5 Things To Do To Kickstart Your Business Idea

There’s a very good chance you’re reading this while cooped up at home, trying to find the light at the end of this COVID-19 tunnel. Trust me, I feel the exact same way. However, I’ve always had an entrepreneurial spirit and have always strived to build a company of my own. When you really think about it, is there a better time than now to start something?

We’re all a big fan of lists, so here are 5 things you (and I) can do right now that don’t cost any money as we play around with a business idea:

Research your industry and competitive landscape to understand how you can differentiate yourself. Start off with a simple Google search and then go from there. Just like you lose yourself on Instagram and TikTok, get lost on Google and all the things you come across. Read customer reviews and comments on websites and social media pages of other brands in the space you’re exploring.
Once you solidify the idea a bit more, use friends and family as focus groups and sounding boards to bounce ideas off of. I’m a big fan of Google forms or other surveys to gauge what people think + delve deeper into your idea. These same people can be your early product testers (and purchasers) too.
Once you’ve gathered a good amount of data, define your target demographic and core customer. If it’s a product business, think about where you’d want your product to live. Will it be direct-to-consumer only? Will you look for retail and/or distribution targets? If so, how will you get there? Start identifying potential people to talk to and get in touch with them. Chances are, those people have some extra time on their hands too. Try to ask for warm introductions if possible, and if not, cold email them. How do you think we got 90% of our guests on The Founder Hour? ;)
Start writing blogs and making videos to show expertise in your field. Talk to folks in the industry with knowledge and use this time to learn. While you do this, it will teach you how to build an audience, which is key for any business + you will begin to position yourself as a thought leader in your industry. Some of the best platforms to do these are (in my opinion), LinkedIn, Medium, YouTube, Coin/Cinnamon.
Try this too: while you try to build an audience, explore LinkedIn groups and Facebook groups, and Reddit, to see what folks are talking about and what they may be interested in. It’s easier to engage people who know about your potential/product and industry than educate new customers.
Put together a business plan. What’s your WHY? WHAT are you going to do? HOW are you going to do it? How will the product/business make money? Need investors? How much are you looking to raise? What will you do with the money? Use this plan, not only to pitch others, but also to give you a good idea of what lies ahead. How will you prepare to get your business ahead?

If you’re at this point in thinking about different business ideas, you should be excited. It’s easy to be discouraged at a time like this, but the 5 steps above will cost you nothing, and at the very least, will allow you to learn about a new product and/or industry. Now get started!

PS - We’d love to learn about your business ideas! Send us an email at hello@thefounderhour.com or DM us on IG or Twitter, @thefounderhour.