You’ve been laid off from R&D. What’s the first step in starting your own business?

2 Validate your idea

Once you have a clear idea of what you want to offer, you need to test it with potential customers. You don't want to spend a lot of time and money on developing a product or service that no one wants or needs. You need to validate your idea by conducting market research, talking to your target audience, creating a minimum viable product (MVP) and getting feedback. You can use online tools, surveys, interviews, focus groups, prototyping, beta testing and other methods to gather data and insights. The goal is to find out if there is a real demand for your solution, what are the benefits and features that customers value most, how much they are willing to pay and who are your competitors.

3 Define your business model

After you have validated your idea, you need to define how you will make money from it. You need to create a business model that outlines your value proposition, your customer segments, your revenue streams, your cost structure, your key resources, your key activities, your key partners and your channels. You can use tools like the Business Model Canvas or the Lean Canvas to visualize and communicate your business model. You also need to set your goals and objectives, and measure your progress and performance. You can use tools like the SMART framework or the OKR method to define and track your key results.

4 Secure your funding

Starting a business requires some initial investment, whether it is for equipment, materials, software, marketing, legal fees or other expenses. You need to estimate how much capital you need and how you will raise it. There are different sources of funding that you can explore, depending on your stage, size and type of business. You can use your own savings, borrow from friends and family, apply for grants, loans or crowdfunding, pitch to angel investors or venture capitalists or partner with other organizations. You need to weigh the pros and cons of each option and prepare a convincing pitch that showcases your idea, your team, your market, your traction and your financial projections.

5 Build your team

You can't do everything by yourself, especially if you want to scale your business and grow your customer base. You need to build a team that can support you and complement your skills. You need to recruit people who share your vision, values and culture, and who have the expertise, experience and enthusiasm that you need. You also need to define the roles and responsibilities of each team member, and establish clear communication and collaboration channels. You can use tools like the RACI matrix or the Scrum framework to assign tasks and manage workflows. You also need to motivate, empower and reward your team, and create a positive and productive work environment.

6 Market your business

The last step in starting your own business is to spread the word and attract customers. You need to create a marketing strategy that defines your target market, your value proposition, your positioning, your branding, your messaging, your channels and your budget. You need to use a mix of online and offline tactics to reach your audience, such as social media, email, blogs, podcasts, webinars, videos, SEO, ads, events, referrals, PR and more. You need to create content that educates, entertains and engages your potential customers, and that showcases your credibility, authority and uniqueness. You also need to track and analyze your marketing efforts, and optimize them based on the feedback and results that you get.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?