We are all capable of coming up with a great idea. Some of the great ideas that we come up with have the potential of becoming a successful business. Every successful international company that we know of today started with the business owner thinking of “what ifs” and acting on them. Microsoft, Apple, Facebook, Google and many others all became possible because their creators had an idea for a good business. But simply having a great idea is not enough. You have to act on it to make it a reality. Anyone can think of one but transforming it into a business is a whole new ballgame.
Part of the process of making that idea a reality is planning. You need to have a guide to go from the starting line to the finish line. There are no shortcuts here. If there is, all of us would own international companies or successful businesses. But planning for a startup company is way different from planning for an already established one. There might be standard templates that you can follow, but following pre-planned templates to a T is not encouraged – every business is different from each other. What you can do is to get advice or tips and adapt them to suit your business needs. Customize your planning around your idea, your resources and capabilities. Make it your own and you’ll see more favorable results.
Company Has a Clear Objective
“We are going to sell X product or service.” is as ambiguous as they come. Your startup company’s business plan should be as detailed as possible and viable. State what your company is and when you’re planning on going into business. Be specific on what products and services you are offering. Specify your target market and how you are going to reach them. This will be your foundation, and this is what potential investors are going to examine.
Identify Your Target Market
Coming up with an idea is usually the result of trying to solve a problem. Go back to that moment and identify what gave you the idea in the first place. If it resulted in trying to solve a problem, target the people who have that same problem. Examine what solutions other companies are providing. Be specific when stating who will be buying your products or which market you are trying to get in to.
Know the Competition
Get to know the competition before diving in. As mentioned before, examine what solutions the other companies are providing. Ask yourself, “How can I differentiate myself from the competition?” There is no reason for consumers to switch to your brand if you are offering exactly the same product or service that other companies are already providing. You can differentiate yourself through pricing, but more importantly, you should offer them something invaluable, that the competition does not provide.