Turning an idea into a thriving business requires a reliable roadmap: a step-by-step plan on how you will progress to achieve excellent results. When starting a business in Switzerland, you have numerous exciting options, but be prepared for the fact that success involves not only dreams but also determined actions, self-discipline, and even mistakes, which even the most experienced entrepreneurs make.
What potential does your business idea have?
Your idea needs viability validation before you start seeking investments and strategizing your market entry. You should determine if your products or services will be relevant in your region and if the demand will cover your costs and generate desired profits.
How to validate your idea?
Conduct market research;
Engage with potential clients;
Create an MVP (Minimum Viable Product) to gauge demand and gather feedback.
By doing all of this, you can either halt if the concept proves unsuccessful or learn more about pain points, triggers, and the needs of your target audience, refining your proposition before entering the market.
What to include in a business plan?
Let’s assume your idea has proven successful, and you’ve decided to keep developing it. At this stage, you should move on to creating a business plan: it will help you secure additional funding and understand your goals, benchmarks, and potential financial indicators.
In your business plan, you should outline everything related to launching your product:
Basic market promotion strategy;
Projected costs and profitability;
Potential for growth, scalability, or globalization.
A business plan serves two main purposes: it provides you with a clear guide to implement your idea step by step and makes your concept attractive and interesting to potential investors.
Where to get funding for starting your project?
Startups rarely evolve into robust companies without proper funding (at least under the conditions of modern competition, any business requires significantly more time). Therefore, fundraising is the best way to secure the necessary funds for your project. You can also explore loan programs, but this is often less favorable since payments are due almost immediately when the business hasn’t stabilized profitability yet.
Crowdfunding is another option â collecting funds from interested individuals who find your idea intriguing and are willing to invest in it.
Lastly, you need an exceptional team. Look for individuals with the required knowledge and experience ready to become the foundation of your business. Finding a strong and motivated team can be even harder than securing funding. Yet, this ingredient is crucial for the successful recipe of your startup; without it, nothing will work out.