Got a Good Idea? (Strategies to Ensure the Idea Works in the Real World…
Got a Good Idea?
Strategies to Ensure the Idea Works in the Real World
Learn about your chosen business model
Choosing the correct business model will help properly pave the way for your success.
This depends on many factors, including supply and demand.
You need to make sure you are offering something that is either better than what's on the market or is paving the way for a whole new market.
Make sure your product/service is something that people would pay for.
Know your competition
This is very important. You want to know who your competition is and what kinds of strengths and weaknesses they have. How long have they been in business? What kind of marketing strategies do they use? What have been some of their biggest successes? What have been some of their biggest failures?
Knowing your market and competition will help you discover any unserved needs and bring new ideas to your business to help address that audience.
Associate with a marketing professional
Taking the advice of a marketing professional fro mthe beginning is a great idea to help you out.
Doing this from the beginning will reduce your risk as well as expenses, while also providing you with the necessary details about what your business demands in terms of promotion and advertising.
Step into the right zone
Pick a business idea based on your personal strengths and areas of interest.
Developing a business idea and plan based on your strengths and skills with help save you from problems that will surface as you attempt to bring your idea into fruition.
Attributes that Make my Idea a Good Idea
I have the passion, knowledge and skills to effectively create a new winery in this area.
In order to ensure a high profit margin, I plan to offer local wines, which are extremely flavorful and affordable compared to varieties from other areas.
Barring an unforseen circumstance (like another prohibition-like era), the sustainability of a business like this is very high. Especially considering there is only one other winery in the area.
Having only one other true winery in the city makes knowing my competition even easier. The city is overrun with breweries or bars that only offer an extremely limited variety.
Key Considerations of a Good New Business Idea
Be certain you have a high profit margin
In today's market, many businesses are obsessed with the "We can make it cheaper for you" kind of mindset. However, you want to make sure that you are still making a profit.
If your business is not one that could survive with cheap prices, then either reevaluate your strategy or your market.
On the flip side, you don't want to make your product/service too expensive for your customers. It is a fine line to balance between the two.
Build a strong support team because a good idea isn't enough
While a quality idea is a great jumping off point, having a strong team that supports your ideas and your business' mission is extremely important.
You want to make sure that you have a team that is as invested in your company as you are.
Make sure the product or service has a repeat buy
When creating a business, you want to make sure that the product or service you are offering will keep customers coming.
One example of what not to do that always comes to mind for me is actually from an episode of the sitcom FRIENDS. Phoebe (a masseuse) decided to teach a "Massage Yourself at Home Class) and then ended up having no customers for a while because she had decreased her market by offering that course.