If your product is not viable, you can’t sell it, hence the first thing in your business plan is a viable product that is sellable. There are certain key elements you must include in your plan, as an entrepreneur , these include; Having a minimum viable product, generating a startup idea that will stand the test of time, and having a sustainable strategy that can stand the test of time.
Your startup business will not be successful if your product does not meet the minimum viable standard. You have a great idea but you are unsure of the necessary plan to execute your idea and turn it into a viable business. You need to check first if your startup product is viable enough. A minimum viable product must meet the following criteria;
- It must be in demand,
- It must provide a good feeling,
- It must be easy-to-understand, and easy to navigate through,
- Must be functional.
- It must provide a solution to at least a single problem, and
- It must be easily accessible, and affordable.
When your startup product provides good feelings among its users, it will easily attract more users. It must appeal to certain age group (if not all age groups), and specific geographical locations. One rule of successful startup is that, it must begin with a viable product, and you must not aim at bombarding your users with too many features at the same time because they may become overwhelmed, and confused, therefore, a viable product must be easy to understand. You must be able to be realistic with the measurement of viability of a new product and its impact on the targeted audiences. Always ask yourself; will people become dazed and confused if I introduce this product to them?
Now that you have determined if your product is viable, you need to be sure of the product is functional. Being functional means, the targeted users understand what to do with it, while investors are convinced about its long term functionality.
A Minimum Viable product will help you test different ideas, and that means you need to re-evaluate your idea if the product you generated does not meet the minimum viable product features. While discovering a minimum viable product, there will be a lot of trial and errors until you reach your target. Just continue to test and modify until that product comes up.
oming up with a very solid startup idea
If you are trying to come up with a startup idea, you need to familiarize yourself with “incubators” and “accelerators”. Simply put, n Accelerator is the process or organization that will help you kick-start your idea at its early stage. For instance, anything that will help you minimize errors, and monetize your idea, is an accelerator. Some of the best accelerators you must consider when bringing out your startup idea include; Identification of your prime market, monetization strategies, and fund-raising avenues. Make sure you write all these accelerators somewhere, in order to facilitate your idea generation.