What to do with your Startup Idea?

We will give you all the tech startups know hows and we will provide you with useful resources to help you on your journey.

Honestly, startups are complicated. There is no one-size-fits-all approach to getting your venture off the ground and it might take several years for people to get to know your brand’s name.

But don’t let this discourage you, building a business from scratch requires commitment, income or capital, and very hard work. Getting started is the biggest decision you’ll make, so we’ve put together a guide of a few first steps you can take to ensure you start off on the right foot.

1) BE PASSIONATE

It all starts with having an idea you are passionate about. You need to be excited about the prospect of your startup solving an existing problem that people are facing, or capitalising on an opportunity in the market. Before you go any further into the process of building your startup, you need to wholeheartedly believe in the potential of your idea to turn into a successful business so you can convince others to get behind you.

2) HAVE A STRONG BUSINESS MODEL

For your business to succeed, it has to have the right business model so it can generate enough money to cover expenses and make a profit. To tick these boxes your idea needs to fulfil an unmet demand or revolutionise the supply of an existing demand. Working income generation into these requirements cleverly will ensure you entice people to try out your product or service in a way that benefits them, whilst still pleasing your balance sheets.

3) DO YOUR RESEARCH

Research is a must. You need to test your assumptions and conduct a comprehensive external and internal environment analysis to thoroughly understand the problems and opportunities associated with the market your business will be joining.

There are three key modes of research you need to cover, they are:

Competitor Analysis

Gather information about businesses who provide similar products or services to you. Analyse what the risks are with entering a specific market, what alternatives the market already has and how you can allocate your resources in the most efficient ways possible.

Secondary Research

Analyse available data from previous studies and experiments. We recommend checking out:

http://www.abs.gov.au/

http://www.ibisworld.com.au/

Primary Research

Design your own questions to gather information on untapped issues and get insights from your potential customers. Surveys are a great way to gather firsthand data. There are lots of inexpensive online services available, such as:

https://www.surveymonkey.com/

https://www.google.com/intl/en/forms/about/

http://www.facebook.com/groups/

Throughout this preparation process, remember that most startup ideas end up turning into businesses that are vastly different from what was originally conceptualised. So it’s important to question, validate, connect and adapt your idea!

Stay tuned for our next week’s blog about what to do with your research results!

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