Research is Key for Startups
Date: Wednesday , August 31, 2016
Blitzify is an innovative technology platform that connects car owners with automotive service providers and also enable them to use smart charts to compare the prices, offers, testimonials and ratings of multiple service providers in their preferred locations.
Technology is changing the way businesses interact with each other. It used to be that we could stop by AAA Motor Club and get road maps & directions to family vacation destinations. We used to have only landline telephones. We used to plan certain nights around television show times, because TiVo wasn\'t invented yet to automatically record favorite shows. The world has changed, and startup entrepreneurs must change with the times. They must stay current regarding new research and have an understanding about what is gaining momentum. This is today\'s key to success.
Whether it is new technology, new ways of doing something or even new realities of the world in which we all live, businesses must stay current and on top of research. A successful business uses research and understanding to create a good business plan, then tests new concepts and re-evaluates desired outcomes before going into full production of a new startup idea.
Reading Trade & Industry Publications
There is nothing more important when you are thinking about your new startup than to learn as much as you can about the industry you plan to enter. So, dive deep into publications, research and even follow blogs around your topic of interest. You need verification that the direction you are proposing is right on the money, because money and time is what you are about to commit a lot of! The information you gather, whether it is good or bad news, can only be positive if you find out that someone beat you to the punch or tried your idea and failed. With that kind of knowledge in your back pocket, you can put pen to paper and use that research in formulating your unique business idea.
Developing a Business Plan
If you haven\'t developed a business plan yet, it is worth considering. Although it might sound trivial, you can learn so much. By critically thinking about how all the pieces fit together, who your audience is and what technology you need to employ, you can learn what type of talents and expenses you need in order to create a MVP (Minimal Viable Product). Your business plan helps direct your attention to the nuances and details that you never really thought of in your initial thoughts about your startup idea. The initial planning stage is the time to dream about what your business could be, where you will start, how you will get there and what it might cost in time and money to create a prototype or system to test your concept. Make sure you keep adding to and changing your business plan as you test and evaluate your ideas. Consider your business plan a living document or the most up-to-date roadmap you have.
Test, Evaluate & Test Again
In business, your research is never really done. When you eventually have something to show or even just a fleshed out idea you can talk about, get out there and test the market. Start off small. Take notes of every relevant conversation when speaking about your idea. It is easy to forget who said what and when. As you start getting feedback, whether it is good or bad, take it all into account. This will add to your thought process and further justify or change your thinking or startup idea to appeal to the masses. Every idea will not be cast in stone from your initial concept and you should allow it to change or pivot with your newly found knowledge. Remember, it is better and less costly to change things in your initial evaluation and testing phase than after you are completely committed.
Ready, Set, Go!
Once you have done your research, have an adjusted business plan and have tested your idea, you\'re ready to go. This is where the fun begins, because it\'s an opportunity to learn about things you\'ve never known about or done before. So, if it\'s a new technology that you can plug and play to help get your business moving (like Phones.com or Grasshopper.com.), or an API for mapping software you can purchase for dollars a month, instead of having to recreate that part of your system from scratch, that is what you have to learn about.
How do you eat an elephant? One bite at a time! Look at your new business like that and you can conquer anything.