- Identify a monetizable problem.
- Addressing the core needs of the target market develop a specific/focused solution.
- Create a very rough prototype that addresses the specific needs of the intended customer.
- Continually adapt the prototype based on customer feedback. The prototype should constantly be evolving based on feedback from those who will be buying the product/service.
- Develop the “go-to-market” strategy with the prototype findings and with thorough industry analysis.
- Soft launch on a lean budget.
- Measure and validate intiial pricing and adjust if necessary. Tweak the financial model and get a firm grasp of the economics of the business.
- Document all data and procedures to make checklists and establish the system. (collect customer info, develop database, document all procedural efficiencies, establish marketing metrics, test ad campaigns and the most effective portals to deliver the marketing message through and have detailed daily, weekly and monthly Profit and Loss statements)
- Once the core systems model is developed constantly reevaluate the offering based on continual learning from the customer.
- Rinse and Repeat. (Either scale the business or use this process to pursue the next venture)
Notice the repeating theme?… KEEP THE CUSTOMER INVOLVED!
Business ventures go astray, some early-on some later, when they start creating offerings or adding features they “think” customers will want. Don’t fall prey to this common business mistake, solve the customer’s “job-to-be-done” not yours.