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We retake September with our small series of weekly tools that, on this occasion, can help you to have a vision before the launch of our idea. SIX STEPS BEFORE LAUNCHING YOUR IDEA The success of your business is defined even before you start to walk your idea. Do Not take lightly the work before executing your project as you might find yourself with a bad surprise along the way. These Simple steps will help you in the path to success:

  • Step 1. Concept Development:

The starting point is your business idea. You Don't need to look for complex ideas, it's just a matter of satisfying consumer needs. You Must offer solutions to common situations that you have lived or have seen closely. If you already have the idea, the next thing is to check the market response. Business ideas have to come from the knowledge of the entrepreneur himself, especially from his professional and personal experience. A good starting point is to ask you what you know how to do.

·         Step 2. Market Research:

You should Not launch your business without having done a market study, the deep knowledge of it will depend, to a great extent, the success. The competence and the behavior of the clients are some factors that you must analyze. The market is constantly changing. Three Basic ideas: Is it different? Is it relevant?, is the price competitive?

·         Step 3. Market Strategy:

You Have to define very well, not only your product and who you're going to sell it to, but also how you're going to sell it. Keep in mind the channel, the cost structure, income formula… All this will set up your business model, understood as an engine, as a kind of machine that ends up producing money.

·         Step 4. Pre-project Experience:

The Previous professional experience is always an added value that makes the business idea more quickly to become a company. It Provides a network of contacts, a greater capacity to market, which is a key element because, in the end, apart from being a good manager and a good technician, you have to be a good commercial (or get one…)

·         Step 5. Financial Analysis:

In Order For Your business To start you will need more or less money. First of all, calculate the total amount of funds needed to start your business, then establish how much you cover with your capital and how much you will have to get from the outside. Second, it calculates the expected benefits to see if your project is viable or not. Other aspects to consider are the liquidity of the business, possible cash flows, control of expenses.., and do not discard the possibility of associating with others to increase the financial capacity of your project if you need it.

·         Step 6. Equilibrium Point:

There are Always variables in the foreseen ideal situation. It Foresees situations that may make them vary or some delay in payments. Try, at least initially, to get the point of balance between income and expenditure. If you have considered these points, the time has come to launch you into the market. Good luck!

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