Learning about new innovations and product ideas is always exciting. There are a lot of interesting new products being added to our list of great innovations here on Digital Social Innovation. There are even more great innovations and unique product ideas on the market. Unfortunately, a lot of those great ideas never succeed in the market.
Having a great product idea and developing it into a product that customers can buy is important. Getting the business side of creating a startup right is equally important. In this article, we are going to talk about how you can get the business side of your brilliant idea right from the start.
A Business-Centric Partner
One of the best – and easiest – ways to nail the business side of creating a startup right from the start is by having a partner that understands business and business management. Take a look at some of the best startups and companies we have today and you will find that most of them are started by people with strong business skills.
It is also worth noting that finding a partner who understands business is not as difficult as it used to. Those pursuing an
online executive MBA degree from reputable names such as Washington State University, for example, are also learning about startups and managing a lean business as part of their courses.
Quick Cash Generation
A healthy cash flow is the foundation of every good business, so create a business model that generates cash quickly. Not all business ideas can generate sufficient revenue immediately, but that doesn’t mean you can’t still establish a healthy cash flow.
Keeping overhead costs at a reasonable level is a great start. Instead of wasting money on a gorgeous office and extra facilities, invest in marketing and the right people for the growth of the company. You can also invest in helping your team members grow; having a few employees pursue an executive MBA degree online means you will have more people with the right skills to help your business thrive and your product idea survive.
The biggest mistake you can make is using your personal bank account for managing the business’s finances. Create a new business account specifically for the startup (and every new business you create) and be sure to separate your personal and business finances from the start.
Separation alone will help you keep the business’s cash flow in better control. You can tell if the business is struggling or if it is doing well by looking at the flow of cash in and out of that account. It also establishes a credible entity in the eyes of customers.
Even with a capable partner and a strong team, it is still necessary for you – the person behind the brilliant product idea – to learn the business side of things. Allocate enough time to learn how to read financial reports, how to find new ways to monetize and other details about your business. Learning, in turn, will help you become a more innovated business owner.