How to develop an idea into Business?

[CAPITAIRE-How to-10 steps series]

Welcome to the How to 10 Step series from CAPITAIRE, the informative series would bring clarity of action for various business challenges in the simplest way possible.?

Developing an idea to business is a challenging task. We have it broken down for you in Ten Steps or less.

1. Expand the idea

What will it do ? Who will it serve ? Who are the people who would be ready to pay for the product /service ? Talk to immediate circle, friends, or consultants about what they feel about the idea ?

2. Establish overall feasibility

What market segment does the idea belongs to ? Where is this market going ? Is the market size big enough to fit in a new company ?

3. Develop the Visionary Leadership Aspect of this business

Why this idea should exist as a business one hundred years from now ?

4. Develop the business model for the idea?

What all do you need to make this work as a business ? Detail about the product, Service you will actually offer. How will you reach the target audience ? Who are your associates and partners ? Who are your suppliers ? Who are your employees ? What Infrastructure would you need ? What risk management would you need ? What would be your value proposition and key differentiators ? What would be high level structure ideal for this business ?

5. Develop the first level financial model for business

What is the funding you require for the project ? How much can you personally fund your business ? How will the product or services be placed into target market ?

6. Develop your business Strategy

How will you build and scale your product /services ? How will you market and sell your services ? How will you find the right resources required for services ?

7. Goal Setting for business

Set up a goal for your business in the next 5 years based on your current capability and capacity. Lay out the people, assets, resources you will require to build this business. Establish what you will measure to monitor the success of this business.

8. Develop the second level financial model for the business and get funding commitments

Detail out every aspect of finance you will need to achieve your 5-year goals. Establish profitable operation metrics for this business and device a mechanism to measure it on paper. Take a step back and Calibrate steps 1 -8 and refine the outputs - If necessary, take support of a mentor or a consultant. Have the necessary funds or at least formal funding commitments ready by this stage. Re- Establish the feasibility of your business on paper.

9. Develop your product / Service as a minimum viable version.

At this stage, develop your product's minimum viable versions. Register your business identity- brand , logo, trademarking etc. Develop your digital brand presence through website, social media handles and network with right set of people and forums.

10. Real market test and launch.

At this stage, silently perform a real-life market test ?of your idea with a limited customer set, you will be surprised with improvement feedback you discover on your product or service. Once these are addressed have a grand launch to your business.

So that is it, that is the first blog of "How to 10 Steps series from CAPITAIRE. Keep watching this space for more inputs on solving business problems. Stay Safe , Stay Tuned.