Clarify your problem, customer and solution.
Firstly, mention what is the pain-point you want to solve. Only focus on the problem as of now. Be very precise here.
Now identify who all are suffering from this problem you want to solve. Mention here the people who will PAY for your product/service. Be as descriptive as possible.
Propose a solution for the problem stated.
Find out who is your competitor.
Do an extensive research online and find those who are doing something similar. It is always good to have competitors, as you can learn from them and avoid the mistakes they did. Give time to this step.
Validate with your customers.
Write down all the assumptions you have made, and interview your customers to check if the assumptions are really valid or not and if the problem really exists or not. Learn how to form questions for customer validation. Ask as many people as possible and change according to their needs. Respect their views.
Ask something to the community
Make use of our network and other entrepreneurs on Startify. Put up your question and involve them. Brainstorming is the best way to mature your idea. Productive discussion with mentors on board will also help a lot. Get your business plan verified by mentors.
Mention your revenue model
Now you are prepared enough to think how the inflow of money will happen and how you earn. Firstly jot down all the possible revenue models from the service/product, then focus on one.
Make a prototype and analyse the response
Make a prototype or a minimum viable product. That means bring your idea to life in the simplest way possible to test if the solution is a good and feasible one. Don’t think of scalability now, for example if you are making an app, try to do the same thing offline and see the response.
Try to get your financials done
Financials would include figuring out the running cost, initial amount required, how would you spend that amount and the money you will earn from the service/product.
Here you can also find out after how long you will reach a breakeven point (no profit no loss).
Strategize your roadmap
Decide timeline with your team and start getting things done. Decide your roadmap, your marketing strategy and build your network. Stay in touch with the mentors.
Connect and Launch
Complete your business plan, keep changing it with time.
Make use of the service providers listed in Startify and also get connected to incubators and investors who give you the final push you need. LAUNCHHHHHH……...