Stages to Develop Business Ideas
Proper preparation and adherence to standards is a crucial for Idea development at all stages to ensure the business is developed properly. Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be. The following highlights stages for idea development.
- Creation
Brain work/ brainstorming is the key to concept creation. Keep track of all the ideas that are generated. Review each idea to determine its relevant in term of generating the most profits.
- Assessment
Research, Research, Research! Concept assessment involves market research where information about your idea is collected and analyzed. You must understand the target market, what the market needs and is looking for and what the market is willing to pay for the product or service. You must assess all aspects of the idea before moving on to the next stage.
- Planning
You must create a thorough business plan or strategy with clear goals. Provide information about your balance sheet, income statements and cash flow. A well-defined business plan will steer the business in the right direction and will increase the chances of having a successful product launch.
- Development
Develop a prototype of your product that you can offer to the market. Create manufacturing and operations processes, plans for your marketing launch and your market testing plans.
- Testing
Release your prototype into the public marketplace. Your prototype is tracked and your market test results should confirm that this is a valid idea to move forward as a product.
- Launch
During this stage, you should address whether you have enough number of products and relevant marketing plan. Employees must be properly trained and ready to support the product.
