You are probably not familiar with Punch list. Punch list is a project management app that helps contractors and homeowners better run remodels. According to its CEO Kyle Zink, the idea came to him after having a hard time with the renovation of his home.
This clearly shows that a business should come from a place of passion. It shouldn’t be done solely to generate income. The more connected you are to your idea, the more effort you are likely to put in it.
So, you could have a great business idea. You may however be at a loss of how to go about it. For a great start-up experience, apply the ideas discussed below:
1.Pin point the problem your idea is solving.
You should realize that it’s not a product you’re selling. It is a solution to a problem that affects many, With Kyle Zink, he wanted solve the trouble that contractors and clients go through. So, find a problem you relate to. Then you can come up with a way of solving it.
Remember, the goal is to eliminate the problem for your clients.
2. Identify ideal market for your idea.
You need to make your ideal customers understand the idea behind your product. Show them why they need it. If you try to compel just anyone, you may give up.
Biznesskit for example targets SMEs. So, showing them how much efficiency comes with Biznesskit products is the way to success for it.
You can get a better understanding of our target market by reading our articles on bookkeeping secrets for small businesses and what to consider while choosing a portable POS system.
3. Network
The statement, no man is an island, is true more sore to an entrepreneur. You could have a billion- dollar idea but you cannot do it alone. You should have business partner and employees whom you’re mentally compatible with.
It is also great to network with established entrepreneurs. Listen to them, engage them with questions. You will gain so much information that you could never get from a classroom or research.
4. The Bottom-up Model
At this point, you are ready for financial phase one. The bottom-up model basically allows you to understand how your product/services is created, marketed and sold to a client. It gives you an understanding of how the business will function.
5. The Top-down model.
This allows you examine your market size and what goals you need to achieve to make a profit. Once this is done, you can get your ideas for your team to discuss. Come up with a mission, objectives, competitive advantage and the sorts.
Finally, you can figure out where to get the funding from. There are so many options from loans, self-funding, family and friends etc. however, remember each option has its risks and rewards.
Stay positive. Self- doubt is a big killer of business ideas. Not everyone sees your vision. Avoid negativity and keep your eye on the goal.