How to Launch Your Idea into a Business, plus Resource List

You have a business idea that has been circling in your brain for the longest. You are ready to pull the plug and start figuring out how to bring that idea to life. You have a vague idea of what that would entail being the savvy, digital woman that you are. You know you can do this! So, where to start?

Let’s start with taking a long deep breath.

Before we dive into some golden nuggets I have to offer, here is a bit about me - in the past few years, I’ve transitioned from being a Product Manager and that skill set has sometimes spawned the nickname “mini-CEO.” Having explored this space for a bit from working as a digital marketing consultant to thinking about my own business idea, I want to share a few things that will help you launch and scale your vision.

Do your research first.

A lot of people just dive in with their idea without doing research and discovery. Don’t do that! A few questions to ask yourself first is:

How many competitors are in your space?
What is your potential target market?
How many resources would you need to get this business off the ground?
What type of business do you launch? Sole prop? LLC? S-Corp?!
So many things to consider.

Start with mapping out your business idea – all the potential risks and rewards.

This Business Model Canvas will help with that. It helps to identify key channels that you would need to build a business including potential partners, your potential customer segments, and what revenue streams you can generate for your business.

Competitive analysis is crucial.

It helps you to understand the landscape and also where you can differentiate yourself from the competitors:

What are their product strengths?
What are their product weaknesses?
Who are the primary buyers?
Who are the end-users?
What type of reviews do they generate?
How is their social game?

User research is also something you need to look into – your idea is nothing without customer buy-in.

You can do Google surveys, use a site such as User Testing, do informal polls and questionnaires. This information would allow you to think about your product and what other features and offerings you could provide.

By the way, one thing that threw me for a loop while researching and speaking with various people about my own business idea was the issue of trademarks and patents – if you have a unique idea or product, be sure to check out if you can trademark or copyright it.

Ready to pitch?

Check out programs/incubators/accelerators like Y Combinator or TechStars. Reach out to venture capitalists, angel investors, business development programs – most are very active on Twitter and LinkedIn and love to give advice. Make sure to absorb that information and start building your network.

Start reading the news and stories in AlleyWatch, TechCrunch, and newsletters related to the industry you are launching in. Also, check out iFund Women, Zane Access, and FundR.

Starting a business is not an easy journey – it’s time-consuming and takes a lot of energy.

Find the spaces where you can get support and mentorship (don’t forget to extend the same favor and pay it forward) and let your family and friends know what you are working on.

Here are some additional resources to check out:

BWTT/BMTT – Black Women Talk Tech/Black Men Talk Tech. These platforms are full of founders who are eager to share ideas, commiserate, and celebrate. They hold regular events for those who are just starting out to those that are deep in the weeds.

Boss Women Media – a great repository of resources for those who are trying to finally start that side hustle.

Products By Women – exactly what it sounds like. This community aims to support minority and women-led ventures.

We Build Black – a community of developers, data scientists, and other disciplines. Looking to build something? Check this community out

No Code Platforms – want to try your hand at building your own product? Check out sites such as Bubble, Adalo, SoftR.

If you want to speak to someone, anyone about your seed of an idea you can reach out to me. Find me on LinkedIn! I have a plethora of information that I am more than happy to share.