What's the next step after validating my idea?
I have spent a lot of time talking to people in my target market, getting feedback and have done a few surveys. I think I have sufficient interest to start building my online marketplace. What should my next steps be? I have a friend that is a developer and he can help build the marketplace, but should I spend the money to build out the marketplace now or are there other steps I should take first?
It is vigal that you adtess your IP.
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If you already have a web site with your products or service.
The number one thing that you need is quality traffic , and a system to automate the selling process.
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Now you need to develop a business plan to insure that you have a successful start-up.
I would say the first step would be to get all your online presence taken care of (i.e. nice looking and functioning website, social profiles, listings etc...). And while this is happening, you can start to build your targeted list and strategic sales and marketing plan. But your online presence needs to be your first action taken because over 60% of buying decisions happen before you even talk to people these days and that is because they are doing their research and checking you out online.
Best of luck!
I would take both Roland's and Ivory answers and design a low cost revenue model that allows your audience to experience your solution and fund your business early.
Your early research should have yielded for you the price range your audience would be willing to spend for your product/service.
You must now prove your idea is commercially viable through your MVP.
You might begin with an invitation to them to be part of the beta development and introduce a low price point of something while your beta gets underway.
You will know immediately whether or not your target has real interest when they say yes making low-priced purchases as Ivory refers to as your hook.
I would think through your spending very carefully since you will want to maintain a consistent positive cash flow. Also, invest back into your business as it grows.
Small tips but with care you should be able to achieve a business built on a firm foundation.
Hope this helps.
GET STARTED! DROP YOUR HOOK! A fisherman discovers a great fishing hole, gets there, baits his/her hook and drop it in the water. There is no view under water, only hope and expectations. The only way to catch a fish is to drop your hook. Sometimes you think you are going to get a fish and you get a whale. Be ready, there will be no time to get ready. Do something, anything; just get started. The paralysis of analysis has killed many great ideas.
Congratulations on getting this far with your business idea. Now that you have achieved this milestone, I'd suggest you move quickly to develop an MVP, and here's why.
Q. I think I have sufficient interest to start building my online marketplace. What should my next steps be?
A. You need to continue your conversation with your audience and utilise that data to develop Version one of your product, an (MVP) Minimal Viable Product. At this pout, let the feedback data drive your development. You are in a good position to understand how your business idea is going to solve the problems you envisaged.
Q. I have a friend that is a developer and he can help build the marketplace, but should I spend the money to build out the marketplace now or are there other steps I should take first?
A. There isn't a better time than now. I will recommend you team up with your friend to develop your prototype. (Just ensure that you have a solid agreement/arrangements that guarantees the product development and ensures protection against your IP).
You now need to give people a feel of your product. This will enable you to evaluate and iron out what works and what doesn't. Remember, at this point, you're still in seed stage, therefore, product evaluation based on real feedback on what works and what doesn't is crucial in driving your R&D strategy.
Continue to have a discussion with your target audience to gauge whether their needs are likely to change and how they envisage those problems in the future. This will also help you develop the right strategies for scaling.
Hope this helps and feel free to connect if I can be of further help.