Forums: Discussions for entrepreneurs and small business.

I`m working on developing a technology solution to energy conservation, I`m still in the R&D stage.  Should I still put together a business plan first, or work on getting closer to a viable product? 

I would get to the production prototype stage first.  That way, you will have more concrete answers on production cost to plug into your business plan.  You will also have a better idea how the consumer will use your product.

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

I agree with Nevada...get the proof of concept first.

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Business Growth Masters, LLC -
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I would say prototype first, because it will make your market research much easier and give better quality results.

A business plan is very important!!  Probably the most important part of starting your business - keeps you in line.

I think you need to be doing both. The closer you get to having a viable prototype the more you should know about if there will be a market for it. This will depend on your budget, time and experience.

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I would do a `basic` business plan first to help give yourself an idea of the direction you want to go - sort of a `road map` for your business.  Once you have a concrete concept of what money will be needed to CREATE the prototype, as well as who you want to market to, etc., then I would build the prototype and then update the business plan to reflect the new situation.


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Lily E. Chambers CPS, CQU
"Why hire a mere mortal when you have access to a Goddess"
www.virtualofficegoddess.com

If you plan to start a business surrounding the solution, then you should consider all of the business aspects for running a company and have an outline of a proper business plan.