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How to Implement Your Startup Business Ideas

Date published: June 12, 2020
Some of the biggest ideas come from small businesses. Here is how to make your vision a reality.
Business Tips

Planning the future of your business.

How are startup business ideas created and brought to life? In this post, we’ll discuss some of the steps to creating your own startup business.

Look Over Your Pain Points and Assess Your Ideas

Pain points arise from everyday problems that need a solution. They are the beginnings of a new idea. What is a small thing that bothers you every day? What would you improve upon if you could do so? Keep a small journal and write down these pain points. You never know what a small idea could bring.

When you’ve got your ideas written down, sort through them, and decide which one is worth taking on and exploring. Is your pain point one that many others have as well? How often do you struggle with your pain point? Is this pain point serious enough of an issue that it would be worth trying to solve? Who is the target audience?

Gather together a few groups of people that consist mainly of consumers, family, peers, and industry experts. See if they have the same pain point as you and if they think it would be wise for you to pursue your idea. Be ready to ask questions and be prepared for the criticism that will, hopefully, allow you to better improve upon your idea. Sharing ideas with people you’ve never met before can help broaden your perspective and improve your brainstorming process. Will the people who don’t know you personally buy your product or help support your business? Do those people think you have good startup business ideas? Receiving feedback is essential to being able to grow your startup business.

Brainstorming New Ideas

Incorporate passions and interests as you brainstorm new ideas. What are the opportunities that can bloom from your passions and interests? The things you love will help guide you throughout challenging times.

Take a look at your skill sets. Having talents in fields like art and design, business management, software, and programming can help with coming up with new ideas for products and services. New technology, methodologies, and ways of thinking will continue to change our world and our industries. Don’t be afraid to test out these new methodologies and apply them to the brainstorming process of the products and services that you will create. Remember that you should only be taking inspiration, rather than plagiarizing someone else’s idea.

Your Purpose

What are your goals by creating your new idea? Why are you inspired to create this new product or service? What is your mission? Know your purpose and objectives before you dive headfirst into developing a new product or service. Consider how your idea may influence the people around you and the earth that you live on. Expand your horizons.

Finding A Mentor

It’s always a good idea to find a mentor that will help support you and your business. New business startup ideas can lead to challenging yet incredible journeys. A mentor will be by your side, guiding and supporting your startup, all the while unbiased when sharing opinions and making suggestions. A mentor will also introduce you to a network of people that can contribute to your business and help it grow further and faster.

A mentor can be a close member of your family, a peer, an expert in the industry, or even a professor. They can also be someone that has run a business before splendidly and has incorporated values that you admire and would want to have in your own company. Perhaps you see a part of yourself in this person and aspire to be at the same level as themselves one day.

In addition to networking, a mentor should also be able to provide help with business management and putting together your team.

Gathering Market Research

Take the time to learn exactly who your market is.

Start by writing down what your problem and solution are. Keep those in front of you.

Who is your target audience?  Research your demographic and begin to put together a profile of your ideal consumer. Speak to consumers that match this profile to confirm that the research you’ve gathered together so far is accurate.

Learn about who your competition is. How will your product or service be different from what others have already created and brought into the market? What are your advantages? What are your disadvantages?

Look into any trends that are currently going on in the market. Trends are temporary. They help shape and form your product as you develop it. They help you learn what will benefit your consumer’s lifestyle.

What is the ideal retail space in which you’ll be selling your product or service? Is there another business out there that would value selling your product in their stores? Partnerships can prove to be valuable as you work to grow your business.

What are the materials and technologies needed in order to develop your product?  If those materials and technologies do not yet exist, how will this affect your idea? How will you adapt and change?

Composing Your Startup Business Plan

Having a business plan is essential in order to start your business and make sure it keeps growing. A business plan will allow you to frame any goals or milestones you might have and establish what steps you’ll have to take in order to reach them. In the future, you’ll be able to take the business plan you have outlined and present it to potential investors.

A business plan will generally include the following:

  • An Executive Summary – This should include the name of your business, a business description, the purpose behind your business, the everyday problem that you are solving, and how you will solve it. You may also include your mission statement and any objectives or goals you may be striving towards.
  • A Business Description – Adding onto the brief description in your executive summary, here you may explain what the industry currently looks like, why you want to start your business, and how your business could impact the industry.
  • Any Market Strategies – Who is your target audience? Create a customer persona and explain how you plan on selling to your audience.
  • A Competitive Analysis – Share the research you’ve gathered on who your competitors are. What are their strengths? What are their weaknesses? How will your product or service stand out from the rest?
  • Any Designs or Development – Describe the product or service you have created. How far has it already been developed? What are the development plans for the future? How will it affect your target audience? What is your budget? Will you require small business startup loans?
  • Any Plans for Operation and Business Management – How do you plan on operating your business on a daily basis? How will you manage and run your business? What are your long-term goals for the future?
  • A Plan for Your Finances - How do you plan on financing your product or service? What are the projections you’ve made? What is the timeline for when you can expect to start making a profit?

Assembling Your Team

A founder is the face of a company. They carry the company’s culture, and they drive the company’s focus. They know the company’s vision, and they encourage their team to keep on working towards their goals. The founder is the epitome of the entrepreneurial spirit.

As a founder, you may find yourself needing a co-founder or a partner. Your partner should be a complementary fit to your style and personality. A founder should feel assured that their partner is fully committed to the vision and will put in the work that needs to be done. The partner should be just as passionate about the idea as the founder.

You’ll want a team that is passionate, driven, and can provide a variety of skill sets. The CEO (Chief Executive Officer) will lead the company towards its goals. The CBO (Chief Business Officer) supports the company through business management. A CMO (Chief Marketing Officer) will help introduce your company to the rest of the world and provide a sound marketing plan for your product or service. A CTO (Chief Technology Officer) will help with managing the technical requirements necessary in order for development. And finally, a CDO (Chief Design Officer) will manage the design and development team in developing the vision.

You may also find yourself wanting advisors. Advisors can help greatly with guiding you through the market and working alongside new corporations. They’re also knowledgeable about networking and making the right connections.

Financing Your Startup Business

There are several ways you may go about financing your startup business.

  • Bootstrapping –The founders can finance the business themselves and deal with no outside involvement.
  • Crowdfunding – You can receive funds through online campaign platforms like Indiegogo or Kickstarter.
  • Asking Friends & Family – It’s tough to involve personal relationships with business while making sure there’s a clear line between your business and your personal relationship. If you choose to pursue this method of financing, make sure you make that line as clear as possible.
  • Business Acquisition Loans, Bank Loans, Online Loans & Credit - Look into the requirements of the loans around you. A great place to start seeking loans is with the Small Business Administration.
  • Angel Investors & Venture Capital Investors – Angel investors will provide capital for startup businesses and, in exchange, will require repayment or ownership in equity. In venture capital, funding is provided by a group of prosperous individuals and businesses who then transfer that funding to a venture capital firm. The venture capital firm will then, on behalf of the individuals and businesses, request ownership of equity in return.
  • Incubator & Accelerator Programs – These types of programs are here to help startup businesses get started with resources, consulting, access to facilities, events, and networking opportunities.

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Ethan James   Lead Writer
Ethan James is an experienced Financial Writer at Lendza with over a decade of experience.