Startup consulting firm IdeaPros has released the latest addition to its entrepreneurship guide series. This new report highlights how market research can help entrepreneurs successfully launch their ventures.
The recently published guide shows entrepreneurs how to create a brief yet comprehensive business plan. By taking into account 11 crucial market factors, startup founders can produce a one-page document that demonstrates the viability and profitability of their proposed venture to investors.
More information about IdeaPros is available at https://www.ideapros.com
The guide explains the importance of target audiences, channels, problem-solving, competitors, revenue models, and costs. It also discusses unfair advantages, product differentiators, and a founder’s vision — as well as how to package these three into a compelling elevator pitch.
IdeaPros CEO Fred Cary says: “Many entrepreneurs believe that they have to spend thousands of dollars on an overly detailed business plan to get funding. In reality, what investors really need to know is whether you’ve done your market research and whether your data supports the feasibility of your venture. Our guide teaches you how to create a business plan that proves your idea stands on solid ground.”
The report can be read in full at https://www.ideapros.com/blog/easy-tips-to-get-your-product-app-entrepreneurial-ideas-off-the-ground-nd/#business-boosters
BLUEPRINT FOR SUCCESS
Cary says that market research is crucial because it gives entrepreneurs a clear view of the business landscape and what role their product or service can play in it. Specifically, it tells founders what gaps exist in the marketplace, whether competitors address them adequately, and how their own startups can deliver a better solution. Moreover, conducting market research clarifies who a venture’s product or service is designed for, which allows it to engage that audience more effectively.
MAKING THE CASE
Aside from hard data and thorough analysis, the guide likewise offers critical advice on how to distill market research into a business pitch. Cary notes that investors are often inundated with proposals, so being able to succinctly yet powerfully convey what a venture is and why it is worth investing in will help founders stand out in a crowded field. An elevator pitch, together with a one-page executive summary, likewise communicates that a startup founder has done ample due diligence.
IdeaPros has a diverse team of business coaches that have 200 years of combined experience. Founders who wish to get hands-on mentorship to improve their startups’ chances of success may sign up at https://www.ideapros.com/start-now