When trying to bootstrap your business ideas, A lot of things matters in making a successful business:
- The ideas matters: a bad idea executed well, will not make a good business.
- Execution matters: a good idea, executed poorly will not make a good business.
- A founders ability to get customers (to hustle) matters: a great idea executed well, will fail without customers.
- Timing matters: speaking hypothetically about an idea is pointless if the timing is wrong.
- Luck matters: in fact, it matters much more than most entrepreneurs would care to admit.
As important as ideas are, you don’t want to stress over it for weeks in end. In fact, you should spend just one day on it.
The beauty about business idea is that you can always change your idea once you start learning from real customers data. This is not politics, backflips are highly encouraged in startup land.
I could have said that I can help you, but I can’t give you a business idea, because I don’t know of your personality. An idea I tell you is great or someone tells you is great may not result in a good business for you.
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Six elements to help you bootstrap your next business idea.
We have come with six element to help you bootstrapped your business idea.
“The world always seems brighter when you’ve just made something that wasn’t there before,” neil gailman.
1. Enjoyable daily tasks:
It makes no sense to start a business that is going to have you don g work you don’t enjoy.
You’ll often hear people saying “follow your passion” but you must have heard of jay leno, who have up to 150 cars and he’s not a mechanic. He doesn’t fix cars for a living but he’s passionate about cars. If you want to succeed has an entrepreneur you need to be passionate about growing a business. Choose an idea you are passionate about building a business around.
Think long and hard about what your day to day task will be. Visualize yourself doing this tasks. If you don’t like what you see yourself doing then this can’t be the best idea to start.
2. Is it an asset you can sell?
Focusing on short-term launches it projects won’t build assets. Assets are build over time by ignoring short-term distractions in favour of a bigger long term vision.
A list of customers that pay you w every months is an asset if you focus on short-term projects you’ll make more money initially. But if you turn town projects and focus on providing recurring value you build a valuable asset.
Your product design and intellectual property are assets. If you resell or coy someone else product. You might have better margin in the short term, but creating your own gives you a longterm asset.
Your team is an asset, if you hire mediocre people to save money, you get more money in the short term. If you hire great people, you are building a valuable asset that grows.
At the idea stage you have to think about what assets your idea will result in, some ideas-when worked on will naturally result in the development of assets over time, and some won’t.
Ask yourself, if I am to work on this idea for five years what will I have at the end.
3. Can it become a real business that operate profit without is founder.
Most small businesses would die without their founders, they are too tired to the delivery of the product or service or they just don’t have enough profits to hire people to replace all of the jobs they do.
A lot of people fall into the trap of nit worrying about this, but fundamentally there needs to be a profit margin built into the product or service you sell. You need to be able to see a point where you can hire in staff or systems to replace you, and still continue to generate a profit. At that point it becomes a real business.
Can you see your idea becoming a real business that operates independently without you.
4. does it have a scalable business model.
For listed companies, if profits unexpectedly go up, the stock explodes. If they unexpectedly fall, the stocks crashes. This is because businesses rarely stagnate it’s considered unusual if a business is neither growing or contracting.
Yet freelancers and small business that isn’t growing, they accept that the business barely. Generates a wage for the founder.
Startups founders should have the ambition to grow their business into a larger company. If you don’t have that ambition, what you are creating is not a startup.
Some businesses lend themselves to business models that have grown in the DNA. Software as a service (sags) company would expect to bring in more recurring revenue each month. A local store or a franchise, however, will have fairly static (albeit cyclical) profits.
Hire a freelancer to complete some of your tasks today. why you focus that money-making Tasks
Your idea is not a solid startup idea if you don’t have the capacity to make use of a profitable, growing business model.
It’s time to start thinking about how you might charge consumers and whether you could reasonably expect to grow this business idea month over month.
5. Does it have a large market potential.
The long-term goal if startups is to become a legitimate player in the industry and create an impact to do that. They have to serve large markets. They may start serving a small market, but to maintain consistently growing profits, they can’t be restricted by the pool they are swimming in.
At the idea stage, give some thought to whether you are building a business for a small group of people it whether it can grow into a large market.
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6. Does your idea have to ability to launch quickly complex software products.
Physical products, or local physical businesses are difficult innovations like the iPhone, don’t get built by first-time entrepreneurs it self funded companies. For a business idea to be a good idea for a bootstrapper. It need to be something you can launch quickly. If it’s going to take you a year to launch, you wont learn from real customers data as you go.
Choose an idea that you can l launch and modify quickly. Then you start getting real data from paying customers. You can innovate and get the product just right.
I’d love it if you choose something that you can launch in seven days. If you can’t you should still pick an idea you can launch in two month as opposed to two years
7. Solve problems where people are already paying for solution.
Playing the visionary is a privilege reserved for second and third-time entrepreneurs. It’s fun, but it’s fraught with danger.
Jobs statement, “people don’t know what they want until you show it to them,” is correct, it’s also extremely dangerous advise for a new entrepreneur. As an entrepreneur, especially starter. You need something that people want to pay for. With their money or attention. Asking them will not work because people are bad at predicting their own behavior.
Process of developing your startup idea.
After you have take time to consider all this elements. Let it no escape your mind. That creating a startup means creating something valuable, to your customer. And that is long term asset. It doesn’t mean going after low-hanging fruit. Getting caught up in get rich quick schemes, or chasing passive income.
Am talking about launching a really startup here. (Though there are times we talk about about passive income it’s not now) creating something real could mean writing content on your company blog, or producing software app that accomplish a task slightly better than every one else. You could start a services business that deliver services in a unique way.
After you have settle your mind on one idea, that you dreams perfectly suites you, and you can build business around.
Consider and analyse it’s market:
firstly considering the market niche(s) that your startup idea is applicable to what are the needs of the industry and it’s consumers? Are there any unresolved problems faced by the industry try? Is your startup idea going to bring resolution and improvements to the situations? You can refer to industry specific authority sites to keep you constantly updated with latest trend. For example, Techcruch is an excellent technology blog that talks about the latest products. And shares the latest news in the tech world. It also profiles new startups and provides an overview of up and coming trends in the market.
I just need one big idea.
If you are to ask many wantrepreneurs why have you not start a business yet. Many I’ll tell you, I could have became an entrepreneur since but haven stumble upon a big business idea. That could make me rich and famous like bill gates. They forget that before bill gates created traf-o-data, a company that prepared reports for traffic engineers based on data from roadway traffic counters. This company didn’t have big success but the experience was very valuable for creating Microsoft.