How to Find Great Business Start-up Ideas
Anyone remotely familiar with the idea of entrepreneurship and setting up a business would be familiar with the hunt for idea. Every modern business in these times has stemmed from a great idea. Now, great ideas do not necessarily mean technologies that disrupt the world as we know it. Smaller – surer ideas, that can help you slice your piece of the pie, can very well work.
- Explore and experiment
- Make mistakes – you will learn much faster
- Be open in your thinking – look for patterns and something unexpected will pop out in the most unlikely of places
- Think of using old ideas in new ways
- Try standing on the shoulder of giants – you will see much farther than they did
Evaluate the Potential in Your Business Start-up Idea
Once you have chosen your business idea and you feel it is something that you would be willing to put your heart and soul into – then comes the next more pragmatic step.
Now you must explore your idea, sand the edges and add the manure of practicality. There are fool-proof ways to analyzing how viable would your business idea actually be.
Google it – Bing it! You should explore where you idea lies in the world. Has there been something similar – what was their story. Your research will help you identify the problem or need that your product or service is addressing.
Reach out to the potential customers
Even if your idea is still half-cooked, explore the possibility of engaging customers. Their feedback, enthusiasm of lack of – would open great insights
Yes, your idea is original but there will be competition. Go the deeper depths to find out what the competitors are offering. That would help you to establish your unique value proposition in the arena and stand out of the crowd
Increase the Value of Your Business with Business Branding
A business owner has the liberty to go wrong in many ways – but not in the building of the brand. You just cannot risk your brand becoming what you have not envisioned, what cannot be sustained or placed incorrectly in the commerce world.
Your brand value is what will keep you flying! Did you know Pampers is not the product, really – it is just the name! Diapers is the actual product what a job they did to create brand that became a category name!
Know your target market
Think about what you are doing for your intended customers. Think from their perspective. What problem of theirs have you solved? Focus on them when you talk about your service.
Boost your brand awareness
Use the multiple avenue of media that are available at the touch of a button. The days of print ads or even one platform of advertising are long gone. Learn about social media and multimedia advertising. Explore which media and platform serves your target market and reach out smartly!
Create an identity
Your brand name, logo and the colours you use – they tell the story long before you begin. Make sure the sync is correct and makes all sense. Sustain these elements throughout your campaign.
Stand Out to Grow Your Business Using Business Model Innovation
Your business may be similar to many – but to stand out and get a greater chunk of the pie you will have to innovate! The business model is a thorough understanding of the essential functions of a business and the resulting outcomes in all its operations and practicalities.
Think to differentiate your business by reflecting how you can change:
- The target market
- The benefit you are providing to the customers and your partners
- Your process of service or product deliver
- The financial model of earning that you have established
A small change in the right direction can be radical for the entire industry – think affiliate marketing!
Plan your Business for Success
Planning is key. If you plan well – chances are you will execute well. Fail to plan and the chances of success are next to zero.
Make sure your business plan is thoroughly researched in its essentials and is detailed in its commitments. Your business plan will be your treasure map and will unfold your success accordingly. Make sure to check the following boxes:
- Market Analyses
- Competitor Analysis
- Customer Segmentation
- Marketing & Human Resource Plan
- Financial Management Plan
- Objectives & benchmarks as part of a growth projection
How to Plan Your Business’s Financial Budget to Get Investors to Invest
Once the ground work in your mind is complete – next is your investors. The money that will come in, will make the money for you!
Ask your friends or family! You will have to ask – you will be surprised!
- Business loans are now a norm of commerce and banking – 0% markup loans are not a myth!
- Look for incubators – privately owned and education institution sponsored incubators would welcoming!
- Crowdfunding is not just a theatricals – Reward-based or donation-based crowd funding platforms can help you turn up the speed of launch
- Do not disregard the possibility of exploring angel investors and venture capitalists
Understand the Sales Psychology to Sell More
The psychology of sales is a concept through which the customer’s psyche is pivoted for success. Understating the target market motivations would enable your product or service to sell itself if it is hitting the right notes.
Human being respond to a set of needs – some of which are felt more tenderly than others like security, love for someone, prestige & power, health and personal transformation. Explore where you might be able to fit and resonate that message.
In this way you will be helping your customers by answering their decision making questions like:
- What’s in it for me?
- What is the cost?
- What is the result?
- Is there any confirmation?
Learning is an undying process in running a business. Cover your initial bases with as much research and training as possible. Go over these tips again and again till you know your entire philosophy of existence by heart and you will never falter a step!