Stuck at home with an idea? How to kick-start your startup in 30 minutes a day
The world has changed in the last few weeks, but one thing we consistently see in times of uncertainty is that the best startups are born from upheaval.
While there is no doubt the next few months will be tough, there are still (and perhaps increasingly) opportunities to build businesses based on innovation. I would encourage startup founders or those with an idea for a startup to take advantage of a unique situation. If you are stuck at home with a startup idea or have extra time you would previously have allocated to a commute, now is the time to take small, consistent steps. 30 minutes a day is all it takes to make considerable progress towards bringing your idea to life.
We’ve put together seven things you can do in 30 minutes a day to launch your startup (download all seven tips in our workbook here), and today we are sharing three of the most important:
1. Think Big
Startup founders should aim to serve as large a market as possible (most definitely global) and ensure that their product creates meaningful value for customers. Don’t focus on too small a market or creating products that are only of marginal value to users.
Run the ‘toothbrush test’. Will a lot of people use it twice a day? Does it have global potential? Startups can apply the same mindset when considering which market to serve and what product to build. Are there enough people who will rely on your product every day to make this an opportunity worth pursuing?
Got 30 Minutes?
Start by looking at government and industry data available online to help you quickly uncover potential market size and be sure to look beyond the Australian market at globally available data.
2. Research the Competition
Don’t build a product that already exists! While there is no need to be the first in the world to do something, it is also not a good strategy to be the 100th to do something.
Having some competitors is good because it validates that the opportunity exists, but too many startups are building products that compete with large numbers of well-funded global companies. If you think of yourself as an investor (in this case of your own time and money), would you agree to an investment of that finite resource without a clear understanding of who else is out there and some idea of how you will compete? If your research tells you that you can only ever be the local version of an existing international startup, maybe you should re-think your idea.
Got 30 Minutes?
Time to research your competitors. Start with a basic Google search and consider:
Who are your direct competitors? (they do something similar to your idea)
Who are your indirect competitors? (they offer your customers a different way of getting the same task done)
How will you differentiate your product from those of direct and indirect competitors?
3. Ask for Feedback
Founders are often concerned that someone will steal their idea; however, keeping your idea a secret is depriving you of valuable feedback from others who may have useful insights. It is also preventing you from making connections with customers, mentors, investors and others who can help you on the journey.
There are millions of people in the world with startup ideas, but most of those ideas will prove not to be valuable. What truly matters is execution. Our advice to startup founders is to always be pitching, and always look for opportunities to tell others about your idea to gain valuable feedback.
Got 30 Minutes?
Can you concisely explain your business idea?
Create a 30 second elevator pitch that describes the essence of what your company does / will do.
Try this pitch out on five friends or colleagues.
Ask them to pitch it back to you in their own words. If they get it close to right this is a great sign that you’re on the right track with your pitch. If they can’t explain it back to you, you’ve got more work to do.
Eager to learn all seven things you can do right now to make the most of growing a startup from your home office or spare room?
Download Startup Onramp’s eBook, Seven Things You Can Do NOW To Make Your Startup Succeed here.
