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You’ve just had a wonderful idea for a startup company. It’s been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, “If only I could make it work” or “If only someone would give me the money to get it off the ground!”
Well, guess what? No one’s going to hand you a sack of cash. But the good news is that you don’t need anyone’s money if you can’t find anyone to help fund your business idea. Here are the steps you need to take to put your business idea into action:
1. Validate your idea
The best way to validate your business idea is by asking people for their thoughts on it. Don’t ask for money or investment. Ask them for specific feedback about certain aspects of your business. For example, if you’re opening a new restaurant, ask them what kind of food they like eating at restaurants and what restaurants they like going to most often.
You’ll get better results if you focus on one specific part of your business at a time rather than asking them if they’d use your entire product or service — it allows them to give more in-depth answers without feeling overwhelmed by everything else in your pitch!
Related: 5 Ways to Validate a Business Idea, Right Now
2. Write a business plan and business model
Writing down your ideas and plans not only helps you clarify what you want to do, but it also allows you to make sure there are no holes in your plan. Here’s what you should include:
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A description of your business, including its mission statement and goals
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A description of the target market for your product or service
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A description of the competition in your industry
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A description of how customers will find out about your product or service
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How much funding is needed for startup costs and ongoing expenses
3. Talk to your potential customers
In order to put your business idea into action, you have to talk to your potential customers. That’s right — it all starts with a conversation.
When creating a new product or service, you can’t assume that your customers’ needs will align with yours, because they might not. You need to speak directly to potential customers and ask