Do you think you have a great business idea that you’re just chomping at the bit to launch? Your idea may indeed be brilliant and original, and it may have the potential to solve a problem that many consumers deal with and make a lot of money along the way. However, if you launch your idea too soon, you risk becoming a part of the 50 percent of businesses that fail in their first five years due to the lack of adequate preparation.

To give your business idea a real shot at success, you have to thoroughly plan and strategise. Then, you’ll be in a better position to turn your great concept into an even greater reality. From conducting market research to working with a website and design company like beHIVE Design, here are some steps you can take to lay a solid foundation for your startup.

Perform market research.

The first step is to figure out whether there is actually a big enough market for your great idea. By performing a market analysis, you can check to see that your market is large enough for your idea to produce an income. Plus, you will find out if someone else has already implemented a similar idea and if there’s room for you in the market.

The best way to start your market research is to do a SWOT analysis, which means surveying your strengths, weaknesses, opportunities, and threats. This will help you determine whether there is a demand for your product or service, who will buy/use your product/service, and why other companies in the market are successful, among other factors.

Test your idea.

Along with performing market research, it could benefit you to test your idea among your target audience. Set up online surveys and focus groups. Put together a small ad campaign that leads people to a landing page. Activities like these will help you see what kind of interest there is for your idea, as well as ways that you can improve or expand upon your idea.

Make a business plan.

Once you’ve validated your idea, it’s time to develop a business plan. This plan should serve as your roadmap for the coming years, and it should outline the structure, business model, short-term and long-term goals, and a timeline for achieving those goals. It should also include specific tasks that need to be completed, as well as who will be responsible for completing them. Then, you’ll be ready to forecast the financial details, which will help you achieve your goals and secure the funding you need for your startup.

Start putting together a team.

Unless you’re planning to operate as a solopreneur, you will need to start thinking early on about what kind of team you want to work with. These days, more companies are hiring freelancers in place of full-time employees, because it saves money and opens you up to greater talent for a variety of projects and tasks. Whether you need help with writing, IT, sales, or pretty much any other field you can think of, turn to online staffing boards to find qualified freelancers.

Establish your brand.

Finally, building your brand should be a top priority from your company’s advent to its end. Establishing a unique and solid brand will naturally take time, but ideally, you will gain some traction in this area before the launch of your business.

Determine how to communicate your mission and values through the colours, fonts, images, and tone of voice implemented in all of your marketing materials. And make sure you have an attractive website that reflects your branding, is easy is to use, and contains vital information about your products or services. Working with experts like beHIVE Design is a great way to get a top-notch website for your business.

No matter how amazing your business idea, it’s critical to prepare beforehand. Remember to conduct a market analysis, test your idea with your target market, and create a business plan. Then, start assembling your team and building your brand. Any extra time it takes to ensure your business idea is ready to go will surely pay off when it comes to the long term.

Do you need help developing a killer website for your business? Contact beHIVE Design today! info@behivedesign.com