Talk it Out with Trusted Allies

Once you have a business idea that you think has real potential, don't keep it to yourself! Share it with trusted associates for their help in refining and perfecting your vision, especially if they're within your target market as a potential customer for your business idea. Make sure to ask questions: Do you think this business idea has potential? How can I flesh it out? Would you buy this product or pay for this service and if so, at what price?

What if you don't have any associates in the business area you are pursuing? CIEA can hone your networking skills. And don't forget that even people who aren't involved in your business can provide vital feedback by playing prospective customers.

Getting honest feedback, while sometimes painful, is an essential first step in turning your business dream into a reality.

 

Research the Market

After you have developed your core business idea, some market research is in order. What other players occupy the space you want to pursue? How will your offering be similar or different? And where will your customers come from?

In the research process, be sure to focus on more than the success stories. Is there a similar business you can look to that didn’t find success? Ask yourself what you will do differently.

Further, CIEA will identify potential partners during this process. If you are launching a pet foods product, for instance, what sort of retail locations will you want to align yourself with? The same is true for service businesses. Is there a company out there that might value your service as an add-on? Partnerships will be valuable as you try and grow your business.

During this process, you may learn things that will cause you to reshape or reconsider your original idea, which is important during the planning phase. Is there a niche market you can target? Is the market crowded with players with little differentiation? What competitive advantage can you develop?

 

Draft a Business Plan

Another vital step in launching a new business is developing a business plan. Business plans can be formal or informal, but they allow you to crystallize the core components of your business before launch.

Things to consider: your business “story” and how you will frame it to potential investors and other interested parties, financial and operational goals, projections, and how you see the business scaling over time.

 

Build a Prototype

Prototyping is an essential early step of business planning. It allows you to test out whether or not your vision is feasible.

And "prototyping" is not just for outfits that make physical products. A prototype can also be a simple website representing your future business that you use to collect email addresses from interested parties.

The prototyping phase is all about taking your business vision and making it real to test out whether or not real consumers will bite.

 

Raise Funds

Consider how much money you need to start up and how you would like to fund your new enterprise. CIEA will help you find suitable investors to fund your business idea and help you launch your startup without any difficulties or trials and errors.