When you get an idea for a startup it may be tempting to dive right into business plans, designing and prototyping, but there’s a few things you should do while you're still in the Idea Stage
Find out if your idea is any good
First, you should probably figure out if your idea is really a good idea. If you’re going to invest significant time and energy into this new product, you should at least find out if it’s a good idea at all. Some ways you can test if your idea is actually a good idea and doesn’t just sound good to you are asking others what they think of your product and see if people are already looking for your product. Basically, you need to make sure that there is a market for your product and that no one else has already made it.
Make sure you are passionate about your product
While you’re excited about your product right now, you have a long road ahead of you. Make sure you are passionate enough about your product to stick with it even when the going gets tough. If you get bored with your product after a year, you probably won’t have the motivation to get it to market.
Find a team
Before you start building or planning too much, you should make sure you’re surrounding yourself with people who can help you. If you’re an engineer who knows how to build, it might be beneficial to find someone who understands the business side of the startup better. If you know how to sell a product and build a pitch deck, you probably need someone who knows how to build and design the product. If you’re a first time entrepreneur, it is also beneficial to find some mentors who will help you get your idea off the ground.
Keep track of your expenses
Keep track of all of the money you make and spend on your startup from Day 1. Overlooking this crucial step could turn into a major problem for you later on.
I hope this helps anyone who has just come up with their next great idea! If I missed anything I’d love to hear what you think! Leave a comment below with your advice to startups in the idea stage!
I am a Digital Marketing student, graduating from ASU in 2018. My experience is in website development and marketing, social media and higher education. I'd be happy to talk to you about or answer any questions about marketing, especially through online platforms.