So you have an idea for a startup, now what? Well besides posting on Startup Addict, you first have to think about your value proposition. Why should customers care or pay for your idea? In a world of cheap technology and rapid innovation, startups are a dime a dozen. Thoroughly analyzing this question is paramount.
Check out a great posting on Under The Radar on essential qualifications to your initial business model.
Next is going to be figuring out your roadmap and formulating the dreaded business plan. A business plan (bplans.comfor ideas) should not be viewed as a boring stodgy process, rather it allows you to truly see the pros and cons of your original idea. You want to make sure your model is simulated and crafted long before your sitting in front of investors, whether that be friends, family, angels or VCs.
I will disclose, I have been a hypocrite on occasion to the essential business plan formula. As a self-funded (most of the time) serial entrepreneur, I tend to go with extensive research and business plan outlines out of the gate. I usually get a business model to a prototype stage or beyond and then the formal business plan is crafted. Whatever your approach on your initial business plan may be when comes time to scale your business having a concrete direction with a real competitive advantage is critical.
In order to stretch the long dollar, you will have to bootstrap all the major systems involved in a startup model.
Operations & Management
Sales & Marketing
Accounting / Finance
When it comes time to graduate from seed or prototype, those systems need to be handed to a competent team that will bring your business model to the next level.