starting out
What is your
best market?
Growth planning helps you discover who is most likely to be excited by your product or service
What is the demand
for your business
Growth planning helps you figure out if you'll have anough customers to sustain your business
Will your idea generate
a profit?
Growth planning helps you get an idea of what expenses and revenue would look like
STEp 1: Plan
Frame your concept
Write a one-page plan: 30 minutes
Prior to assessing the merit of your idea, put it on paper first. Begin by crafting a concise one-page plan, outlining your initial thoughts and considerations for your idea. Consider aspects such as:
What problem are you solving?
What is your target market?
Who are your competitors
What is your business model?
How much will you charge?
Why this step is important
Addressing these queries aids in visualizing the operational dynamics of your business.
Smarty: Save time using the Smarty Pitch and quickly list your assumptions using a simple, guided Q&A format
or
Idea validation toolkit: Our toolkit contains a free template where you can list your assumptions
STEp 2: forecast
Collect feedback
Customer interviews: 2+ hours
Engaging with these questions aids in conceptualizing the working dynamics of your business:
Interviewing potential customers can feel intimidating so you can try to supplement your research with:
Industry benchmark data
Running online ads
Examining your competition
Why this step is important
A Fortune survey found that 42% of startup failures were due to a "lack of a market need for their product." Customer research is essential.
Smarty: Supplement your research with industry bench mark data in Smarty
or
Idea validation toolkit: Our toolkit contains a free template to keep your research organised
STEp 3: review
Examine your feedback
Analyze your research: 1-2 hours
The challenging phase is complete! Now, assess the feedback you've gathered about your idea and address questions such as:
Does the feedback align with your assumptions?
Were there any unexpected revelations?
Are there any new questions arising about your idea?
Why this step is important
You will begin to recognize trends in the feedback, providing insights into the potential demand for your business.
Smarty: Adjust your assumptions in Smarty Pitch
or
Idea validation toolkit: Adjust your assumptions in the idea validation toolkit
STEp 4: refine
Improve your idea
Make your adjustments: 2-4 hours
Revise your one-page plan according to your newfound knowledge. If your assumptions prove accurate, you're prepared to progress. In many instances, adjustments to your idea are likely required before launching
For example, you might need to update:
Your target audience
Your business model
How you will sell your products or service
At this stage you should also consider building an initial forecast and an expense budget as well.
Why this step is important
Determine the potential of your idea. If it doesn't appear promising at the moment, iterate based on your insights and revisit the growth planning process.
Smarty: Supplement your research with industry bench mark data in Smarty
or
Idea validation toolkit: Our toolkit contains a free template to keep your research organised