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Start small when implementing your new business concept. Introduce the business concept in a couple markets. Monitor the sales and profits closely. Track results of your advertising. Expand your business concept into other markets if sales and profits are increasing. By this stage in your business plan, you should have a firm grasp on what product or service you intend to offer, as well as who you believe will be your primary customer. The final item requires weighing various distribution channels, but, again, should be answerable with a little legwork.
An MVP can be defined as that version of a new product which allows a team to collect the maximum amount of learning about customers with the least effort.â€ Here, productâ€ refers to whatever you are designing-a program, a service, a process-instead of a physical item. Customerâ€ refers to whomever is intended to benefit from and use the productâ€ you are designing. A great first step to applying Lean Startup methods is launching your product before you build it.
Clarify the unique aspects of your idea or company. Investors may not want to put their money into something that already exists. Explain how your marketing company, for example, will go about developing social media campaigns in a different way than what has already been done. Possibly you will be using social media websites in a cutting-edge way to get the word out on your clients. This will also help attract the athletes and sports companies to your firm, rather than those that are offering cookie-cutter campaigns.