Starting something new can feel like stepping into the unknown, but you don't have to go all in from day one. Instead, think of it like dipping your toes into the water before diving in. Starting small and scaling up is all about testing, learning, and building gradually without overwhelming yourself or risking it all. Here’s how to make that happen:

Launch a Pilot or Minimum Viable Product (MVP)

When you're ready to kickstart your business, begin with a Minimum Viable Product (MVP) or a beta version of your service. This is a basic version of your offering that allows you to test the waters with real customers, gather valuable feedback, and see how the market responds.

An MVP helps you avoid investing too much time or money in an idea that might not work. It’s like getting a sneak peek into what your audience really wants. According to The Lean Startup methodology by Eric Ries, launching an MVP can reduce the risk of failure by ensuring your product or service is viable before you scale up.

• Define Your MVP: Strip down your product or service to its most essential features — the core elements that solve your customer’s main problem.
• Offer a Beta Version: Invite a small group of people to try out your MVP or service. Offer it at a discounted rate or even for free in exchange for honest feedback.
• Collect Feedback: Set up surveys, interviews, or direct conversations to gather insights from your beta users. What did they love? What needs improvement?

Manage Risk by Keeping Your Day Job – Start as a Side Hustle

Don’t feel like you have to quit your job to start something new. It’s okay to build your business or test new career paths while maintaining your current role. This approach reduces financial pressure, allowing you to learn and grow without the stress of needing immediate success.

Starting as a side hustle means you don’t have to put everything on the line. Research from the Academy of Management Journal shows that entrepreneurs who start their ventures while keeping their day jobs are 33% less likely to fail compared to those who go all in right away.

• Set a Realistic Schedule: Dedicate specific hours each week to work on your new venture. Consistency is key, even if it’s just an hour a day.
• Balance Your Priorities: Make sure your side hustle doesn’t interfere with your current job or personal life. Balance is crucial for long-term sustainability.
• Build a Financial Cushion: Set aside savings to cover at least 3-6 months of living expenses. This safety net gives you the freedom to explore without constantly worrying about money.

Refine Your Offering – Use Feedback to Improve

Once your MVP or beta service is out there, the real work begins. Pay close attention to the feedback you receive from early clients or customers. Use this information to identify what’s working, what isn’t, and where you need to make changes.

Refining your offering based on real-world feedback ensures you’re building something people actually want. As Steve Blank, a pioneer of the Lean Startup movement, says, “No business plan survives first contact with customers.” It’s all about adapting and iterating based on what you learn.

• Analyse Feedback: Look for common themes in the feedback you receive. What are the most frequent suggestions or complaints?
• Make Strategic Changes: Prioritize the changes that will have the biggest impact. Don’t be afraid to pivot if something isn’t working.
• Test Again: Once you’ve made improvements, test your updated offering with a new group of beta users or clients. This cycle of continuous improvement keeps you moving forward.