By Trevor Clingman, TIE Center Innovation Ambassador
At the Business Resource Center at Dixie State University, we believe we are all inherently innovative and entrepreneurial. As kids, we try our luck with lemonade stands, bake sales, anything a passer-by might give us 50 cents for. As we get older, many of us become more risk averse. As an adult, pursuing our entrepreneurial dreams becomes more difficult and slowly that drive can fade away. To help you reignite that spirit, here are 3 simple steps that anyone can implement to jumpstart their start-up drive!
Conduct a Personal Inventory
Start with the basics. What problems do you experience with every-day products or services? What bugs you so much that you wish it was designed or used differently? What are you good at? What do you enjoy doing? Can you turn this into a side hustle? Do you have the means to make it a full-time job? How much time should you, and can you, dedicate to your idea? Schedule out time each week and commit to chipping away at the basics so you can launch your business. You’ve now identified what you’re passionate about, skilled in or annoyed with (don’t laugh, annoyance leads to great businesses)
Understand the Market and Test Your Concept
Once you have your idea, test it! Take your product or service to others and see if they like it. If they do, how much will they pay for it? Generate some sales. Get an invoice from potential customers to prove the market exists. Secondary research is good, but go directly to your potential consumers. Identify your competition and get feedback from consumers about your product.
Develop Your Business Strategy
Think of your business strategy as a written vision and description of how your business will grow and evolve over time. Identify things like:
- Company name
- Product/services description
- Description of your customers
- Plan for how you will grow and pivot your business
- A sales and marketing strategy
- Who you need to lean on to help you get this off the ground
One of the best things you can do is familiarize yourself with available resources and use them. Organizations like the Business Resource Center and SBDC here in St. George can provide any business help you might need.
Getting your business off the ground can be a very challenging thing. If you use some simple steps and strategies you can streamline the process and make your dreams a reality.