I want to launch my own project: 6 steps to turn a cool idea into a successful startup
Miscellaneous / / April 22, 2022
Instructions for those who dream of starting their own business, but do not know where to start.
1. Make the idea specific
The work on launching a project should always begin with the search for meanings and the creation of a concept. Without a detailed idea of the future business, there is a risk of doing something unnecessary for customers or something that is already in abundance in the market. Of course, spending a year inventing a bicycle can be interesting, but it is unlikely to bring profit and success.
Another plausible scenario is that the idea will simply not be implemented. The desire to open a cycling studio or launch a job site is great, but without understanding what they will look like and why they should appear, it is difficult to move on to the next steps. But it is easy to go into procrastination and hide the idea in the closet.
Therefore, at the start it is necessary to answer several questions:
- What is your project about? That is, what he will do and how he will look. This will allow you to create a clear picture in your head and draw up a plan of action.
- Why do you want to run it? “Because I want to” is not the best answer. Creating your own project is a long process, in which there will be not only achievements, but also difficulties. To cope with them, you need strong motivation.
- What problem will it solve? The task of your project does not have to be global, the main thing is that it be understandable and useful.
- Is it possible to create a project in the current conditions? Understand if the resources and capacities now exist to implement the idea and where they can be found.
2. Find your target audience
For a project to be successful, it needs customers. And not one or two. Therefore, before launching, it is important to make sure that there is a demand for the product, which means that you won’t have to work in the red for a long time and the efforts made will not be in vain. And understanding the target audience will allow you to adjust the product, create an attractive visual for customers and think over a working promotion strategy.
In order to find the target audience, at the start you need:
- Create a portrait of a future client. Determine average age, gender, marital status, income, interests, car ownership, and other characteristics that are important to your product.
- Conduct a poll. You can entrust this task to paid services or independently create a form to fill out and send it to the intended target audience. In the second case, you can find participants for the survey, for example, in social networks, on forums and bulletin boards, through friends and relatives.
- Check stats. See if there are relevant queries in the search engines and how they have changed: if the graph grows over time, this is a good sign.
- Search relevant studies. For example, if you want to start a specialty coffee shop, check for opinion polls about coffee culture.
3. Explore the Market
Evaluating competitors is an important step in determining the viability of an idea. You need to find out how many similar projects already exist, what are their features, how profitable they are and, most importantly, why your idea is better.
To understand the big picture, it is worth looking at:
- Market research. It will help you understand how things are in the niche you want to enter.
- Position of competitors. When studying other businesses, look not only at their visual and list of services, but also at the dynamics of development and demand. The numbers are often published in the About section, but if a competitor has public reports, it is worth looking into them. Another useful source is publications in publications, for example, success stories or interviews with the founder of the project.
- Cost of similar goods or services. If they are. This way you will understand how much people are willing to pay and how much income you can expect.
- Availability of related services and products. Convenience and ultimate benefit depend on it.
At the same stage, you can make sure that the name you came up with is not already taken by someone else in order to avoid problems or litigation in the future. After studying the audience and the market, you need to look again at the launch idea and, if necessary, refine it and correct those points that were not confirmed.
4. Prepare a business plan
Estimating the cost of a launch is important not only for understanding future expenses, but also for attracting investments - without them it is difficult to keep a startup afloat. In a business plan, it is important to prescribe:
- how much money is needed directly to launch the project;
- how much money is needed each month for contractors, maintenance of equipment and the purchase or creation of products;
- how and through what channels you plan to promote the project and how much money you need for advertising;
- what return do you expect;
- How fast do you expect to win.
At the same time, a business plan should not consist only of numbers. You need to start with the presentation of your project - this is where the formed concept from the first paragraph comes in handy. This is how you explain why investing in your idea is profitable, how it differs from others, and why you should be helped.
Separately, it is worth prescribing possible risks - answering the question "What can go wrong?" In addition to listing possible difficulties, it is necessary to suggest ways out of them.
5. Visualize the project
So it will be easier to present it to investors or at a grant competition. It is not necessary to think over the detailed interior of the institution, to make up a full-fledged website or application at this stage. It is enough to create several moodboards or layouts - this will already help you decide on an identity, and your future financial partners will have a better idea of what product you are talking about.
If resources allow, it is worth making a simple prototype for a virtual project, which can not only look, but also touch, that is, click on the tabs and see how convenient the interface is for user.
6. Find funding
Of course, money for the project can be taken from your savings or a bank loan. But there are other ways too.
- Apply to business accelerators. These are projects that develop startups through mentoring, training, financial support, assistance in testing hypotheses and product viability. Such programs usually last several months: in addition to knowledge and experience, you can get useful contacts and find trusted investors.
- Get money in venture funds. Such organizations, despite high risks, invest in young projects and then control their implementation until the moment of payback.
- Submit your project to the crowdfunding platform. So, many people will be able to invest in the project at once, who can later become the first customers. The entrepreneur is required to indicate the exact required amount, the timing of implementation and the conditions that he can count on investor: return of the invested amount, percentage of profits or nothing - options with gratuitous donations too exist.
- Take part in competitions or awards. These are launched by both the state and large private companies, universities or venture funds. The winners receive money for the development of the project. But for the participants left without a prize, it is also beneficial - at the competitions you can meet investors or other entrepreneurs who want to join your project.
Right now you can declare your idea, by submitting an application to participate in the Tavrida art cluster. As part of it, the All-Russian competition of youth projects of the Federal Agency for Youth Affairs will be held. The winners this year will be awarded up to 1.5 million rubles for the implementation of the idea. A year is given for this.
Another competition for young entrepreneurs with a large prize fund is “Student startup». The winners are given a million rubles each. In 2022, 1,000 people will receive money for development. The first round of applications has already ended, but there will be a second one: the organizers will announce the date later, stay tuned Online.