Businesses are living entities and therefore need to survive and thrive no matter how highly competitive the terrain may be. But how can your business do this? What do smart businesses need to be innovative and stay relevant in the market?
One sure way of doing this is by investing in new entrepreneurial initiatives and launching new projects.
Deciding to start a new project within your company is a fantastic way to expand your current business. When your company has more than one key focus it makes your business diverse – meaning you have more than one income stream. This way you have stability in your company!
There are indeed many pros to starting a new company project, but having the idea is the main thing. When you have a spark of an idea, you need to use it. Unfortunately, not every business person knows how to go about this.
In this post I want to present you with a guide that you can use in launching a new project within your company any time you so wish.
Launching a New Project
1. Discuss and develop your idea
Before you decide on any project specifics, you need to discuss your idea. The best way to refine an idea is to share it with your peers and see what they think. Take the time to develop your idea before you do anything. Sometimes taking constructive criticism is the hardest part of being a creative person. You need to have a thick skin so that people can tell you what they think of your idea. You need to accept that some of your ideas will be dead ends. That is okay. Discussing your idea gives you the chance to see whether there is a future in your project.
2. Set out the terms of the project
Once you have decided on an idea, it is time to set out the terms of your project. That means that you need to make sure that you pin down the specifics of the project. Use your idea as a seed and let it grow into a fully-blown plan of action. You will need to create a thorough project plan so that you know what you need from the project. Now is also a good time to run the numbers and see whether the project is financially viable.
3. Consider the project drawbacks
You have to be a realist when it comes to projects. That means that you need to consider any possible drawbacks. You need to know what the risk factor is for you and your company. Ignoring the risks is a surefire way to fail. Consider all possible eventualities and think about whether you can afford for the project to fail. Business is all about taking risks. Just make sure that you don't take a risk that costs you your company.
4. Define your goals (and a time frame)
What are you hoping to achieve from this project? You need to have specific goals in mind when you are in the planning stages. Make a plan and decide what you want from the project. It is vital that you set a time frame as well. If you have no deadline for your project, you will struggle when it comes to staying on task. When projects have no goal, they tend to go on for a long time. Make a clear goal and tell your staff about it. That way, everybody is on the same page.
5. Choose a project manager
When you are appointing a project manager, you need to find the right person. Many bosses think that they need to promote from within their ranks, but that is not always true. It might benefit you to bring in a fresh mind for the project. You could consider holding interviews for the position so that you find somebody who is perfect for the job.
6. Put together a star team
When you are creating your project team, you have to keep in mind how people work together. It is not just about choosing the right people for the job; it is also about choosing people who complement each other. You should consider holding team building days so that you can watch how different employees interact. That way you can choose the people who work well together, and give yourself the best chance at success.
7. Find a space for the new team
You need your new project to be a separate entity from your main business. That means that your project needs a new office. Find some office space available to rent as required so that you have a level of flexibility in your workplace. You can sign a rolling term contract so that you can have the new office for as long as you need. Now, you need to take a step back and let your team take control.
8. Do your market research
Whilst your project is in its developmental stages, you should take the time to do some market research. Make sure that you explore all avenues so that you find the right project for you. It will be worth looking at different sections of the public to determine what each demographic thinks. That way, you know who you are targeting your new project with, and you can work to impress them. Diving into a project without doing your research is a recipe for disaster.
9. Have faith in your idea
It will not be easy to launch a new project. Finding your feet when you take on something new always takes time. You need to make sure that you have faith in your idea. When you start to doubt that you are doing the right thing, it will become hard. If you don't believe in yourself, nobody else will either. Make sure that you don't lose sight of your vision. When you start to have doubts, your team will feel your negativity. That will put extra pressure on the project and make it almost impossible to complete.
10. Be flexible!
You have a tight plan, but along the way there will be changes. Embarking on a project and thinking that everything will go to plan is naive. You need to make sure that you have a level of flexibility in the project. Remember, you learn by doing. Along the way, you might find that there are simple ways to complete the project. These ways might differ from your original plan, but that doesn't mean that you shouldn't consider them. Allow room for change when you are trying something new. If you allow your team to alter the project along the way, you will find the entire process is smooth.
It's not enough to start a business. Managing and growing that business is essential. Without this the business will soon lose out in the market. You don't want this to happen.
To stay relevant therefore you need to continuously start new projects in your company. By using the above tips you will be able to constantly innovate and break into new markets faster than ever before as you launch new projects in your company.
Image credit: Kevin Dooley