new business idea

3 Vital Steps for Launching Your New Business Idea

By Shahid Mansuri

A good idea without execution is like an airplane on the ground. You may have a million dollar idea, but merely an idea is worth nothing if not executed with the sheer brilliance blended with equal passion and perseverance. There are plenty of examples where even those not-so-good ideas made a cut just because they were executed in the best possible way, while many good ideas had failed miserably because of poor execution.

For any new idea to succeed, ensure you follow these three powerful steps for launching a business.

1. Study the Market

Studying the market is the first step towards the concept validation where you must ask two questions:

  1. Has anyone executed this idea before?
  2. How can I execute it the best possible way?

It is always essential to keep the returns at the back of your mind because this is how you will be gauging your business’s success. Many startups across the globe may be launching similar business ideas. Therefore, determining the market size before getting into the business is as essential as knowing the depth of swimming pool before jumping in. If you expect your reach to be limited, then it is best to consider the idea’s market adaptability as well.

2. Get the Money flowing in… ASAP!

What blood flow is to the human body, the cash flow is to the fresh startup. Cash flow is one of the most crucial elements that feeds the bottom-line profits from an early stage. You can use external funding or go the bootstrapping way. However, in any of the cases, your business must be pumping the revenue periodically to keep the flow going. It is possible to smooth the money flow by creating private labels, developing a continuity program that requires customers to pay an up-front monthly/subscription fee, or integrating a payment mechanism that may lead them to buy your product or service on a repeat basis.

3. Building a Good Team

Hiring for a business is not a simple process. For a startup, it is critical to map out the skillset requirements during the early stages itself. You must determine whether you will be hiring an in-house team or will you go on looking for an external team to support your business. Building a team is a tricky task because you are not just filling the vacancies, but instead, you are creating a stable base for your ever aspiring startup. Choose people wisely so that they be a team player along with being an innovative individual contributor. Try getting connected to your Alma Mater’s alumni union and using LinkedIn.

One of the most successful entrepreneurs I came across once said, “I think people waste most of their significant time in planning, strategizing, discussing, and debating about what they should be doing rather than just going out and doing it.” So the best way to get the kickstart your new business is just to get out and doing it.

Subscribe to the Small Business Bonfire Newsletter
And get your free one-page marketing plan template.
Shahid Mansuri
Shahid Mansuri co-founded Peerbits, one of the leading ios app development companies, in 2011. His visionary leadership and flamboyant management style has yield fruitful results for the company.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.