So you think you have come up with a rocking business idea that is going to be the next big thing? But, how do you bring it to life? In an era where many entrepreneurs are convinced that their startup idea is a billion dollar one without any framework or business model to minimize the risk of failure, we tend to think that most of them don’t have a proper understanding of what they are talking about. Realistically, not only will you struggle to turn your business idea into a startup, but you will also encounter more than a few setbacks. From business idea to Startup in Five stages with Turbine, we filter the important parts that matter, and we also offer pre incubation and incubation programmes to accompany the entrepreneur in this journey.
There’s no right way to set up a business. But lucky for you, we’ve gathered five fundamentals to guide you successfully in getting your startup off the ground.
Study the market
Begin your venture by studying the market if you really do have an idea worth pursuing. This key step is essential to get closer to your target market and build habits of hearing. You’ll have to research the competitive landscape and ask yourself relevant questions. Why has no one thought about this before? How can I help my target market? How can I improve their lives?
On the same note, you’ll have to determine the market size to estimate if it’s worth the effort. Gather the maximum data possible and once you get your results, think about how you can adapt your idea to the market.
Write a Business Plan
After gathering all the data acquired through the market research, you can now create your plan and outline what you want to do and how you’re planning to do it. Your business plan will include descriptions of your products and services in detail, your operations, finances, current industry and market analysis. This roadmap will also serve as a tool to manage how your startup grows and achieve its goals.
But here’s the thing, this written description of your startup’s future will also stimulate a conversation with potential partners and associates. Thus, you’ll probably need a helping hand to construct this carefully thought out plan and dive deeper into each section.
Opt for an incubator
As its name suggests, an incubator plays a vital role in the development of startup ideas when they are still pretty much in their infancy. They incubate and grow the ideas of new entrepreneurs into successful ventures. If you don’t want to get wrong in your business pursuit, Turbine’s Pre-Incubation Programme might be a probable back-up plan to turn your idea into a viable startup. This programme offers one-to-one support to new entrepreneurs in developing their startup idea into a profitable business within 12-weeks. Bear in mind that no one can guarantee your startup to bring fortune and fame, but Turbine might help you get the results you are looking for. In an era of entrepreneurial spirit and technological revolution, our pre-incubation programme known as Test Drive will give you all the necessary tools to set your business up for success. Next, you’ll be provided with weekly business coaching sessions, experts’ workshops, networking opportunities and business angels to whom you can pitch your initial idea and embrace a winning strategy through the whole programme.
As you can see, the benefits can be great if you’re willing to make the right decision and dedicate yourself to this programme in order to reap the rewards. Say yes today by connecting with us through hello@turbine.mu and let’s create an accurate path for success together.
Incorporate
Before officially entering the market, you have to turn your business into a legal entity. Registering your business at the relevant regulatory body will help you get the proper business licences and permits but also solidify your business structure to make you apt for success. In addition, if obviously you’re going to put money into your business or get some funding, you’ll need a legal framework to be able to do so. This is a crucial step in order to avoid future conflicts with the law and officialise your business structure.But again, as this step is not self-explanatory, you might feel you won’t be able to tackle the technical side of the business. Why not ask for the support of Turbine to make sure you’re not going in the wrong direction?
Secure Funding
No matter what your costs are, as a fresh business owner, you’ll likely need to get startup financing to move forward. Whether it is from your own savings, venture capitalists, angel investors, relatives or bank loans, the right amount of funding is essential to get you on the right track for a public launch. Depending on the size and goals of your venture, think about a realistic amount that will secure your business needs and get you off the ground. Once you have figured it out, choose your investment or lending option and turn that dream into a reality.
Picture this; Five years from now, you’re sitting in your own office with a successful business venture that started from an idea that once popped into your head. So, do you want to continue ruminating over that idea right now or start doing something about it?
Let’s connect today, it could be the beginning of something great.
