Sometimes, having an idea and just dreaming about the enormous outcomes it can get you, is the biggest trap you can push yourself in. Of course, the beginning of a great business is with a mere startup idea. But is it all you need for big revenue numbers?

Well, if you paused a little and thought that you would obviously need more than just an idea then we have a step-by-step guide for you to help you navigate and design your plan of action to make your business profitable after you have found a startup idea.

If you are in a state of utter confusion, then the first and foremost advice is to not let things overwhelm you. While we have some proven suggestions for you, make sure you tweak things by trusting your vision of your profitable startup idea.

Fundamental Roadmap to execute your startup idea:

Here is a quick walkthrough for a successful future entrepreneur like you (yes, we have faith in you) to smartly plan things out for a booming launch of your company in the industry all with the meaningful startup idea you have.

1. Assemble Mindset:

Getting the mindset right for anything is literally the most underrated prerequisite of any big and important project. And thinking about how to structure a startup is a tricky thing in itself. Hence, get the mindset right. Make a checklist for your mindset and then jump into the next step of executing your startup idea. Also, at this point consider onboarding a team with a mindset and motivation that align yours’.

2. Idea Refining

Refining the idea mainly consists of finding out the ‘why’ of the startup idea. Think of ‘why would someone buy my product or service?’ Find out answers to ‘what is the problem it will solve that has never been done in the way I plan to’? These questions will not just give you clarity but also will fill you with purpose and you would in a way be more confident of pitching this to literally anyone.

3. Market research

Without data, you are just another person with an opinion; This holds true in every aspect, especially when aiming to execute a profitable startup idea into a multi-figure business. Unless you have figures that justify the reason for your execution, it can be aiming without a target. Thus, find out

• • How much percentage of the total population can be your target audience?
  • Which are the companies already existing in the segment? What is their USP?
  • What are the mistakes similar startup companies made that led to failure in the execution of startup ideas?
  • What are the figures you are aiming to make? Will your selling price be able to scale up your business to the revenue you are aiming for?
  • Once you have gathered data on these and other relevant points, sit and jot everything and then move forward to the next phase.

4. Business model

Based on the segment your startup company is willing to work in, think of the ideal model for it. Find out about the possible business models you can opt for, based on your business type, and choose what would be the best fit for you. Some of the options can be:

• Bundling model
• Product to a service model
• Crowdsourcing model
• One for one model
• Franchise model
• Distribution model etc

5. Financial planning

The next thing you should give 100% of your time and energy to, is to work your finances. Decide a number you are willing to put in. Then, decide if you would be bootstrapping it, or you would onboard an investor. If you move with the investor, would you be giving your startup’s equity in exchange for the money or you would take it as debt.

Think of the possible grants or loans you qualify for. This way, do a careful breakup of all the options and choose the one you would want to proceed with.

6. R&D and Prototype development

Once you have an idea and the business model you would be willing to proceed with, the next thing to consider doing is to plan out the R&D process. If you have a product-based startup idea, work on the design of the product, the composition, and the type. Perhaps, if you have a service-based startup idea, plan the specification of the service you can provide. Here, the profitability of the business should also be kept in mind.

And when you have all of that figured out, start building the prototype of the product or service, your startup idea is based upon. The prototype is basically a preliminary version of the product or service you wish to make, in order to have a pilot review to make the polished version of it.

7. Fundraising

Raising funds can be the tricky part of executing a profitable startup idea because this would require you to convince someone to believe in your vision of the business and make them trust you enough to invest their money in it. For this, there are ample number of ways to go about doing it, some of which are;

• Private investors
• Crowdfunding
• Government programs
• Networking

You can read more about fundraising and finding Investors in Canada here.

8. Production / The phase of implementation

Start manufacturing, if you have a product-based startup idea or jump into the phase of implementation for your service-based business with the funds you have raised. This will be the most crucial step for you to get rolling before you jump into the real consumer market and start to generate revenue in any form.

9. Sales and Marketing

No matter what business you are doing, if you don’t focus and do well with this stage, then things might not work in your favor. Sales and marketing are very crucial parts of any startup. If the marketing of the product or service is done accurately by explaining the problem it is solving then the sales automatically shoot up.

10. Feedback and Improvisation

The last step of executing the startup idea and sustaining well in the market is to work through the feedback and improvisation stage. If you know what is making you lose your consumer, then fixing it and retaining them can be an easier way to maintain the sales and revenue of the startup business.

Thus, think and plan over everything that is mentioned in the roadmap. Visualize and prepare for the best and worst outcomes. And with this amazing strategy and confidence in your startup idea, your business will reach heights.

And after all these steps, when you are ready to begin your startup idea execution and you wish to seek some professional advice to save yourself some time, energy, effort, and money. reach out to Team Kedden. We can help you create the best suitable business plan, suggest the ideal business model and strategy, and many more tips to help scale your business. We also provide a free 30 min 1: 1 personalized consultation call to help you multiply your business exponentially.