One of the rituals of every New Year is that people write down resolutions about what they intend to do in their life, business or career. For most people, they would like to start a business and become their own boss. This is why I decided to write this article to provide guidance to you if you have any plans to start a new business in 2018.
Note that this article is based on the facebook live session I decided last week on the topic: “What To Consider When Setting Up A Business That Would Last”. If you missed the session, you can watch it live here
So let’s dive into the different stages of building a business that would last.
Intent and Ideation:
This is the very first stage of building any business. It all starts with an idea. In this stage, intending business owner will need to clarify, build, sharpen, polish their “potential scalable product or service idea” for a “target market“. A significant amount of time goes into the market research, collecting data about primary & secondary audience. The end outcome is a very simplified business plan document that defines all the key variables about your business in a nutshell. Most importantly, at the end of this stage you should know, who would pay for your product & service & why?
Some of the activities that would be carried out in this stage will include:
- Market Analysis and feasibility
- Project cost:
- Develop business plan:
- Marketing strategies
- Legal considerations
As anyone who has ever built a house understands, a blueprint offers you the best chance of successfully achieving your goals. In the business world, a blueprint can be a similarly effective tool. A business process blueprint helps you and your colleagues to understand what the journey will look like and offers you an approximation of how long the journey will take, including what it will require to get there – both human and capital resources.
Prototype/ testing of idea
Prototype testing is one of the most rewarding phases of new product development. Developing a prototype of your product allows you to bring your product to life for the first time and test it in its market. Your investment in market testing your prototype will help you prepare your product for market entry.
It is important to be careful and considered in this exciting stage of your business. Take your time and invest in the human resources and expertise you need to perfect your new product.
Recruitment and training
Recruitment takes place from the point when a business decides that it needs to employ somebody to take up different roles and responsibilities to drive their business objectives. Attracting the right candidates to apply for a job can be an expensive process. It is even more expensive when done badly because when unsuitable candidates apply for a job, then the post may need to be re-advertised – so it is best to get it right first time.
Training for employment is very important. In a modern economy like our own the nature of work is constantly changing. New technologies mean that new work skills are constantly required. To succeed in business or in a career, people will need to be very flexible about where they work and how they work, and to constantly change the range of skills they use at work.
In my experience, successful product launches usually have the same few ingredients: the right timing, the right product, and the right customers. There about 6 different stages of launching a product which I will discuss in one of my facebook live session or in an article.
“Innovation is imperative. But there’s no point being innovative just for the sake of it. You don’t want to re-invent the wheel. If you are doing something that works, keep doing it. But if you spot a gap, you get innovative”. This is the stage that most business miss it. They stop innovating and they eventually go out of business. For your business to survive the test of time, it is important that you continuously innovative and stay relevant in your industry.
I hope this framework will guide you to start off that your business idea and turn it into a profitable venture. If you would like to receive regular tips and strategies from me on how to grow your business, do sign up to my email list here
Go out there and get started.
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– Moses Oruaze Dickson