The master has failed more times than the beginner has even tried.
– Stephen McCranie
➡️ Download the thirty-page PDF here!
If you’re looking into starting a business, the best place is to simply start.
Here are seven main phases to starting, which we’ve styled similarly to the scientific method:
Ask a question: Begin with an observation and ask a question about it
Research: Do background research to learn more about the topic
Form a theory of change: Make an educated guess that can be tested
Experiment/Pilot Project: Test your theory by conducting a pilot experiment
Analyze: Examine the data from the experiment
Conclude: Determine whether the results support or contradict the hypothesis
Communicate: Share the results with others
➡️ Download the thirty-page PDF here!
A) Ask your Question
What would you do if you knew you could not fail?
All businesses provide solutions to pain points and pressure problems in the marketplace.
If you have a goal, a vision, and an idea, as well as good sense of what your specific skills and unique talents are, you may ask your question:
What do you want to do, when, with who?
What value is that, and what is the appropriate pricing?
B) Research
In this phase, you’ll determine what problem space you want to work in, and what type of passion or purpose you find in fulfilling problems in that space.
- Learn about potential solutions already in the space.
- Identify potential collaborators or providers.
- Conduct research with a survey or questionnaire.
- Continue to determine the shape of your product and service offering, as well as your desired price points.
Here’s you’ll also determine your competitive advantage.
C) Form your Theory of Change:
Commit your theory of change to paper.
Here you’ll determine:
- What it is that your business enables your customers to do.
- You might also pre-determine your metrics of success.
- You’ll map out your potential impact, including financial projections.
- Determine where and to whom you’ll be marketing, as well as what is your “runway” – how long it will take you to turn the business into a self-sustaining engine for your growth.
D) Pilot:
Here you’ll do a no-code/low-code or even a paper version of your project.
- You might create a signup sheet to determine interest, as well as potentially get some pre-signups so that when you launch, you’ll have a market pool to reach directly.
- You’ll use whatever tools available to craft your project and reach out to actual paying customers. With one sale, then the next, then the next, you will refine and create additional sales.
E) Analyze:
Now you’ll be determining what your ongoing expenses are, including how you’ll pay for them: are you boostrapping, raising funds or investment from family and friends, going for a bank loan?
- What is the best way for you to keep your business afloat until it starts to grow up and pay for itself? Remember, most businesses fail due to cashflow.
- Now is the time to implement a tracker like a spreadsheet or ledger to determine your current outlay and actual vs. projected income.
- You’ll also come up with a reporting metric and start referring to that regularly.
As a business, you might be in this phase for as long as needed.
F) Conclude:
At this point you’ve vetted your business idea, have moved it forward, and have a product-market fit.
You might have pivoted once or twice (or much more!) to get the working model just right.
At this juncture, you’ll determine if it’s worth proceeding:
- if Yes, create the articles of incorporation, set up your LLC, get licensed or permitted for your work, submit for a LARA record, and open your business bank account
- if No, return to step 3 and create a new pilot
G) Communicate:
Congratulations, you’re in business!
Celebrate and connect with the others in our shared business community. You are a Lansing startup!
Let’s keep moving forward.
“50 steps from idea to reality” is a free, self-paced thirty-page guide to help you bring your business from idea to reality – it’s straightforward and gives you specific pointers on a day by day basis.
is free for download.
StartupLansing.com 