A great idea is the starting point for any business – and these ‘lightbulb moments’ drive the ambition and entrepreneurial spirit of the start-up community.
But before you bring your idea to market, you need to know WHY you’re in business – and be confident that there’s a robust and workable business model behind you.
Turning your idea into a workable business
To turn your business idea from something scribbled on a napkin into a fully realised business takes plenty of hard work – and that whole process becomes more fruitful when you’ve defined some key elements of your vision for the company.
To build your startup on the most solid of foundations:
- Outline your business idea – set out in detail what your product and/or service will be. Craft the perfect ‘elevator pitch’ to explain your proposition and be ready to explain to banks, investors and new hires why this is a unique idea.
- Clearly define your USP – understand your target market, your competitors and how your new product/service can be differentiated in this marketplace. Having a unique selling point (USP) will help you to market the business and create sales.
- Research your target customers – without customers, you have no sales and no revenue. So make sure you research your customers and know their key needs, what they value and (crucially) what they are willing to pay for your product/service.
- Understand WHY you’re in business – bring everything together into a key vision document for the company. Explain your USP, how your business will add value for customers and the core values that will drive these relationships.
Talk to us about defining your vision
If you’ve got a killer business idea and want to take the next step, come and talk to us about defining the vision and purpose behind your start-up.
Get in touch to kick off your business journey
This information does not constitute financial or legal advice and is for general information purposes only. Please contact DLA Partners for specific advice relating to your particular circumstances.