The best product ideas don’t always translate into successful business endeavors. So why is it so hard to get a startup off the ground? What are the risks, and what are the steps to take to get your product from idea to launch? This guide will show you exactly how to go about it so you can be the next big success story.
Starting any enterprise is tough
The rewards of starting a business are significant. You get to see your vision come to life and make a tangible impact on the world. Still, starting a business is tough, especially if you are looking to launch a product that was originally conceived of in your spare time. Mike Savage New Canaan started 1-800 Accountancy to bring comprehensive accounting services to small businesses so that they would also benefit from the big four levels of service, thereby making launching your own enterprise a little easier.
This guide will cover the basics of launching a new product or startup, including:
- Developing your idea
- Pitching your idea
- Creating your business plan
- Securing investment
- Developing a brand identity
- Finding the right team
- Launching Your Startup
Developing Your Idea
Without a good idea, you’re unlikely to have much success. The best ideas are those that solve someone’s problems. The key is to be clear on what your idea solves and how to market it. Always remember that the best ideas are usually the simplest. Start with a concept that can be explained in one sentence or less, and create a working prototype or mock-up of your idea, so you’ll know the product works.
To develop your idea, you should follow these steps:
- Defining your business idea
- Researching your business idea
- Developing a business plan
Pitching Your Idea
The different ways to tell a market what you are planning to do. Pitching involves presenting the idea in person or over the phone, using the right tone and language, and presenting it effectively that will get your audience excited about it.
Creating Your Business Plan
A business plan is vital in creating a framework for your company, including the revenue and how you’ll use the money. It’s also a necessary part of securing investment in your startup. Learn how to create a business plan that will secure investment and help you launch your new product or business.
Securing Investment
Cash is the lifeblood of any enterprise, and the best way to secure it is from an investor or a loan. Take the following steps to find investors:
- Ask friends and family
- Apply for a small business administration loan
- Speak with business schools in your field
- Crowdfunding platforms bring businesses and investors together
- Look for private investors
Developing A Brand Identity
Be unique in the market by developing a brand identity that conveys your company’s values and mission statement. A good brand goes way beyond a logo and company livery. It also encompasses how you operate and how you speak with your target audience.
- Identify your brand purpose (what problems are you solving)
- Identify your brand values
- Define your goals and target audience
- Define your brand voice (what you will say to this audience)
- Create an identity for yourself that is reflective of your company’s values
- Develop a logo that reflects your brand message and mission statement (i.e., FedEx logo: peace of mind, no matter what it takes)
- Create a livery that conveys the same message as the logo
Finding the Right Team
How to assemble a team of experts to help you launch your startup.
A good team makes all the difference in getting your product on the market. To build a good team around you, you will need to:
- Scout potential candidates
- Interview and select candidates
- Develop a good team spirit
Entrepreneurship is full of ups and downs, and you must surround yourself with those who are committed to your success.
Launching Your Startup
You have a good product, a good team, and a robust business plan. Now comes the fun part: launching your new business.
- Define your launch strategy
- Execute your launch strategy
- Launch and analyze results (what works, what doesn’t)
Some startups succeed; many more fail. Following this step-by-step guide on launching a startup, you’ll have the knowledge and tools to succeed in the market.
This guide is built upon years of experience as an entrepreneur and investor in new businesses. It is designed with clear steps to help you develop the best product and successfully launch it on the market. You can use dozens of templates, checklists, and examples to follow a structured approach to developing your idea and putting it into action.
Define your launch strategy
Bringing your product or service to the market is a challenge all businesses must face. There are several ways you could go about this, and the one you choose will depend on your funding options, budget, and available resources.
1) Define your target audience
Who are you bringing the product or service to, and how many is your target audience? You will likely identify different customer groups with their own unique requirements. Any communications sent should be tailored to each customer group focusing on each group’s needs.
2) Reach your customers
Once you have developed each customer segment’s requirements, you need to understand how best to communicate your solution to them. For example, how will you reach your customers if you are launching a new type of mobile app for a smartphone? Through an advertising campaign on radio or TV to all smartphone owners? Or through viral marketing campaigns, social media, or mobile advertising to attract potential customers? Your approach will vary depending on your product.
Execute your launch strategy
Now that you have defined your target audience and how to reach them, it is time to determine the launch strategy. Your launch strategy should be based on your marketing efforts and budget. Your launch strategy will define your strategies to market your product, the design of your product packaging, how you will price it, when you will launch, and how you will communicate it to your customers.
There isn’t a single formula for a product/business launch. The area you should look at include:
– Marketing
The first part of the launch process is marketing. It is a crucial element of your launch and will determine whether or not you become successful. Great marketing will create an awareness of your product, encouraging customers to purchase. Your marketing also needs to persuade prospective customers to purchase by creating a desire for customers to choose your product. This is how you generate media coverage and word of mouth about your startup, encouraging more people to purchase from you.
– Supply chain management
The second part of the launch process is supply chain management. This is when you should begin to prepare for your product’s launch in good time for shortages to be minimized and for potential problems with your supply chain to be prevented.
– Customer support
Your customer support team will be required to respond to your customers’ questions, complaints, and queries. The extent to which you provide customer support will determine how satisfied people are with your product and whether or not they return later to purchase more of your products.
– Sales
Your sales team will open dialogue with customers and prospects to ensure they clearly understand the value your product offers. Customers must be aware of the benefits they gain from purchasing your product, or it will be difficult for them to purchase from you. The sales team is also there to demonstrate how your product works and answer any customer questions.
– Public relations
You will build relationships with the media and influencers that promote your product and create awareness. You can do this by creating an enticing press release, which you submit to the appropriate media outlet, inviting journalists to a product demonstration, and attending networking events where journalists are present. You must also plan how to react to any bad publicity. Knowing how to deal with bad news can make or break a business.
Launch and analyze results
You must evaluate all this to determine whether or not it has worked. This will allow you to identify whether there are many benefits from launching your product and improve on the downsides.
1) Measure results
Once the launch has taken place, it is time to analyze the results. You will want to know how many people you reached and how many of them took action. How much interest did you generate in the product or service? What were the critical success factors for making a sale?
2) Create a follow-up plan
Once you have analyzed the results of your launch, it is time to implement a follow-up plan. You will want to keep up with each customer group for at least 6 months or longer, however long it takes for your product or service to become successful and generate revenue.
The modern idea of entrepreneurship has come around as being a new way of life and a new way of thinking. People can now live on their terms, make money for the sake of making money, and finally, the definition of success is no longer the bank balance but the satisfaction that comes from living your life for others.
Entrepreneurship is meant for all – whether you’re an individual looking to create something from nothing or a small business trying to expand its reach into the world. There are countless examples of new technologies, ideas, and products that have changed and shaped our lives, our society, and our culture.
Starting a business is not easy – it’s challenging on all fronts, but the rewards (for individuals and entire communities) that come from creating something useful are priceless. The road to success is not always smooth, but the benefits are there for the taking.
