I Have An Idea: Building a Start-up

Often we find ourselves faced with a problem and saying, “I have an idea!” Maybe you’re wondering what it would take to build a start-up to solve this problem and you’re unsure what direction to go next. Well, you’re in luck! We’ve compiled a list of three easy steps that can help you build a start-up when you find yourself thinking, “I have an idea!”

Getting a start-up or product off the ground is no easy feat, but your journey can be less difficult thanks to these key steps.

Ask yourself some basic questions before you start. If you’re thinking “I have an idea” for a product, or you’re trying to launch a start-up, you must have a reason for wanting to do what you want to do. Before you go any further, brainstorm to figure out what your purpose is.

• What product are you offering? 
• What problem are you trying to solve? 
• Is this a problem for lots of people? 
• Why is your product important? 
• Why should this problem matter? 
• How often does this problem occur?

Don’t forget to research the logistics of your idea too. Crunch the numbers to prepare yourself as best you can. You should have an idea of how many opportunities your idea might present you with and many customers you should expect. The more you plan, the fewer problems you’ll have in the future.

Look for others who can help you with your endeavors. The best team is made of a diverse skill set. There’s strength in numbers, and the more people you have on your side, the more brainpower that can help your start-up succeed. 

Working on a project as a group decreases the chance of oversight. Even if you are unsure of how to solve a problem yourself, someone else may have an idea. After all, the only thing better than thinking “I have an idea” is hearing, “we have an idea!”

When you’re ready to move on from just the “I have an idea” stage, you can work on your product design. Brainstorm on paper to get a general idea of how you want your product to look. Then you can build a prototype to help you better visualize your product. 

This will not only help you plan your design, but it will also make it easier to test out your product on subjects as pretend, potential customers. You can use their feedback to tweak your product design and fix any issues you may have before finalizing your product’s design. 

This will help keep you from encountering as many bugs down the road and help your start-up have a better successful launch.

Now you can work on figuring out your start-up’s goals. Decide on your marketing plan. You’ll need to figure out the best way to answer the following questions and proceed from there.

• What makes your start-up different from others, and why should people care?
• Will you use social media to promote your product? If so, what platforms will you use? 
• What will your start-up’s website look like?
• How will you gather information on your customer’s to keep your product up-to-date? Will you send customers surveys, or will your website be enabled to gather customer information? 

You’ll also need to figure out how to execute your business production. To come up with your business model, you’ll have to consider the following: 

• How will my start-up make money?
• How will my product be mass-produced? Do I want my product to be mass-produced?

You have to spend money to make money, so you’ll also have to build a revenue model to figure out how you will go about funding your start-up. The key to business is knowing where to invest your money, so you see a profit, not a decline.

• Are you funding your start-up with your own money?
• Are you going to apply for a bank loan? Do you qualify for a bank loan? This can be a lengthy process that involves a lot of paperwork, so you’ll have to keep all of your start-up’s information organized and be willing to wait for bank approval before you can launch anything.
• Is this project crowdfunded? A campaign may raise enough money to avoid debt and gain new customers for your start-up right off the bat.
• Have you tried pitching your start-up to an investor? Perhaps there’s someone out there interested in funding your start-up who can help you launch your product.
• Have you considered grant opportunities? Sometimes federal credit unions or local governments will fund start-ups in an effort to support and retain local businesses. The process can also involve a lot of paperwork, but if you have trouble getting approved by a big bank, this may be the best way to get your start-up funded.

Hopefully, these steps will help you when you find yourself thinking, “I have an idea.” Building a start-up can be a long, tedious journey, but it is also well worth it. Everyone may have ideas, but not everyone follows through on making something of their ideas. If you’re not quite ready for building a start-up on your own, consider dipping your toes in the entrepreneurial waters with side hustles for couples or consider seasonal winter side hustles.

So long as you plan ahead, adjust accordingly, and keep all your paperwork organized, you are sure to build a successful start-up.