There are various routes you can take when itcomes to turning an idea into a successful business. However, we want to
recommend 4 simple steps that will make you reach this goal easily and with less risk.
Everyentrepreneur dreams of turning their idea into a successful business. After all, one of the most complicated
parts has already been achieved: the powerful insight about anew service or business that will change many people’s
lives.
However, after this first step, we need to focus on the plans that will actually make this dream come true. In other words, the idea needs to be validated, which is a process that’s based on a few essential points.
This is important because, sadly, it is all too common to see new startups hit the market with very interesting goals, yet be unable to remain afloat for very long. You’ve certainly seen various examples of this.
That being said,in this post we’ll help you with the process, from getting your idea off the drawing board to taking it tomarket safely and
responsively.
Stay alert and focus on these 4 steps!
According to sales and personal development expert Brian Tracy, “average person has four ideas a year which, if any one is acted on, would make them a millionaire”.
With this in mind, and to help you act on your idea, we’ve outlined four simple steps to help you start
your journey to success. Ready?
1. Be clear about what pain point you solve
This first step may seem obvious to many people, but that doesn’t match the findings published by CB Insights in their report about the main flaws leading startups to fail.
According to their survey, the second most commonmajor mistake entrepreneurs made was that their products or
solutions failed to meet a real market need. That means it’s pivotal to truly understand what pain point you’re solving.
2. Study your market
After having in mind what type of pain you’ll helpsolve, you need to look at the market and
understand if there are already any competitors around, if this is the best time to launch
your product or solution, among other things.
Here, the focus is on getting a broader and more in depth view of the problem or need,
defining the value proposal you plan to offer, and learning more about your client or customer,
which includes studying the size of your market and of your competitors. Another aspect
you’ll want to analyze carefully in this regard is the following: what factors distinguish
your solution from any that your competition may already offer?
3. Create a business plan
Next, after obtaining all the information we listed above, it’s important to “draw up” your Business Plan.
Essentially, this is a document with details about your plan and idea.
In other words, it should include,for instance, your main idea, what audience you want to reach, the market
where your company will operate, the solutions your business intends to offer, what goals you want to achieve and how you’ll
achieve them, among other items.
4. Find a Venture Studio
Lastly, the final bit of advice we offer is to find a Venture Studio that shares your goals and values. Keep in mind that this investment model offers you and your business various advantages, because experience
makes all the difference when starting out.
For example, here at Boomerang we quickly analyze every idea so that we can get started on the necessary actions as soon as possible
to take it to market. At the same time, we provide a team of specialists to help your company with its day-to-day operations.
This way, you can focus on more strategic matters, while we offer financial and intellectual support. As a result, we can present new solutions or products—with less risk exposure and faster scalability.
Our goal is to turn your idea into a successful business!
We want to help you turn your idea into a successful business
Our mission at Boomerang Ventures is to help solve the most urgent healthcare challenges facing the world today. With our Venture Studio and Venture Capital, we can ensure better quality of life for everyone.
In short, our specialty is bringing to life ideas aligned with our mission. If you have an insight about healthcare
and want to make a difference for the global population, we want to help you!
Contact us, we know that together we can make a significant difference: https://www.boomerang.vc/connect/
