Have you ever woken up with a brilliant idea but did not know how to develop it and take it to action? Do not worry; we will help you with the process. It can take some time to develop, and all you need to decide on is what is a good startup business idea.
How to develop your startup idea?
1. Dig up on the applicable market niche(s)
You need to study the market applicable with your interest carefully and dive deep into the needs of the industry and its consumers. You can look for the challenges the industry faces and jot down the ideas that you think can act as a solution to them.
2. Write down the ideas and think of the areas of expansion
After the first step, you must now be having a lot of ideas and you can write them down somewhere where you can access them from anywhere. You can use apps like Evernote, which can be accessed from any OS and your phone, and it allows you to attach files and pictures as well.
3. Competitive analysis
Look upon the significant competitors in your niche and study their market trends and tactics and get some insight. This will help you identify and gain a fair idea of the unique proposition of your start-up business and where your product can stand in the market.
4. Create a prototype and test it
By now, you have a clear idea of what you are working on and your start-up idea, so you need to create a mock-up and test it. Remember. First, we explore, then we inspire and then we converse.
5. Create a market survey
Use tools like Survey Monkey and execute a market survey. Prepare a questionnaire, and your targeted audience can fill this after you send them the URL. This will help you understand your customer’s honest time feedback.
6. Develop a final product and keep gathering feedback and implementing them
After your test model is approved, you can launch the final model, keep the continuous feedback coming, and then work on getting the bugs removed and the user experience improved.
Once you have figured out the ideas and implementation, you will need to start pitching to investors. As a budding entrepreneur, you need to develop a convincing argument when pitching your start-up idea. A business pitch should be ambitious, concise, attention-grabbing, and persuasive.
The best pitches are usually framed as a story, it can be an anecdote or a hypothetical interpretation of a situation. Pitch your idea in the form of an account that keeps your potential investors engrossed with the story and eager to get to the end of the story. Remember that there might be some unexpected counter-question, and it might take you to an uncomfortable situation, inhale and take control of the situation immediately and be confident. The idea is to believe in your idea, which will make them feel in your idea.
Here are some startup ideas for 2021/2022
- Open a co-working space
- Work on plant-based food ideas
- Design products for pets
- Custom clothes and accessories
- Start blogging in a particular niche
- Opt to be a ghostwriter
- Design resumes
- Design websites
- Start online coaching of a niche
- Social media influencer
- Digital marketing consultant
- Teach yoga or Zumba (if this is your niche)
- Start a podcast
- Start jewelry making
- Used book sales
These are just some areas that you can consider if you are finding it challenging to come up with one. However, the world is open to possibilities, and there’s so much more than you can explore. With the new normal, there is a lot of undiscovered lands and you can start thinking out of the box and it can be the next big thing that the world never knew it needed.
