• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • Jun 3, 2023
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

taxbandits banner
Home / Startup / 5 Awesome Tools to Help Start Your Own Business
5 Awesome Tools to Help Start Your Own Business

5 Awesome Tools to Help Start Your Own Business

1266 Views

May 17, 2021 By Amanda Gundersen

This article is built on the scenario that you are going to quit your 9 to 5 desk job and pursuit your lifelong dream of starting your own business. Before you start, you need to have an idea, what do you want to make and why? It needs to be valuable for your chosen target group and should fill a hole in the market.

Build, measure and learn

To start the process, you can use the build, measure, learn principle created by Eric Ries. This is a way to test your product and use feedback form your target group to make it mere valuable and fitting for your wanted customer segment.

Start by building an MVP, this stands for Minimal Viable Product and its purpose is to show the consumer what your product can do, without spending money on a finished design. Measure it on your target group, learn from the feedback and use this information to further develop your product. You can also look up some software that can benefit your business.

BMC- Business Model Canvas

The business model canvas is a great tool that helps you get a structured look on your business. When you have developed your startup idea you can use it to write down your revenue stream, the set costs, customer segment, key partners and key activities to name a few. The most important part, however, might be your value proposition. This is a short statement that tells what you do and how it is valuable for a potential customer.

The Golden Circle

An important part of starting your own business is being aware of what you actually are doing, and this is where The Golden Circle comes in handy. This is a tool where you need to fill out what you are doing, how you are doing it and why. Number one and two is quite straight forward, but the last one is where you really need to dig deep and figure out why you are doing it. Maybe your product helps people in a new way or is it a better alternative to something already excising. Having this written down is a great way to always be aware of what you are trying to accomplice through your startup.

SWOT analysis

Knowing your strengths and weaknesses is key. This can be done by creating a SWOT analysis on your startup. This looks at the internal and external factors Strengths, Weakness, Opportunities and Threats. Ultimately, it will give you an insight into how you are positioned in the markets and what strengths you can play on. Even though admitting your weaknesses can be difficult, it is crucial to create a successful business.

These are only some of the many tools you can use when starting your own business. They will make you more prepared and are all good to have when you are presenting your idea, talking to investors, your partners and customers. Good luck on your journey!

Filed Under: Startup Tagged With: Business Plan

Amanda Gundersen

Amanda Gundersen

Amanda Gundersen writes frequently on business and entrepreneurship.

Related Posts

  • 5-essential-components-when-planning-a-startup-businessYour Business Plan Needs These 5 Things to Be Effective
  • How to Turn Your Idea Into a Real Business
  • 10 Tips For Crafting An Investment Grade Venture Plan

Primary Sidebar

Random

Don’t Forget the Marketing Basics

May 1, 2015 By Drew McLellan

The 10 Commandments of Twitter

May 13, 2013 By Jeff Bullas

How Can You Keep Your Workplace Conversations Private in Public?

May 4, 2022 By SmallBizClub

Are You an Inventor or an Entrepreneur, or Both?

Oct 8, 2015 By Marty Zwilling

small-business-financing--crowdfunding

What Are the Best Options to Finance Your Business?

Jun 27, 2022 By Cynthia Madison

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2023 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy