5 Stages to Develop Your New Business Idea

how to develop your new business

Sometimes it is difficult to implement new ideas and know what your first steps should be. In this article we show you where to begin and how to develop your first business plan.

Be motivated and investigate

When you have in mind to become an entrepreneur you have to seek the impulse that makes you say “yes, I’ll do.”

Start looking for reasons to understand, study success cases, identify a problem and begin to ask yourself how to fix it and what do you need to accomplish. It’s time to take risks and commit your time to your new business projects.

When you decide to undertake it is possible that many ideas will come to your mind. You are about to discover where you want to invest and what directions you want to give your venture.

Begin to investigate and test market’s potential products until you find the best concept for your new business.

How to realise your new business idea?

Business experts identify at least 5 development stages in creating of a business plan for any business.

Stage 1: Developing your business plan

Draw a map of actions with clear objectives that must meet throughout the development of your project. Develop your business plan that will serve you as a guide and will be the cover letter for the potential investors and partners.

Stage 2: Seek for funding

In order to advance your plan you will probably need third party support. It’s time to use financial sources. Many times there are people nearby willing to invest but you can go to banks or angel investors willing to help.

The fact that you involved others in the funding does not mean you should stop contributing with your own resources. Remember that you are the one who must show that trust in the project.

Stage 3: Execution and implementation

At this stage you have to start realizing your ideas. Execute your plan to meet the goals you set out. Generate your lost until you reach a point of equilibrium. Its structure will be rather informal and all decisions will be in your hands. 

This moment will absorb majority of your time.

Stage 4: Growth and acceleration

The growth stage of your business plan comes to at least two years after the start up. The way to identify it is when revenues start to exceed the costs and already have customers who demand your product or service.

It’s about the time to start building customer loyalty and opening up to the new buyers. You will also begin to delegate tasks and decision making.

Stage 5: Consolidation or decline of your business plan

Once your company has passed the previous stage, two things can happen: the best one is that your idea continues to evolve; you begin to improve your processes and products and are looking for more coordination within the organization.

On the opposite side of history, a decline can happen if you cannot adapt to what the market wants and does not react in time to failures that occur in the company.

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