving on to the next stage you should ask yourself, “Do I want to spend the next 5+ years of my life building this business?”

More often than not, entrepreneurship is not a way to get rich quickly. You will likely need to work harder and longer, with higher stress and more at stake than working a regular day job. The journey is absolutely worth it for the right person, but it’s important that you go into it knowing what to expect. Many companies die early due to missed expectations on what it takes to start a company. If possible, you can start out part-time and build traction before diving in full-time.

If you want to dedicate years of your life solving this problem, and building a business along the way, then move on to the execute phase.

Step 3: Execute

Every single person has ideas, but very few take the jump and start a company. The execution stage is where you leave the planning stage and take that jump. You have spent time researching, putting together a plan, and you are now ready to dedicate time to building a business.

Depending on the type of business, this stage will look very different. In all cases, this stage involves working through your plan, roadmap, and startup checklist to begin getting your idea off the ground.

The primary focus of this stage is prioritization. Prioritizing often will allow you to manage bottlenecks and work in parallel across different areas of your business. The goal is to align your input (time and money) with the activities that will yield the highest output (progress on your plan). This is easier said than done, but it is absolutely critical to execute your plan in an efficient way.

If you need to raise money or get funding, this is the stage where that could happen. This is also the stage where you may need to start building your team by hiring contractors or employees.

Step 4: Adapt

Roughly 90% of businesses fail , and this is the stage where that usually happens. One thing’s for certain in starting a business: you will never be able to create and follow a bulletproof plan. As your business takes off, you’ll need to constantly adapt and change your plan. The best entrepreneurs are comfortable being uncomfortable, adapting as they go.

The optimal “go live” point will vary by business. At Wilbur Labs, we strongly believe that getting customers to vote for products and services with their wallet or with their time is by far the best measure of product-market fit. If customers won’t spend time or money on your business, then you either have some other issues with the product or with the problem you are targeting. Building in a silo for a long time without customer feedback or product testing rarely makes sense.

The number one indicator of success during this stage is how quickly a company iterates and adapts. The focus should be on survival, solving one challenge at a time. With each challenge you solve, you reduce risk and increase the odds of survival. At Wilbur Labs our mindset is to “build the plane as we fly it,” and this is the stage where that happens most.

During this stage, it’s also really important to surround yourself with a strong support system of advisors or mentors who have been here before. Many problems you will face have likely already been solved. If you can learn from others instead of having to reinvent the wheel yourself, you will have more time to focus on solving the problems unique to your new business.

The adapting stage technically never ends, but it is much more critical in the early years when you are fighting for survival each and every day.

Step 5: Grow

Growth is an important part of any business. However, all growth is not equal. The focus here should be on driving sustainable growth that makes sense for your business. Each business is different, and the optimal path looks different.

As you grow, you will continue experiencing short term emergencies and challenges. You absolutely must solve these to keep pushing forward. However, you also need to look ahead months and years, and plan ahead:

• What challenges are ahead? How do you prepare for them?
• What skills do you need to improve to keep growing your company?
• How is your role as an entrepreneur changing as the company grows?
• How should your team evolve as the company grows?
• How do the financials look?
• What can you do to make sure you don’t run out of money?
• How are you tracking towards break-even and then profitability?
• What are your competitors doing?
• How are your employees doing?
• What are your customers saying?
• What mistakes have you made and how can you avoid them in the future?

The ability to get super involved in solving the short term challenges, while still planning and leading into the future is a very critical — yet rare — skill. There's a common belief that someone is either good at high-level strategy or good at detail-oriented execution. This couldn't be more false. Doing both is necessary, and the best entrepreneurs do both on a daily basis.

When good news hits, you can usually just accept it. When bad news hits, you need to be prepared for it. During the growth stage, a lot of effort should be spent on mitigating future obstacles, and planning a path ahead for your business.

Closing Thoughts

You will make a lot of mistakes running a business, and that’s okay. The key is to learn from the mistakes and use them to improve your process for the future. You want to avoid making the same mistake twice, or making careless mistakes that could have been avoided with smarter planning. Keep in mind that many entrepreneurs need several attempts at launching a company before they are successful. There is a reason for this: experiences and mistakes are the best teachers, and these types of lessons take years to build and compound.

At Wilbur Labs, we believe the best companies solve big problems. Startups and small businesses are the foundation of modern economies, and help build the future. I hope sharing our process will help you on your own entrepreneurial journey.

Make sure to follow Wilbur Labs on LinkedIn , Twitter , Facebook , or Instagram , as we continue to release more blueprints in the future.

Want to work with us or have an idea? We are always looking for talented people to work with and exciting projects to partner on. Feel free to check out our available openings or contact us .

Wilbur Labs is a San Francisco-based startup studio. We turn bold ideas into market-leading companies.

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How to turn your idea into a business

• October 4, 2021

Creating a business is easy. Anyone can do it. But what if I told you that great idea you have will likely fail? In fact, 90% of all startups fail within the first year of operation. Even companies with millions of dollars in funding from investors face an overwhelming risk of failure.

So chances are the business idea you have isn’t going to work out. That’s a sobering thought, but it’s a reality check that might help you avoid making the same mistakes as countless other entrepreneurs.

The truth is, there is no magic formula for creating a successful startup. There’s no way to guarantee your product or service will be profitable, and there’s no foolproof plan that will ensure success.

Still, if you’re determined to launch a startup, here are some helpful tips for coming up with ideas and building your business from the ground up.

Fulfill unmet needs

Make people’s lives easier, save people money, be faster, cheaper, or more accurate, background trends., changes in the marketplace., changes in customer needs., what will happen next, take inspiration from the market (why it’s okay to borrow from other ideas), persona canvas, going beyond personas, jobs-to-be-done theory, the mom test (book), google design sprint, value proposition canvas, lean canvas, business model canvas, how your minimum viable product (mvp) will kill your startup, how to use minimum viable tests (mvt) to avoid wasted time and failed startups, pre-selling helps you define your product., pre-selling helps you raise capital., pre-selling helps you generate hype and demand., pre-selling helps you build trust with customers., using landing pages to pre-sell your ideas, how to use data from pre-sales to improve your startup, key takeaways: how to go from an idea to a business, talent vs genius: how to come up with ideas for a startup.

There is a lot of discussion about whether or not entrepreneurs are born or made. Are entrepreneurs a certain type of person, or do they come from a particular background?

The truth is, you don’t have to be a genius to come up with ideas for a startup. But you do need to know how to come up with ideas for startups.

A lot of what we call “talent” in the traditional sense is really just a combination of natural aptitude and thousands of hours of practice. Increasingly, the best way to get good at something is to get lots of practice at it.

For example, if you want to become a great basketball player, you should spend thousands of hours practicing basketball over the course of years. You don’t need any special innate talent or abilities to get good at basketball; you just need to put in the time.

A lot of people are unwilling to do this because they’re afraid that they’ll look foolish while trying to learn something new, or that they won’t be able to pick up the new skill after putting in so much time. However, if you keep trying and keep practicing, you can get very good at almost anything – including having good ideas.

Idea generation is a just skill. Like any other skill, it can be learned and honed. You can learn to come up with better ideas faster than most people can. Creativity is not magic, it’s just the application of a few simple principles. And when you understand those principles, then it’s easy to learn how to apply them.

The reason some people seem more creative than others is not because they’re some kind of genius — it’s because they’ve learned how to be creative on purpose.

There are a lot of ways to come up with startup ideas, but one of the most useful is to look for “unmet needs.”

The basic idea is that you can turn problems into opportunities. A lot of people have problems, but not everyone has the resources to solve them. If you’re able to fill that void, then there’s a pretty good chance you can create a successful business.

The first step is to define your target customer. What do they want? What do they need? How could you serve them better than anyone else? These questions are all about figuring out what your customers want and helping them get it.

But there’s a catch – don’t assume you know what they want. Instead, ask them – directly – and listen carefully to their answers. If people are getting hurt, in pain, or feeling bad, you can bet they’re looking for a solution.

Whether you’re building a startup or working at an existing company, you can’t ignore customer feedback. There are plenty of startups out there who are killing it because they listened to real customer feedback and acted on it.

Take Airbnb for example.  

Built by two guys who couldn’t afford the high cost of hotel rooms at the time of a conference, they scoured Craigslist for potential properties to rent out to attendees. They found an old couch in a guy’s living room that they could use as a bed. Then they added pictures of the couch on their website to advertise it as an available property.

They were able to charge less than hotels because their costs were lower. This is called being “lean” – not wasting money by over-paying for things or having too many employees or too much stock on hand. It’s effective because it cuts down on excess expenses so the company has more money to spend on customer success instead of operating expenses.

Airbnb has over 5 million active listings worldwide; listings can be found in over 100,000 cities; 150 million people use Airbnb to book stays and experiences; and more than 800 million guests have stayed at Airbnbs.

Today Airbnb is worth more than $100 billion dollars; all because they fulfilled an unmet need.

Great startups are always built around solving a problem, no matter how big or small. Some of the best ideas are the ones that make people’s lives easier, whether you’re addressing an issue in the consumer world or an inefficiency in the business world.

The best thing about starting your own company is that you get to choose what to solve. You don’t have to take an idea from someone else; you can start with whatever problem you want.

If you’re having trouble coming up with ideas, start with what’s bugging you personally. Think about the problems in your life and ask yourself whether anyone would pay for a solution. Then, think about what could be done differently at work or at school. What problems do your co-workers complain about? What tasks do you dread?

Once you’ve come up with some solutions, look for other people who might be interested in them. Are there discussions online about these issues? Are there businesses that could benefit from better solutions? Are there jokes on TV or in movies that hint at real problems that should be solved? Are there forums or discussion groups where people are talking about these issues? Are people tweeting about them?

When looking for ideas, remember not to limit yourself to things that bother only you. This is where doing your research comes in handy — reading industry reports, talking to friends and family members who have similar interests, doing surveys online or even just asking people on the street.

Remember, good startup ideas will solve a problem for people. They reduce the pain of some process or it makes life easier in some way. If you can solve a problem for someone, they may very well pay you to do it!

If you’re not getting any good ideas, try looking at what people are wasting their money on.

People spend money on things they don’t need because we either outsource our thinking or we don’t put in the effort to think about an idea critically enough. As a result, we miss opportunities and waste money.

Think about how many hours and cash spent could have been saved if someone had taken an extra moment to think about the problem and come up with a better solution. It’s really easy to just buy something without questioning whether it will actually do the job (especially in B2B).

Try to observe people spending money on “solutions” that either don’t solve the problem at all or solve it in an inferior way.

Have you ever heard of the Innovator’s Dilemma?

It’s an idea about how incumbents can fall behind new entrants in their markets. It comes from a book of the same name by Harvard Business School professor Clay Christensen. The idea is pretty intuitive. Companies are under constant pressure to innovate or die. The problem is that it’s really hard to predict what customers really want, and even if you’re right, it takes a long time to build something that customers will love.

If they predict wrong, they’ll build something that doesn’t solve the problem well or they’ll build something that solves the problem in an inferior way. If they predict right, but take too long to build it, someone else will come along with a solution that is better and cheaper.

One of the most common mistakes that entrepreneurs make is thinking that they have to come up with a completely original idea. Most successful startups are built on top of someone else’s work, taking an existing concept and improving it in some substantial way.

The best entrepreneurs are great at coming up with new ideas. But they’re also skilled at recognizing opportunities to improve what’s already working.

Consider Google, for example.

Most search engines at the time were extremely complex and filled with advanced features, but Google was designed to be simple and fast. It offered the basic set of search tools that users wanted, but no more than that.

Adapt to changing needs

The most successful entrepreneurs are good at spotting market trends and figuring out how to turn them into moneymaking opportunities. Some buy into existing businesses that are poised for growth, while others create their own startups from the ground up.

Some of the most successful startup ideas seem obvious after the fact, but they represent opportunities that were less apparent for people at the time. As we see above, Google was not the first search engine, but it was the first to do what it did so well that it became dominant. The first MP3 players were clunky and were not much fun to use, but Apple’s iPod changed everything by being smaller, more portable and easier to use.

Simply pay attention to what’s happening in the world around you and you might find that you can come up with plenty of ideas without even thinking too much. And if you’re not actively looking for new business opportunities, at least be aware of what’s going on so you don’t miss a great one when it comes along.

One way to start is to design a simple competitive analysis of your industry. Here are a few things to consider:

What is the historical trend in market size? If costs are going down or technology is getting better, that suggests potential for new products or services that might take advantage of those trends.

Who are the major competitors? Are there any new companies that have entered recently? Who are their customers and how do they differ from yours? Are there any signs that any of your major competitors are struggling or not able to keep up with market changes?

Who are the major players in the market, and what do they offer customers? What needs do your customers have that aren’t being met by existing solutions?

To make a good forecast about what’s likely to happen, you also need to think about future events that could affect the market—both positive and negative.

Finding opportunities is all about keeping your eyes open to what’s happening around you. The more you look around, the greater your chances of spotting something where you can improve things for the better.

“Steal like an artist,” said Austin Kleon, the author of the book by that name. He was speaking about acquiring inspiration, but that’s also how startup ideas are born.

(Editor’s note: Don’t take ‘steal’ to mean it’s okay to commit corporate espionage, plagiarise, or simply rip off other people’s idea — but do think about how you can study, remix, mash up and transform!)

Ideas aren’t what make successful startups. It’s the execution! And if it’s a good idea, then someone else has probably already thought of it.

This is why I always tell people to come up with a good idea and write it down, but don’t start building right away. Instead, go find 10 businesses based on the same idea and start doing your research.

Chances are you’ll find two or three that are doing really well, one that’s doing OK, and five that are struggling or failing. Study those five flops carefully to understand why they failed so you don’t repeat their mistakes.

But don’t stop there. If you want to succeed, find someone who has succeeded and copy what they do and how they do it. We’ve all heard this, but we don’t always put it into practice.

Let’s say you want to start a business selling pet food online. Go onto Amazon and type in “dog food” or “cat food.” Just pick one, I don’t care which one. Now look at the first page of results and tell me how many people are doing the exact same thing as you. Are there 10 different sites selling dog food? Or maybe 100?

If there are multiple businesses already selling pet food online, that’s a great sign! It shows there’s a large market for it and that people are either not aware of your opportunity or if they’re aware of it, they’re not taking advantage of it yet.

The key here is that if you’re going after an existing market, your job just got 1000x easier because you’re copying what works already.

Steve Jobs once said that “Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while.”

Building the next great startup or creating something awesome usually comes down to identifying two or three things that you like and putting them together in a new way.

The best innovators are simply masters of combining existing elements in new ways. They don’t invent anything new in an absolute sense, but rather recombine what already exists in radical new arrangements.

Steve Jobs “stole” from Picasso when he said, “Good artists copy, great artists steal”. Picasso “stole” from T.S. Eliot who phrased it as, “Immature poets imitate, mature poets steal”. Eliot “stole” that from Oscar Wilde who gave us the line, “Talent borrows, genius steals”. Who knows where Wilde “stole” it from… Via Medium

• https://medium.com/corkscrew-thinking/talent-borrows-genius-steals-4a226bd6a375
• https://thefutur.com/podcast/everything-is-a-remix
• https://magoz.blog/everything-is-a-remix/

Embrace Lean: How to turn an idea into a business, quickly

Ideas are cheap. Making something great is hard. Making something profitable is even harder.

The process of building a startup is the process of learning how to learn. It’s about figuring out how to figure things out: how to come up with ideas, evaluate them and make things happen.

You learn how to do this by building your ideas. The process of creating something out of nothing and making it successful teaches you what works and what doesn’t.

Your first idea isn’t likely to be your best idea. But as you build more and more, you’ll find you’re able to generate better ideas faster. You’ll know which ideas are likely to succeed or fail, and why.

The steps below will help you turn your idea into a successful startup. This process should take you from initial idea to a minimum viable product in four weeks or less.

If you have more than one idea, you should start with the one that excites you the most. If you can’t get yourself excited about an idea it is unlikely that you’ll be able to get anyone else excited about it either.

Step 1. Research the market

Most startups fail because people don’t do enough research. They jump into the fray with a great idea, put a team together and then find out that the market doesn’t want the product they’re selling.

Product-market fit is critical for startup success. It’s the difference between a successful business and a failed business.

For a lot of founders, building a product is easy. Building a successful company that serves its market well, however, is much more difficult. There are many different reasons why startups fail, but at the core of each failure is a lack of product-market fit.

How do you find product-market fit? The best way is to test your assumptions about what you’re building by talking to potential customers.

Testing your assumptions about the problem you’re solving and the potential solution is called market research . Most founders underestimate how long it takes to do good market research. Worse yet, they often run out of time or money before they get to this stage in their startup’s lifecycle.

The goal of market research is to identify the size and shape of the opportunity your startup might pursue. The more you know about the potential success of your business, the better able you are to make smart investment decisions.

There are wide ranges of opinions on how to approach market research. Some people think that surveys are enough, but surveys are notoriously easy to manipulate. Others insist that customer interviews are key, but that’s only useful if you have an existing customer base to draw from. If not, then it’s time for some good old-fashioned legwork: looking at industry statistics and just talking to anyone who will listen.

Even if you’re working on a passion project, there’s no reason to overlook the power of market research. The most successful entrepreneurs spend time looking for an audience and validating their ideas before they take the plunge and start building.

Research tools for startups

When you’re starting a business, it’s important to do your homework to see whether others are interested in what you’re planning. There are a number of market research tools available to help you discover the viability of your idea, as well as your potential customer base.

There are many ways to conduct market research on Google, but one thing that I love is using Google Trends, Google Alerts, and Google Keyword Planner.

Google Trends is a great tool for comparing search volumes over time, as it can tell you the popularity of any keyword over the past year. This way you can see how often people are searching for a specific keyword and what time of year it trends more.

Google Alerts is great for tracking your company, industry news, and competitors’ websites. You can set up an alert for a particular phrase or word, and Google will send you an email every time they find a new article that matches your query.

Google Keyword Planner is a tool specifically for researching keywords, it shows search volume, cost-per-click data and related terms for specific keywords. You can use this information to make sure there’s enough demand for what you’re selling, or to decide how to position your product in relation to others in its niche.

The Persona Canvas can help us structure our thinking around what kind of person will be using our product.

The idea of the Persona Canvas is to make it easy for your team to share all of the information you currently know about your users, and brainstorm everything that you would like to know.

It helps you identify the problems you should be solving for, and to prioritize which ones you should solve first.

Who are your users? What do they care about? What drives them?

The answers to these questions will determine the features, functionality and maybe even the name of your startup.

• https://wrkshp.tools/tools/persona-canvas
• https://www.garyfox.co/canvas-models/persona-canvas/
• https://www.designabetterbusiness.tools/tools/persona-canvas

Personas are a great tool for helping teams understand customers and what they need. But a persona is a fictional character — a composite of people the team thinks could be customers — who represents the needs and wants of the target audience.

Personas are great for getting inside the heads of your users. They help you envision who they are, what they want, and how they’ll react to different situations.

But personas have some drawbacks, particularly when you’re beginning to develop products or services rather than qualify people in or out for sales or marketing. That’s when empathy maps and customer profiles can perform better.

An Empathy Map is a tool used in the Discovery phase of the Design Thinking process. It can help you understand the perspective of your audience, answering questions like, “How are they thinking? What are they feeling? What do they want?”

You can use an empathy map to generate ideas for your product, improve your current product or service, or to identify opportunities where you can improve.

The Customer Profile is a tool by Strategyzer. It distills everything down to jobs, pains and gains. “Jobs” are what your customer wants to achieve, “Pains” are what stops them from doing it, and “Gains” are the benefits realised if the “Job” is successfully achieved.

• https://medium.com/angi-studio/ditch-your-personas-here-are-17-alternatives-you-can-use-44a285840e5d

Jobs-to-be-Done (JTBD) is a framework for innovation, and it has been embraced by some of the most innovative companies in the world, such as Google, GE, and Procter & Gamble.

JTBD is a customer-centric theory that helps companies understand why customers buy and how to create new products and services that satisfy unmet or latent needs. Understanding what customers want and need is the first step to creating new products and services customers will love.

The basic premise of JTBD is that consumers hire products to do jobs for them. And in order to understand how to create innovative products you must first understand the job that needs to be done.

In other words, customers don’t want to buy a product or service from you — they want to achieve a certain outcome.

The theory of Jobs-to-be-Done was developed by Harvard Business School professor Clayton Christensen, who described the concept as an alternative to product management defined by consumers’ needs and wants.

Consider, for example, how Procter & Gamble stumbled upon the Febreze brand of air fresheners. Because consumers were not cleaning their houses very often, P&G could have devised a better mop or more efficient vacuum cleaner. Instead, they invented Febreze. The product’s ability to eliminate odors—a job that people were “hiring” it to do—transcended its role as a mere room deodorizer.

Their focus on the job allowed P&G to see past the existing technology like mops and vacuum cleaners that were failing customers and instead create an entirely new product category that customers quickly came to love.

This is the same reason that we usually don’t buy a drill because we want one, but rather because we need to hang some pictures or to repair something. The same goes for dishwashers, vacuum cleaners or even smartphones.

It’s the job that needs doing that drives purchasing decisions.

• https://hbr.org/2016/09/know-your-customers-jobs-to-be-done
• https://jobs-to-be-done.com/jobs-to-be-done-a-framework-for-customer-needs-c883cbf61c90

Step 2. Testing your ideas

The path to startup success is littered with the carcasses of companies that came up with a great idea and then failed to sell it.

Before you start building a product or a company, you have to ensure that there’s a real need for it in the market. By having a need validated, you’re also more likely to build something that people will actually pay for.

(It’s definitely possible to create a successful startup without ever talking to your customers, but it’s very risky and very rare.)

If you don’t test with real customers from the beginning, your chances of building a successful startup go down considerably. But your chances of success improve dramatically if you can test your idea before you build it.

Here’s how:

Develop a hypothesis. What makes you think people will want what you’re planning to create? Be specific, and try to turn your idea into an experiment that can be tested with real customers.

Find your target customers. Who is most likely to buy what you’re thinking of selling? How can you reach them? What questions can they answer about whether or not they’ll buy from you?

Test your idea with real customers. Find people who fit the profile of your ideal customer, and give them an opportunity to buy what you’re planning to sell. Keep it simple, but make sure it’s something they can’t get anywhere else.

What do they say? Do they want more information? Can they see themselves buying from you in the future? Would they recommend your product or service to their friends?

This is the moment of truth — find out if you’re on the right track with your startup business ideas or if you need to go back to the drawing board.

Essential tools for testing your idea with users

Ideas are easy. Everyone has ideas. The hard part is converting them into successful companies. That’s why it’s so critical to test for viability as early as possible.

The first step is to develop a hypothesis about the idea you’re considering. This will be the basis of your test, and should reflect your theory about what market need you’re addressing and how you plan to do it.

Here are some tools that can help you test your ideas.

If you are an entrepreneur, you’ve probably already heard about the book The Mom Test by Rob Fitzpatrick.

This book is one of the most popular books for startup founders and innovators, and for good reason — it teaches you how to ask questions in a way that means even your mum can’t lie to you!

• https://writingisthinking.in/the-mom-test-cheat-sheet/
• http://momtestbook.com/
• https://booksconcepts.com/the-mom-test-by-rob-fitzpatrick/

The Design Sprint is a 5 step, highly iterative process that helps startups and businesses go from a vague idea to a testable prototype in just a week. Using the sprint, you will be a few days away from having your first truly validated learning about your customer, by asking them what they want and need. The method is great for startups, but also for established companies who want to get to market faster or bring innovation into their organisations.

The Design Sprint has been used by leading brands such as Google, SAP, Nike and Zappos. The methodology has been applied to problems ranging from increasing sales of cereal bars in supermarkets to building new user experiences for digital products

In the 5-day process you will build wireframes and prototypes based on customer feedback gathered during the last day of the sprint and create an action plan for further development of the solution.

• https://www.thesprintbook.com/
• https://brandgenetics.com/human-thinking/sprint-by-google-ventures-speed-summary/

The most important element of any startup is the Value Proposition—the unique thing you, the startup, will deliver to your customer to solve their problem. The Value Proposition is also sometimes referred to as your “Unique Value Proposition” (UVP) because it’s the one value you will uniquely deliver to your customer that no other company can offer them.

The goal then is to identify that one thing that you will offer that no one else can. If you do this right, your startup will have a huge competitive advantage in the market.

Strategyzer’s Value Proposition Canvas is a structured and proven approach to writing compelling value propositions. It is a simple but powerful tool for getting everyone in the company on the same page regarding who you are, who you serve, and what you can do for them.

With this canvas, you will be able to:

• Understand your target customer better than ever before
• Create a compelling value proposition that differentiates you from the competition and attracts new customers
• https://www.strategyzer.com/resources/canvas-tools-guides/the-test-card
• https://www.strategyzer.com/canvas/value-proposition-canvas

Step 3. Create a startup business plan

Anyone who has ever started a business will tell you that the process is not glamorous, but it can be very rewarding. Starting a new business can be incredibly exciting and stressful at the same time. There are so many things to do and so much at stake.

A startup business plan can help you add structure to your idea and determine if it’s viable.

Here’s how to develop an effective startup business plan:

• Start simple. Startups start small. That means they should focus on meeting specific needs. If people are paying for solutions to these needs, there is likely a market for your solution.
• Test the idea. Startups should be able to prove their concept through “minimal viable products” (MVPs). An MVP lets you test the viability of the idea without investing additional time and resources into development. A simple prototype or beta version is often all that’s needed to test the waters before committing larger resources to the idea.
• Define your goals and metrics. What goals will you set to measure success? How will you reach those goals? How much money will it take? This section of your plan should provide an overview of these goals so you can prioritize them as you move forward with development and design.
• Outline operation structure and key personnel roles. Every startup has a different operation structure, but this section of your plan should outline who will do what beyond just founders and other core team members.

The idea of coming up with a startup business plan may scare you, but the truth is it’s not that hard. All you need is a pen, paper and an hour or two of your time. The hard part is doing the research, putting together the plan, and actually executing on it.

While you can learn a lot from a well-thought through business plan, the process of writing it will slow you down. Don’t forget that the most important things to do when starting a business are to test your ideas and talk to users.

Tools for creating your first business plan

Once you’ve got a business idea, it’s time to get to work—but not before you put together the building blocks for your new business.

Even if you are looking at an existing business concept, it’s important to thoroughly assess your idea before you spend money on it. This is where the lean canvas and the business model canvas come into play.

The Lean Canvas is a tool designed to help startups get their business off the ground quickly without having to spend months doing it. It was created by Ash Maurya, who is an entrepreneur himself and has used this method to create multiple startups.

The primary purpose of the Lean Canvas is to give you a quick way to communicate your startup idea with other people – investors, co-founders, potential employees, etc.

There are a lot of things that you need to consider when creating a startup – how you will make money, your value proposition, your customer base – and the Lean Canvas allows you to focus on only the most important elements at first.

• https://leanstack.com/lean-canvas
• https://startupsavant.com/lean-startup-business-plan-guide

The business model canvas is more complex than the lean canvas, but still offers a simple, visual way to describe the components of a company’s business model. It was developed by Alexander Osterwalder and Yves Pigneur and introduced in their book Business Model Generation.

The objective of creating a Business Model Canvas is to capture, structure, analyze and describe the business model of a given company or project team. In doing so it forces one to think about creating value for customers in a structured, comprehensive manner.

• https://www.strategyzer.com/canvas/business-model-canvas
• https://miro.com/templates/aq/ps/templates/business-model-canvas/

You DON’T need to build a product: Replacing MVPs with Minimum Viable Tests

We have a simple rule here at SeedReady: don’t build products, build tests. It’s fine to talk to customers and get feedback, but before you can create something that people will pay for, you must be able to prove that they will.

Minimum viable product (MVP) is a concept popularized by Eric Ries, author of The Lean Startup . The idea is to build products with just enough features to test the main hypotheses behind your product. Then you iterate based on customer feedback.

I love minimum viable product, but I’ve seen it misunderstood in a few ways. An MVP is the most basic version of your product that you can create to test a hypothesis. Commonly it’s referred to as a prototype, but this is not accurate because it implies something physical. An MVP is anything that allows you to test your assumptions about how people will use your product.

I’ll explain this definition more in the next section, but for now, let’s get rid of this myth: an MVP is not the thing you build before building the real thing. It’s something you build to test an idea, and it isn’t necessarily an executable version of what you’re trying to build.

So while some MVPs are prototypes or mockups, they could just as easily be things like scripted user journeys or even just surveys. And sometimes an MVP isn’t even something you can touch — it’s data from analytics tools like Mixpanel or Kissmetrics that allow you to see how real people are interacting with mockups on your website.

It’s relatively easy to build a minimal viable product (MVP) for your startup, but it’s incredibly difficult to build one that people want. The reason for this is that MVPs are typically functional but not necessarily desirable. They are often missing key features that would allow users to see the value of your product, which makes them inherently inferior to alternatives. This causes users to abandon your product in favour of an alternative that has more functionality, which you may never learn about unless you can effectively communicate its usefulness through testing with real users.

The best way to do this is by using Minimum Viable Tests (MVT’s).

Minimum Viable Tests (MVT) are lightweight experiments designed to test risky product and business assumptions cheaply and quickly, minimizing the time and risk involved. MVT’s help you shorten your feedback loop and avoid wasting time building products people don’t want.

MVT’s focus on learning from the results of experiments and failing quickly and often makes them an excellent technique for entrepreneurs and innovators alike. You can do MVT’s at any point in your process, but they work best early on when ideas are fresh and unproven.

An MVT is similar to an MVP, but it is less about having a product and more about validating what you MUST be right about – the assumption that, if wrong, will kill your startup.

An MVT is a test of the essential components of your startup before you try to build or launch anything. It helps you identify your target customer, understand what they want, validate the core problem you are trying to solve, and prove you can build a business.

There are five key elements within an MVT:

• Identify a clear hypothesis of what you expect to achieve from the test
• Choose a metric for testing
• Select your target customer base
• Design your experiment on paper
• Execute the experiment

The results of your MVT will tell you if your hypothesis was correct or incorrect. If it’s incorrect, you can tweak your idea and run another test until you have a valid idea that satisfies real customer needs.

In this way, MVT allows you to complete user research for new products without building anything! This can be a huge time-saver since gathering feedback on an MVP product can take months of development time. In contrast, getting quick feedback on an MVT only requires hours or days of planning and preparation time.

• https://review.firstround.com/the-minimum-viable-testing-process-for-evaluating-startup-ideas

How to launch successfully (sell it before you build it!)

Let’s start this off with a simple statement: the best way to build a successful startup is to sell it before you build it. The reason I believe this so strongly is because, for startups, validated learning is the ultimate goal. Validated learning is when you have a clear answer to your fundamental question: “Is there a market for my solution?”

The best way to do that is to sell your product or service before you spend all of your time and money building it. Why? Because it gives you crucial information that you can use to shape and improve your product or service before you launch.

Put bluntly, preselling your startup idea is the best validation possible. It’s better than customer interviews or surveys because it demonstrates that people will buy what you’re making — before you’ve even built it. Preselling also shows that customers are willing to invest their own time and money in the idea, which indicates strong product-market fit.

• https://www.forbes.com/sites/theyec/2019/10/10/how-to-presell-your-product-idea-for-a-successful-launch/?sh=2508de1fefa6
• https://designli.co/blog/sell-it-before-you-build-it-how-to-presell-your-new-product-idea/

The benefits of pre selling

Crowdfunding is a really common approach to pre-selling your idea, and one of the most famous examples is the Pebble smartwatch, which raised more than $10 million on Kickstarter before it even had a product to sell.

Now, you might be thinking, “I don’t have the clout or platform of a Pebble.” But you don’t need it to test your idea in the marketplace. Pre-selling is not just for crowdfunding campaigns, it’s also a great way to validate you’re building something that people want.

There are two really compelling reasons to pre-sell products or services before you build them:

If you’re trying to figure out what users want, it’s easy to ask for opinions and suggestions. It’s another thing to have them commit their cash before they ever see the product. That makes them much more invested in the product’s success.

There are many great examples of companies that have used crowdfunding platforms to raise seed funding for their startup ideas. It can help prove there’s an audience for your idea, and it can help raise money to build out your concept on a small scale at first.

Pre-selling helps to build demand for your product before it even exists so when it does become available, there is already a fanbase for it and people will be excited to try out the new thing that they heard about and wanted, and might even pay more than the price that they originally saw because of the anticipation and excitement built up in them since the original announcement of what is coming up.

Creating hype around your product or service can help raise awareness which can lead to press coverage and additional social media followers who will help spread the word about what you’re doing

Pre-selling helps you build trust and transparency with your customers. You can share progress of your product or service, get feedback from your customers, and generate sales for future products!

You must be cautious though, if you take pre-selling too far and create too much hype, your customers will feel betrayed when you don’t come through with your promises. Good communication is essential.

How to successfully pre-sell your idea

Pre-selling is a valuable strategy that can be used to test the market for a product, increase customer demand and build a community of brand ambassadors.

To pre-sell a product effectively, you need to treat it as if it were already available, and make people feel as though they’ve bought something valuable by backing your startup. To succeed, you first need to plan ahead.

Here’s how to do it:

Step 1. Start by writing down what you want your pre-sale to accomplish.

Obviously, you want to raise money in exchange for something valuable, but what else? What are your goals? Try to outline everything you want out of the pre-sale so that when it’s over, you can check off each goal on your list.

For example, is it important that you have early adopters on board so that you feel validated? Do you want to survey people about their interest level in your product or service? Do you need additional feedback before moving forward with development? Are you looking for capital?

You might answer “yes” to all of the above, and that’s okay! Once you’ve answered these questions, it’s time to on your target customers.

Step 2: Identify your target audience and what they’re looking for.

This is deceptively challenging, it’s probably the step that technical founders are most likely to skip – and this is the reason for many startup failures. To do this, ask yourself these questions:

• Who is your buyer persona?
• What pain points does your product solve?
• What other products are out there that compete with yours?
• What will convince your target market that yours is better?

Step 3: Create a sales pitch and use it consistently.

Your pitch should be simple and straightforward. The more complicated it is, the more likely you are to lose the attention of your audience.

Keep it consistent so people can recognise it when they hear you speak about your product. This consistent message will help promote your brand and solidify relationships with potential customers.

Step 4: Make the product seem valuable from the start.

Obviously, you can’t present a product as if it were finished before you even start building it, but you can still encourage people to buy in early or feel that they’ll be getting a bargain. You can do this by offering an early bird discount or making the first 100 pledges extra special in some way.

If the purpose of a pre-sale is to test the market and gather a list of people who are interested in your idea, you might set up a landing page for your product. A landing page is a one page website that has only one purpose which is to get optins from visitors.

• Set up a lead capture form. The most popular methods are the squeeze page, the pop-up and the sidebar optin form.
• Create a video or an audio recording of yourself explaining what your product does, why it is going to be the next big thing and how much they can save by buying it early. Some people prefer written content while others like a video, make sure you offer both in order to reach everyone.
• Design a sales funnel which will take visitors from not at all familiar with your product to being ready to buy it from you. This could mean showing them some videos about the problems it solves or letting them watch a tutorial on how to use it. Or it could simply be letting them sign up for more information via an email course.

Pre-sales data is some of the most valuable information you can get as a startup. It’s how you validate your idea and make sure it’s going to work before you spend a lot of time and money on it.

A customer is more likely to buy from you if they know you’re going to deliver a product that solves their problem. And it’s more likely they’ll be satisfied with your product if they know what they’re getting ahead of time.

As a founder, you want to use pre-sales data to inform your development decisions and ensure that you’re building something people will love.

Startups are frequently obsessed with building the “perfect” product before they launch. The concept of pre-launch development is that you can build out your product, get feedback from potential customers and then tweak it to perfection before you launch.

But what’s perfect? Do you want to be number 1 on Product Hunt or should you focus on getting real traction? Are you trying to hit 1M ARR or 1M MAU first?

Here are some ways to use pre-launch development to build great startups:

• Use Minimum Viable Tests to validate your business model. It’s easy to jump right into coding your product, but think about what features will be included at which price points. You don’t have to nail this down, but having some pricing options in mind will help you plan for which features to prioritise and how much time it will take to develop them.
• Pre-sell your idea and get feedback early. Do customer development before you even start coding. You can launch an email list with a simple landing page if you need to, so you can start interacting with people who want your product.
• Start small and grow strategically. Don’t try to build a production-ready scalable platform when you’re not even sure there is demand for the products at all! Focus on reaching your four-fits first. Nothing turns off an investor faster than a business model that doesn’t make sense.

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How to Turn Your Business Idea into a Business Model Once you have a business idea, it's time to get to the real work of getting it off the ground and running. Here are three ways to get started.

By Brad Sugars • Aug 16, 2013

Opinions expressed by Entrepreneur contributors are their own.

One of the advantages of being a business coach is the opportunity to work with a lot of different businesses and business concepts, seeing what works and what doesn't.

I've been involved in a lot of different, unique and unconventional from ladies fashion to premium dog food.

Unique ideas can work. But they need to be commercially viable with the ability to be scaled and leveraged to handle increased volume and growth.

One of the more unconventional businesses we've worked with lately has been a South African company called Liza Clifford Bra Fitting Studio -- a niche company that addresses a need many women have: to find the perfect fitting bra.

While Liza's concept was an immediate success with customers, her issue, like most idea-driven owners, was finding a way to make her idea commercially viable and sustainable -- something that goes beyond people saying, "That's a great idea. I'd buy that!"

It means people saying, "That's a great idea! Here's my money -- and can I have some more?"

Once that happens, you need to organize your entrepreneurial undertaking into a systemized model to give you predictive results.

What does that mean?

• The business can run without you . This simply means there are systems and processes that drive the business, and if anything were to happen to the owner, the business could continue to grow because the business plan, growth strategies and day-to-day "default activities" are on paper and shared with a team, not in the owner's head. This also helps deliver the concept consistently to create personalized customer experiences. Systemization doesn't stifle personal creativity or service; it actually helps define and give parameters for the team to treat every client individually -- within the context of the company's values and culture. In Liza's case, while each one of her customers is treated to the same private fitting process that is consistent and repeatable, it is in reality an individualized experience for her clientele.
• Everything is measurable . Ideas can be nebulous and fuzzy. Numbers are objective. How many customers at what price points produce profit? What profit margins are needed to sustain growth? How much business can be referral-based from satisfied customers to reduce outside marketing spend? Once those numbers are known, you can be very clear about what you need to do and what you need to pass on everyday to be successful. The proper training around a simple retail script can increase daily sales exponentially. Not buying the online discount ad program could save resources you need to buy new products. You can manage what you know and measure for the results you need.
• Room for growth is built into the company's structure. Growth isn't an option for being in business. It's necessity. Even if your goal is to be a home-based consultant or you want to manage and control your growth, you will need to get new customers to replace those who fall off or move on. However, if your goal is more lofty (multiple units, national expansion, franchising), you'll need to document your processes to multiply and leverage your business concept.

The biggest reason businesses fail isn't lack of capital, but lack of knowledge. Having an idea for a business is great, but knowing the difference between a good idea and a good commercial idea is literally money in the bank.

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Blog | eCommerce | Knowledge Base

Turning your amazing business idea into a practical business plan might seem like a challenging task. Many people get stuck at this stage, feeling unsure if their idea is worth exploring, or what actions they should take next. At the other extreme, some people jump right in and start a business without any preparation or research

For the best chances of success, you’ll need to do some careful research, and then take action to develop a business plan. Here are the steps you should take to turn your idea into a business plan:

Find a need for something in the world, or in your community.

The best way to come across a business idea with potential is to find a gap in the market – something people need that doesn’t exist yet. Maybe it’s something that doesn’t exist anywhere yet, and everyone could benefit from. Alternatively, it could be a product or service that isn’t yet available in your community.

Don’t jump in too quickly

If you think you’ve found a great idea, don’t fall in love with it right away. Brainstorm the idea by writing down all of your thoughts. Be critical – look at the problems and limitations associated with the idea, and test out different options. Share your idea with friends and family who can give you feedback. Questions you might ask yourself include:

• What is the goal of the idea?
• Who is it for?
• What are the problems associated with it?
• What different paths could the idea take?
• Do you have any similar ideas that might be better? Can the idea be improved?
• What opportunities will the idea provide?
• What resources do you have – money, time etc.

Then, do some research:

If you’ve thought through your idea and decided that you still want to proceed with it, it’s time to do some more research. First, check that your idea is valid, then analyze the market to find out more about your potential customers and competitors. Here’s how to do it:

1. Find out if your idea is unique

A quick Internet search might be enough to find out that your idea is new or not. However, it still might work – perhaps the product or service you want to offer isn’t available in Africa, or you can think of a new way to make it stand out.

2. Do some market research for validation

Talk to customers in your target market to see if your idea will solve a problem or meet a demand. During this process, you will be able to find out exactly what your potential customers need, and confirm your target market. Now is the best time to find out if your idea needs adjusting or improving – before you’ve invested money developing it. Remember – it’s always best to create a product or service that meets a specific need.

3. Analyze the competition

As well as looking at what your customers want, you’ll need to find out what your competitors offer. Look at prices, services, and products. This is valuable for two reasons. Firstly, you can get good ideas from seeing how competitors run their businesses. Secondly, this insight also allows you to find ways of making your idea better than what is already on offer.

4. Speak to other entrepreneurs

The best advice comes from people with experience. Talk to people who have opened successful businesses or developed new products. Find out how they did it, get their advice, and ask for their feedback on your idea. Talking to local African entrepreneurs is especially useful, as you can find out what resources are available locally and what the market is really like.

Once you’ve collected all this information, you’ll be ready to develop a business plan.

Dealing with challenges

If you come across problems, don’t panic. At the stage where you are thinking through ideas, it’s common to meet obstacles. If your idea doesn’t turn out to be as good as you thought it would be, keep brainstorming. Write down any problems and come up with new solutions.

With some careful thinking, research, and advice from people with experience, you’ll soon be on the way to becoming a successful entrepreneur.

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Frequently Asked Questions

What is a business plan and why is it important.

• Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
• Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
• Generate Your Plan with Advanced AI: Intuitive Plan Creation: With the questionnaire complete, Plannit AI's advanced algorithms intelligently analyze your responses. They then craft a detailed, customizable, and strategically aligned business plan, providing you with a structured, coherent, and actionable format. Benefit from AI-Powered Insights: Plannit AI offers AI-driven insights and suggestions, ensuring your plan is not just a document but a strategic tool equipped with tailored AI prompts and an in-app plan editor. Get inspired by browsing through our sample business plans, a collection of successful strategies across various industries.
• Finalize Your Plan with Confidence: Dynamic Adaptation and Refinement: Plannit AI recognizes that a business plan is a living document. Our platform allows for continuous adaptation and refinement, ensuring your strategy remains agile, relevant, and aligned with your evolving business goals. Professional Presentation and Sharing: Once your plan meets your standards, utilize Plannit AI's export features to present your plan professionally. Choose between various formats for exporting your business plan, ready to impress stakeholders, attract investors, or guide your team. Review and Adapt: Ensure your business plan is a living document, ready to evolve with your growing business. Plannit AI's dynamic platform allows you to adapt your strategy as new opportunities or challenges arise.

How to Write a Business Plan?

• Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
• Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
• Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
• Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
• Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
• Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.

Who Can Benefit from Plannit AI?

• Aspiring Entrepreneurs: If you're at the idea stage, looking to transform your vision into a viable business, Plannit AI offers the tools and guidance to bring your concept to life. Our platform helps you articulate your business idea, define your target market, and develop a solid plan to turn your dream into reality.
• Students and Educators: For students delving into the intricacies of business planning and educators teaching the fundamentals of entrepreneurship, Plannit AI serves as an invaluable resource. It provides a practical, hands-on tool for learning and teaching how to create detailed business plans, analyze markets, and understand financials in a real-world context.
• Startup Founders: In the dynamic startup environment, Plannit AI is the ideal partner for founders looking to pivot quickly, secure funding, or understand their competitive landscape. With our AI-driven insights and market analysis tools, startups can make informed decisions and adapt their strategies to thrive in competitive markets.
• Small Business Owners: For small business owners seeking to optimize their operations, expand their customer base, or explore new markets, Plannit AI offers targeted solutions. Our platform simplifies the planning process, enabling owners to focus on growth while managing the day-to-day challenges of running their business.
• Consultants and Freelancers: Consultants and freelancers specializing in business development, strategic planning, or financial advising will find Plannit AI a powerful addition to their toolkit. It allows them to provide clients with comprehensive, data-driven business plans and strategies, enhancing the value of their services.
• Non-Profit Organizations: Leaders of non-profit organizations can leverage Plannit AI to plan initiatives, secure funding, and manage resources more efficiently. Our platform helps non-profits articulate their mission, set achievable goals, and measure their impact, ensuring they can make a difference in their communities.
• Innovators and Inventors: Individuals looking to commercialize innovative products or technologies can use Plannit AI to navigate the complexities of bringing new ideas to market. From patent strategies to go-to-market plans, our platform covers all bases, ensuring innovators can focus on what they do best.
• Small Business Development Centers (SBDCs) and Government Agencies: Government and SBA backed entities can greatly benefit from integrating Plannit AI into their services, enhancing their ability to support a larger number of clients more efficiently. By facilitating quicker, more in-depth business plan development, these organizations can spend more time assisting with plan execution and less time on creation, ultimately serving their communities more effectively.
• Anyone with a Business Idea: Ultimately, Plannit AI is for anyone with a business idea, regardless of industry, experience, or stage of business development. Our mission is to democratize business planning, making it accessible, understandable, and actionable for everyone.

Why is Plannit AI the best choice for an AI business planning software?

• Interactive Questionnaire and ChatGPT Integration: Plannit AI transforms the business planning process into an engaging conversation. Through our advanced ChatGPT integration, we offer a questionnaire that dynamically adapts to your responses, ensuring your plan is personalized, comprehensive, and aligned with your business goals.
• Dynamic Planning Environment: Unlike static templates provided by many, Plannit AI introduces a living platform that grows with your business. It features real-time updates, strategic insights, and a feedback mechanism that keeps your business plan current and actionable.
• Extensive Educational Resources: Our Education Center is packed with articles, guides, and sample plans to bolster your planning process. It's designed to arm you with the knowledge to navigate the complexities of your industry confidently.
• Enhanced Collaboration and Customization: Recognizing the collaborative essence of business planning, Plannit AI supports team efforts with multi-user editing, annotations, and feedback features, ensuring a comprehensive approach to your strategy.
• Customer Success Stories: Our users' achievements are a testament to Plannit AI's effectiveness. These success stories illustrate how diverse businesses have utilized our platform for strategic planning and growth.
• Tailored Business Plan Creation: Our platform stands out with its tailored approach, featuring customizable templates that directly cater to your business type and industry, making plan creation straightforward and relevant.

How can ChatGPT help me to create business plans?

• Content Generation:: ChatGPT helps draft various sections of a business plan, from executive summaries to marketing strategies, by providing structured and coherent text based on the prompts given.
• Strategic Insights: It can offer suggestions on business strategies by analyzing trends and providing examples from a wide range of industries.
• Financial Planning: While it can't replace professional financial advice, ChatGPT can guide the structure of financial projections and statements, helping you consider important financial aspects of your plan.

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Business Plan: What It Is + How to Write One

Discover what a business plan includes and how writing one can foster your business’s development.

What is a business plan? 

Think of a business plan as a document that guides the journey to start-up and beyond. Business plans are written documents that define your business goals and the strategies you’ll use to achieve those goals. In addition to exploring the competitive environment in which the business will operate, a business plan also analyses a market and different customer segments, describes the products and services, lists business strategies for success, and outlines financial planning.  

How to write a business plan 

In the sections below, you’ll build the following components of your business plan:

Executive summary

Business description 

Products and services 

Competitor analysis 

Marketing plan and sales strategies 

Brand strategy

Financial planning

Explore each section to bring fresh inspiration and reveal new possibilities for developing your business. Depending on your format, you may adapt the sections, skip over some, or go deeper into others. Consider your first draft a foundation for your efforts and one you can revise, as needed, to account for changes in any area of your business.  

1. Executive summary 

This short section introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, development goals, and why it will succeed. If you are seeking funding, summarise the basics of the financial plan. 

2. Business description 

Use this section to provide detailed information about your company and how it will operate in the marketplace. 

Mission statement: What drives your desire to start a business? What purpose are you serving? What do you hope to achieve for your business, the team, and your customers? 

Revenue streams: From what sources will your business generate revenue? Examples include product sales, service fees, subscriptions, rental fees, licence fees, and more. 

Leadership: Describe the leaders in your business, their roles and responsibilities, and your vision for building teams to perform various functions, such as graphic design, product development, or sales.  

Legal structure: If you’ve incorporated your business, include the legal structure here and the rationale behind this choice. 

3. Competitor analysis 

This section will assess potential competitors, their offers, and marketing and sales efforts. For each competitor, explore the following: 

Value proposition: What outcome or experience does this brand promise?

Products and services: How does each solve customer pain points and fulfill desires? What are the price points? 

Marketing: Which channels do competitors use to promote? What kind of content does this brand publish on these channels? What messaging does this brand use to communicate value to customers?  

Sales: What sales process or buyer’s journey does this brand lead customers through?

4. Products and services

Use this section to describe everything your business offers to its target market. For every product and service, list the following: 

The value proposition or promise to customers, in terms of how they will experience it

How the product serves customers, addresses their pain points, satisfies their desires, and improves their lives

The features or outcomes that make the product better than those of competitors

Your price points and how these compare to competitors

5. Marketing plan and sales strategies 

In this section, you’ll draw from thorough market research to describe your target market and how you will reach it. 

Who are your ideal customers?   

How can you describe this segment according to their demographics (age, ethnicity, income, location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)? 

What are their daily lives like? 

What problems and challenges do they experience? 

What words, phrases, ideas, and concepts do consumers in your target market use to describe these problems when posting on social media or engaging with your competitors?  

What messaging will present your products as the best on the market? How will you differentiate messaging from competitors? 

On what marketing channels will you position your products and services?

How will you design a customer journey that delivers a positive experience at every touchpoint and leads customers to a purchase decision?

6. Brand strategy 

In this section, you will describe your business’s design, personality, values, voice, and other details that go into delivering a consistent brand experience. 

What are the values that define your brand?

What visual elements give your brand a distinctive look and feel?

How will your marketing messaging reflect a distinctive brand voice, including tone, diction, and sentence-level stylistic choices? 

How will your brand look and sound throughout the customer journey? 

Define your brand positioning statement. What will inspire your audience to choose your brand over others? What experiences and outcomes will your audience associate with your brand? 

7. Financial planning  

In this section, you will explore your business’s financial future. Suppose you are writing a traditional business plan to seek funding. In that case, this section is critical for demonstrating to lenders or investors you have a strategy for turning your business ideas into profit. For a lean start-up business plan, this section can provide a useful exercise for planning how to invest resources and generate revenue [ 1 ].  

To begin your financial planning, use past financials and other sections of this business plan, such as your price points or sales strategies. 

How many individual products or service packages do you plan to sell over a specific period?

List your business expenses, such as subscribing to software or other services, hiring contractors or employees, purchasing physical supplies or equipment, etc.

What is your break-even point or the amount you must sell to cover all expenses?

Create a sales forecast for the next three to five years: (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales forecast

Quantify how much capital you have on hand.

When writing a traditional business plan to secure funding, you may append supporting documents, such as licences, permits, patents, letters of reference, resumes, product blueprints, brand guidelines, the industry awards you’ve received, and media mentions and appearances.

Business plan key takeaways and best practices

Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors. 

Keep these best practices in mind:

Your business plan should evolve as your business grows. Return to it periodically, such as quarterly or annually, to update individual sections or explore new directions your business can take.

Make sure everyone on your team has a copy of the business plan, and welcome their input as they perform their roles. 

Ask fellow entrepreneurs for feedback on your business plan and look for opportunities to strengthen it, from conducting more market and competitor research to implementing new strategies for success. 

Start your business with Coursera 

Ready to start your business? Watch this video on the Lean approach from the Entrepreneurship Specialisation on Coursera: 

Article sources

Inc. “ How to Write the Financial Section of a Business Plan ,   https://www.inc.com/guides/business-plan-financial-section.html.” Accessed April 15, 2024.

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This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.

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10 Effective Ways to Turn Your Business Idea into a Startup

10 simple steps to turn your idea into a startup….

You might be struck by a brilliant business idea but may not know how to turn an idea into a startup ! It is known fact that all startups begin with an idea , so check out these tips and ways to turn your idea into a successful startup company.

Though each company takes a different path in implementing its business idea, there are some general guidelines that you can follow to transform your business idea into a feasible startup.

Read: Starting a Business: Guide for Entrepreneurs Looking to Start a Business

It is easy to come up with a million ideas, but not all of them are worth implementing or feasible while converting an idea into a startup.

When trying to convert an idea into a working business or startup, you have to consider many factors, such as the product, the demand, the competition, your target market, capital and so on.

10 Real Steps to Turn Your Idea into a Startup Business

The problem and the solution – converting an idea into a startup.

Check out the products and services around you. From the basic needs like water, electricity and telephone to social needs like Facebook or PayPal, they are all fulfilling a need and that is the reason for their existence.

• Firstly, your idea must also be impressive enough to get investors interested in offering funds and supporting you through the launching stages.
• Why should people buy your product? Your product/service must solve a problem or fill a need that many people experience. It should not be an imagined problem but a real solid one.

It’s no use following a trend or copying someone else, as trends tend to change. Your idea needs to be unique in solving a specific problem.

• This question is the litmus test for your product. What problem does your idea solve? Make an honest assessment.
• You can gain customers only by satisfying a need.

Tip: Do some research about startups that have grown rapidly due to the solutions they provide for problems!

See: Franchising a Business: Consider These Pros & Cons of Buying a Franchise

Market Research Before You Put Your Business Idea into Action

Don’t be so passionate about your idea that you lose objectivity when you want to convert an idea into a startup.

Your idea may be good and viable, but is there a market for it? Look at the story of Pets.com and why it failed! The idea of ordering pet supplies online was good, but it was not feasible as an online idea. Market research is important to find out whether your idea is ready for a startup.

• Take the time to thoroughly research the market. This is one of the simple steps to turn your idea into a startup.

Tip: Get information from industry associates, make a web search, read periodicals, make trips to the library or spend time online to understand your niche market.

• Gain an idea about the kind of customers for your product. You can also fine tune your idea based on your research answers.

Tip: Get experts to conduct your research for getting statistically solid samples and objective analytical reports.

• Go into questions such as these when considering transforming an idea into a startup:
• Who will buy my product?
• Why should they buy it?
• Where will they buy your product, online? Specialty stores? Department stores? Using apps or smartphones?
• What is the competition for your product/service?
• Dig out information using surveys and get data from your industry associations or from the US Census Bureau before making your business plan.

Must Read: 10 Ways to Use Microsoft Excel to Improve Your Personal Life?

Protecting Your Intellectual Property

There is always the threat of someone stealing your startup idea and presenting it to the world before you do.

• Protect your intellectual property using patents, a trademark, trade secret or a copyright registration to make sure that it remains yours legally.
• While using a trademark, make sure that you don’t infringe on existing ones when converting an idea into a startup.

Business and Revenue Model

If you want to know the future financial health of your idea, begin by creating a business and revenue model for your product/service in the beginning of your startup journey.

• You will have to assess your cash flow and your cash needs for the product, both for yourself and for your potential investors.
• Make projections of expected revenue and expenditure.
• Choose a proper revenue model that can truly represent the value.
• Consider when you will break even and start making profits with your shift from an idea into a startup.

Make predictions for about a year or two years, as it becomes meaningless to look too far out in the future.

Creating an MVP or Minimum Viable Product

You are actually testing whether your product/service will fit in the market or just be a waste of resources when trying to convert your idea into a startup. It is important that you test this before wasting your money, time and resources on a product or service.

• Create a product/service in its rawest form with only the basic or important functions in order to check the target market fit and get feedback from the users. This will be a simpler version of your final product, but you can get valuable insights about whether your product will be viable in the market.
• The MVP will include assessment of the need for your product, help in deciding the necessary features, and the design or prototype of your product or service.

You can create an MVP using AutoCAD or Visual Studio or just pen and paper. Again, you can create it yourself or hire someone.

• Once you have created your MVP, test it on your target market and get user feedback, by introducing it to friends, contacts etc.

Check: Reasons Why Outdoor Signage is as Important as Your Website in Business

Product Branding

Your idea has turned into a product and is ready to ship, but no one knows about it apart from family and close friends. When you are done with transforming your idea into a startup, you have to begin branding it.

• In an ideal scenario, you should start marketing your startup even before opening business.
• Build your brand with care and strategy.
• Spread the word in the startup community, create viral videos to define your brand. Do not imitate competitors.
• Hang out in places where your typical customer can be found. It could be a real-life place or an online site.
• Identify influencers for spreading the word. This is an important aspect of ways to turn an idea into reality.

Support and Guidance

If you’re on to your first startup idea, it makes sense to get support and guidance from mentors and accelerator programs.

• There are many mentor and accelerator programs available on the web. They can help you get connections with their acceleration program, which normally might take you years.
• These are fixed term programs to help early startups when converting an idea into a startup. They can help you in connecting with founders, mentors and get other advice for development. Successful entrepreneurs turn business idea into business opportunities.

You May Like: A Complete Guide on How to Start a Dairy Farm Business

Getting a Co-Founder

It can be challenging to be a sole entrepreneur in a startup. You might need a co-founder if you don’t possess all the skills or the bandwidth needed for the startup. You could of course delegate the work to an employee, but that entails more expenditure.

• Find a co-founder with skills that complement yours. Find a perfect fit partner who shares the same passion and is ready for the challenge.
• Define your co-founder, the skills and experience that you need.
• Start networking to find a suitable one, just as you would network to find funding and investors.

Check out industry conferences, forums and business organizations in your city. You can also join online groups in LinkedIn, Twitter and Facebook to find a co-founder. There are also sites like StartupAgents, who can help you.

Funding Options

Lack of funds can pose a major hurdle to begin your startup. So how will you finance your startup?

• Self-funding or bootstrapping is one effective option. Use your savings or borrow from friends, relatives and contacts.
• Another option is crowdfunding. It means that you accept contributions from many people at the same time. You can post your requirements on crowdfunding platforms, give details of your business, the funds required etc. and consumers will offer to invest if they like the idea. You can raise a huge sum of money through crowdfunding.

Legal Structure

Now that you’ve completed all the steps for setting up your startup company, all you need to do is create a legal structure.

• You can select the entity, such as a corporation, an LLC and then opt for a resident state.
• You will have to decide on the number of shares that you want to authorize, how you will split the equity between yourself and your co-founders.
• Next, you have to create the legal documents and file them, maybe with the help of lawyers.

Read: Top 12 Profitable Kids/Children Focused Small Business Ideas

Wrap Up – Turning Idea into a Startup Company

If you are planning on leaving your day job and setting out as a founder of a startup, check out these steps before you get the ball rolling on your startup business idea.

Coming up with a business idea is the easy part, but putting your idea into a tangible reality is a tough cookie.

You need to take the right steps and map out every stage. Given above are some of the important steps in the startup process. Critique your idea, market research it, talk to customers, gather data, try finding customers and so on.

Initially, ensure that you invest in small tests of your idea, so that you can assess its viability, profitability and earning abilities. When you are sure that your product can generate enough value, then you can make bigger investments. So, here’s to your next new startup idea!

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Start » business ideas, 4 steps to bring your business idea to life.

Every business starts with a great idea, but you need a plan to make that idea a reality. Here's how to bring your business to life.

So you have an idea for a business. It's something unique that you feel truly fills a gap in the market or solves a common problem. But without a strategy to set that idea in motion, your business is unlikely to get off the ground.

If you're ready to take your business from concept to reality, here are four basic steps you'll want to take to set yourself up for success.

Test your business idea to make sure it works

Testing your business idea is the foundation for building your company. To successfully test your idea, you’ll need to identify your target audience, any potential problems or obstacles, and your financial needs. Writing a basic business plan is the best way to thoroughly outline all aspects of your company. Here are some of the questions your business plan should answer:

• What problem will your product or service solve?
• Who do you want to target with your product or service?
• Is your product or service a viable financial idea?

Research your competitors

Researching your competitors is key for putting together your basic business plan. You don’t want to lose on any potential profits to a competitor you never even knew existed. Competitive research involves identifying your competitors, evaluating their strengths and weaknesses — both as a company and of their products and services, and how your products and services measure up. It also can reveal any industry trends that you may have missed.

There are a few key things you'll want to focus on when conducting competitor research. First, you should identify who your main competitors are in your industry. Analyze each one's online presence, including their social media channels and any online reviews you can find about their company. Once you've gathered all this information, be sure to track your findings and identify potential areas where your competitors may be lacking. This can be a good place to start when determining what makes your business unique, as you can fill in their gaps.

Every business owner should write a business plan, whether it's a simple, single-page document or a more in-depth report for potential funding sources.

Write a business plan

Every business owner should write a business plan , whether it's a simple, single-page document or a more in-depth report for potential funding sources. First and foremost, you'll want to know who you’re writing the business plan for and what stage of development your business is in. This will help determine how you frame your business plan. For example, an investor who expects a return will be looking for different information than a bank that's evaluating you for a line of credit.

Some basic elements that most business plans include are an executive summary, mission statement, market analysis, company description, organization and management, marketing and sales, service or product line, funding request and financial information.

Above all else, your business plan needs to convey why you’re passionate about your company and why you think it will succeed.

Create a marketing and business development strategy

Once you’ve built up your business, you need to spread the word about it. This can be difficult to do on a limited budget, but not impossible. Some great low-cost marketing ideas include face-to-face personal networking, sending targeted local media pitches, developing a content marketing strategy (including social media), and running product or service giveaways for industry influencers.

Finally, you'll want to craft a strong business development strategy to ensure you can keep finding new customers and growing your company after you launch.

For more detailed steps to launching your business, including specific information on registering and trademarking your company, check out CO—'s step-by-step startup guide .

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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Turning An Idea Into A Business Opportunity

Any entrepreneur or creative knows, ideas come to you when you least expect. Sometimes it is in those moments when you just want your mind to stop turning and get a few hours of sleep. Suddenly, you switch on the nightlight or wake your phone – your bedside companion – because you cannot go to sleep without jotting down this idea or you will lose it.

In other times of going through the motions, longing for a more convenient process triggers the light bulb to come on. Companies that have stood the test of time and new kids on the block have the similar story of sitting around the garage when it hits them. Either from pure desperation or an unwavering belief that their idea would make a difference in the world, their business dreams became real.

Action Steps To Transform A Bright Idea Into A Successful Business

• Figure out a problem that your idea solves. It is normal to be subjective and emotional toward your precious idea. Desire is part of the process, but you need sales to keep you in business. Instead of honing in on the great solution at first, work on identifying a common problem your product will solve.
• Research the competition. You may have never heard of your idea or see anyone around doing it, but take it step further. Do your homework to see if similar products or services exist . That could save you the headache of entering a saturated market or help you enter from a different angle. Similar products or services could use your idea and what you can do to improve them.
• See a business consultant. A professional can guide you through completing each step on your way to structuring your idea into a viable business. They can act as a mentor to help you talk through if the idea makes sense to pursue. Business consultants have an abundance of networks and could help you connect with the right business funding too.
• Find a market for your idea. Even if everyone wants your product, not all of them need it, can afford it or will buy it. The objective is to up your chances of reaching buyers. Market research is an important step to have a solid marketing plan and promote to people who will convert into customers. Consider demographic information such as age group, residence, income, a line of work and hobbies.
• Find support and build your team. Business partners and a team who want to see you succeed could speed up the process. Bringing the best of what each of you has to the table with a team around you increases your chances of longevity in the business. Big business names like Google, Apple, Twitter, Proctor and Gamble and Ben & Jerry’s can attribute their lengthy business success to fusing good qualities within their partnership.
• Executive summary.
• Market analysis.
• Company and team information.
• Product or service.
• Financial plan.
• Find investors for your idea. Start with options that have the least amount of risk in the early stages. Friends and loved ones, personal savings and crowdfunding pose the least risk to your credit and are easier for a startup to obtain. With more experience, pitching to a venture capitalist or angel investor could yield more funds in exchange for company equity.
• Solidify your brand and promote your business. Influencers control a large portion of market activity, so that means you need to be the face of your brand. Work on building a loyal following on social media before your business idea launches. Build email lists, submit press releases and create anticipation for your upcoming product or service.

Helpful Tips To Remember During The Process

• Pursue what you love to do. All the work you put in has to be about more than money. Passion will be the driving force behind your idea. It is invigorating to work toward a business doing what you love. Without that enthusiasm, it feels more like work that you will not want to continue.
• Think about how your idea will serve society. The world needs your ideas to transition to useful products and services. They need convenience, fresh solutions and relief from things that cause physical pain, or that are just a pain in the rear. Aspiring entrepreneurs need inspiration and motivation from seeing you win. Your brilliant idea can do great things for the community, or even the nation.
• Build relationships and reach out when you need to. Networking still works in this century, and evolutions have expanded the ways we can reach out. Social media groups, meet-ups and mixers make it easy to make business friends close to home or abroad. Forming these bonds will make your journey less lonely and give you resources to nurture ideas. Connect with entrepreneurs of all levels and types to learn how they are propelling their idea.
• Keep an open mind. Seasoned business owners, business partners or mentors may be eager to critique your idea or challenge different areas of it. Be open to learning and trying new business strategies. You may have to release what you had your heart set on and opt for what makes sense from a marketing or financial perspective.
• Be ready for growth. You will grow personally and professionally as you devote a chunk of your time to building your business. As the business grows, you will also have learning curves that will expand your mind and the business. Scalable growth is essential in the early days to make sure your demand does not exceed your supply and your workforce does not outweigh your working capital.
• Prepare for delayed gratification. Bringing your business idea to life will require sacrifice. To nurture your “baby,” you will work a lot of hours with little immediate return. Delaying your social life, income and sleep are common in the startup phase, but you will reap your reward when the business takes off.

Shifting An Idea To A Successful Business Requires Emulating Successful Habits

The first habit of highly successful people is being proactive – a self-starter. Taking the initiative to act on your idea is what led you to this guide and what will feed your desire to take each step. Keep your mindset positive and take action, so the life of your idea extends beyond notes and coffee chats.

At HJR Global , we help entrepreneurs convert vibrant ideas into plans, and plans into a flourishing business. When you find yourself in need of assistance with your business idea, do not hesitate to contact us .

To read the previous blog post, click here .

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Govt Can Convert Instalments Into Equity Under Reforms... If Required, We Can Request Govt: VI CEO

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• Apr 18, 2024,
• Updated Apr 18, 2024, 1:10 PM IST

In an exclusive interview with Business Today TV, Vodafone Idea (VI) states that, if required, the company can request the government to convert the instalments payments into equity. According to VI's CEO, the company understands that recent government reforms have incorporated the conversion of dues into equity. If this provision exists, the company can request to do the same, if required. Catch a glimpse of this exclusive conversation in the excerpt below.

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