Fostering entrepreneurship to boost economic growth is a constant objective. However, still many creators embark without having actually tested their business project. Error.
According to INSEE, 50% of entrepreneurs will put the key under the door within 5 years. In our experience, six major steps are to be taken to the creator who wants to test its business plan:
Soak codes of his future customers
Knowing the target is paramount. It is necessary to meet as many potential customers go to salons, to get an idea of the process of buying the product or service offered, whether the competition is not already hard positioned, etc. Obviously, a thorough market research (qualitative and quantitative if possible) behavior of the target is a plus.
Test its idea to its future customers
Interest is especially to reveal the obstacles to the development of the project. Test “live” sales of the product (or its reservation, if we can not make it) to enter into the deeper motivations of future customers and not make mistakes. If the product appeals to purchase a part of the customer, it confirms that the model established business is good and will thus reassure stakeholders of the project (including investors).
Create a forward and test it from a banker
The forecast is the document that will allow future investors to get a fair idea of the project. We must learn to argue, make assumptions low (reassuring) and high (to appeal). Get a principle of a banker agreement on your project may be further evidence of the strength of your case.
Build on crowdfunding platforms
Participatory financing (crowdfunding) continues its strong growth: the funds collected have doubled in a year and totaled EUR 133 million in the first six months of 2015 (against 66.4 in the same period in 2014). *At the time or even before creation, crowdfunding is a great way to test the project with a demanding population (only 4% of the projects submitted are selected). It is also a great exercise to know the present (pitch, images, speech, etc.). Note that BPI France has set up a place of crowdunding market.
Test it yourself
Starting a business involves testing its feasibility and profitability, but it also involves testing his future mental leader.
To test its capabilities, the designer can perform a self-assessment of its contractor profile through online questionnaires published by official bodies (such as the ICC, for example), or attend training to enhance leadership. For this, it can mobilize its CPF (personal training account). This system, in force since 1 January 2015 has replaced the DIF (individual right to training).
We are in contact with many artists every day. Those who succeed are those who develop a strong perseverance and above who can surround themselves. The entrepreneur, whether it should be versatile should not be a specialist in all, however, must develop real leadership to train with his team, his family, investors, in short, all stakeholders participating the project’s success.
Test your project, it is also embarking on the race and not remain “outside” to the project, while minimizing risks. For this, the business incubator can be an alternative. By signing a contract to support corporate project, the designer will test its activity using the Siret number lent by the incubator for the necessary billing but also benefit from training and coaching to get started. In return, the creator donates a portion of its sales to the business incubator.
On the same operation, the creators with an innovative project can turn to enterprise incubators, which are exclusively dedicated to them.
For those who prefer to keep employee status, cooperatives and employment allow them this option while being accompanied and trained in business management.
Finally, for creators wanting to confront alone in the world of entrepreneurship, micro-entrepreneur status or entrepreneur is often the first step to test its business plan.