Many of us have had a genius idea that probably fizzles out in the end because we have no idea of how to take it to the next level.

Get ready to ignite those ideas following this simple step by step guide.

This is how to Start-up your idea

 

Analyse the market.

Start considering the market’s niches, that your idea is applicable. Learn about the needs of the industry and about your potential consumers. These are the questions you should start answering:

Is the industry facing any problem that your idea can solve?

Will your idea bring improvements to the actual industry?

Can you refer to trusted sources to keep you constantly updated with the latest industry trends?

Will your idea fill the gaps left untouched by others in the same industry?

 

Write down your ideas.

Now you probably have identified needs or areas that can be improved in the niche you are interested in.  So write it down on your notepad or even better you can use tools like Google Keep which allows you to add pictures, web links, attach documents, etc. from any device Android, iPhone, PC or Mac.  This will help you to recall important details about everything related to your new project.

 

Competitive analysis

This is a very important step. Here you will compare and even predict how your business will be doing against the competitors.

Create a list of your competitors

Find your competitor’s product summaries

Look for your competitor’s Strengths and Weaknesses

Learn how your competitor’s market themselves

 

Start designing your business model

Great business models depends on developing three qualities that will help the business succeed:

Finding High-Value customers
Offering Significant value to customers
Delivering Significant margins

Great business also avoid three “red lights” that can derail a business.

Difficulties in satisfying customers
Trouble maintaining market position
Problems generating funding for growth

 

Do a Market Survey

If you are in a Coworking Space  you can accomplish this step conducting a focus group session before or after the completion of your Minimum Viable Product. This is where you invite people from your targeted demographics to participate in a group discussion on the products or services.

A focus group can help you achieve the following:

Finding out consumer’s first impression of the product or services based on packaging and marketing campaign

Gathering customer’s real time feedback on the virtues and vices of the products/services

Tweaking your marketing strategies and improving your product before the final deliverable

 

By Marcel Rodríguez