Starting a new business requires a big commitment. At that moment, your network of people can be a critical resource. Cited from The Entrepreneur, here is the list of 3 favors new businessmen need to ask before they launch a startup.
1. Prototype Try Out
In the early stages, you get limited startup fund. Thus, investing in a fully developed product or service may not be possible. As a result, the only alternative left for you is the minimum viable product.
A minimum viable product is a product with enough features to attract early-adopter customers. After you have your product, your friends and family can be a great resource to provide critical feedback to the design process.
Also read: 3 Financial Tips before Launching A Startup
You have to gather as much information as you can at that early stage. That information can reduce the amount of uncertainty around a potential business. Besides, it also clarifies the extent customers would be interested in what you want you to have in mind.
2. Business Plan Check
Making a business plan is critical for your business. A business plan is a way to know how best to bring your business to the market.
You can have a fantastic product or service design. However, if you do not launch your product with sufficient financing, a sound operating model and a compelling market strategy, will not gain the traction necessary to succeed.
Therefore, a third-party perspective of your network is a great way to help you uncover needs in the market. Besides, it also helps you to size-up opportunities.
Also read: 3 Financial Tips before Launching A Startup
3. Investing
Gaining access to funding can be hard for a new startup. A business loan or a business grant may be possible, yet they bring additional costs. The interest rate can be extremely high. At this point, family and friends are a historically significant source of early-stage financing. Family and friends’ investment can significantly help your startup.
