Steps in Developing A Business Idea

Steps in developing a Business idea
Coming Up with a business idea is harder than it seems The business idea must be something
that customers are more than willing to pay for when turned into a product or service.
Finding that idea takes much time, creativity, confidence and a lot of research
You may probably have multiple ideas in your list before you actually find the one that you can
work with,
Most importantly do not be disheartened if a few of your ideas turn bad,
In reality there are many startup businesses that ends up failing.
The following are the steps and some important notes In developing a business idea
Step1: Assess first what kind of knowledge and skills you possess
 List down all of the strengths and weaknesses you have, then weigh them in relation to
your plan
 Think if you could follow through it.
 You may have a great idea but no realistic way to implement it
 An Ideal way to create a new product or service is if you have the skills and knowledge
about it.
 Apply skills and knowledge learned elsewhere to improve a completely different
Step 2: Identify a problem within the different existing industries

 Study the industry or a community for any problem or need that requires correction or
improvement.
 A good way of conducting this is to ask people about these problems
 There are times that the industry itself does not have much problems to see, the best
approach to this is to see of what is lacking in the industry or community.
Step 3: Conduct preliminary research

 After you have identified the market needs or lacks,
 Determined what product or service you might
 Do a market research:
- how the market inside the industry or locality work
- what people value in the market
- investigate through the internet or social media to see the most common things
people search for
Step 4 list down all your ideas,(There are endless Possibilities)

 every new business idea will either be based on a result of development and innovation
or on a product or a service
 is to be able identify their distinct advantages and differences in elements that you
should consider
 involves advertising and marketing
 Write all possible ideas you have come up with after acquiring all the data gathered on
the previous steps
Step 5: Always take breaks and get enough sleep

 Always get enough rest and sleep to keep your brain working at its best
Step 6: Investigate if someone has already come up with your idea/s

 There’s always a chance that someone else has also thought of an idea that is similar to
yours.
 Make sure research and investigate thoroughly if your idea has not been done by
anyone else already.
Step 7: Rank your ideas

 Rank your ideas in the order that you think is best for you and which is the least.
 Its recommended that you have more than options to choose from
Step 8 Choose your best idea

 Choose which idea really suites for your style and skills
 Evaluate each idea and weigh each one by which one is has a slight edge or advantage
over the other
 After you have made your best choice you can start focusing and putting all your effort in
developing your business
Step 9: Pitch your idea to family, friends and colleagues

 Test its viability by consulting people about what they think of the business,
 You can start by asking your family and network of friends, colleagues or other people
that might be of help to start your business
 Its important share and explain about the nature of your product or service
 Ask about their opinions of your business plan and ask them if they would buy it if its to
be endorsed to them
Step 10: Talk to potential customers.

 Go to different places in your community and ask people around about your proposed
idea:
- To only give them a brief explanation of your concept, to avoid taking too much of
their time
 Conduct interviews or surveys for them to answer quickly
 Be patient since not all may act interested in your business idea
 Be creative and cautious in doing these step
 Have an open mind to whatever they might have to say.
Step 11: Investigate competition and identify risks and obstacles.

 Looking out for any competition in the market is a must for one to study along with the
process of setting up your idea
Step 12 Determine if you have a viable plan

 Determine if you already have an executable plan for your idea
- The plan is doable?
- Is the product or service marketable
 Do a cost analysis of your plan
 Think also about the financial aspect of your plan
 Determine the level of competition
 Figure out how you will be better than your competitors.

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Steps in developing a Business idea

Most importantly do not be disheartened if a few of your ideas turn bad,

In reality there are many startup businesses that ends up failing.

Step 2: Identify a problem within the different existing industries

Step 3: Conduct preliminary research

Step 4 list down all your ideas,(There are endless Possibilities)

Step 5: Always take breaks and get enough sleep

Step 6: Investigate if someone has already come up with your idea/s

Step 7: Rank your ideas

Step 8 Choose your best idea

Step 9: Pitch your idea to family, friends and colleagues

Step 10: Talk to potential customers.

Step 11: Investigate competition and identify risks and obstacles.

Step 12 Determine if you have a viable plan

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