So, you have decided to go the entrepreneurial way. But do you have a concept for your business? Have you chalked out your business plan? The first step in setting up your own business must be picking a business idea. It may seem like everyone is overflowing with great business ideas but most are not viable. So, we ask what is the secret to picking a good business idea? We discuss the five building blocks of choosing the pitch-perfect business idea:
Choose the Product/Service
The first step to choosing the product or service your business wants to offer is to analyze market needs. Great ideas for businesses come from recognizing the market gaps and consumer demands. Knowing what the customers are looking for is a great way to find your business idea. But you must also make sure that the product or service you are creating is in perfect sync with your sensibilities, preferences, and abilities.
Do Something You Really Like
Following your passion is the most common advice you will receive before starting a business. But our passions do not always translate into a full-fledged professional idea. Business comes with many additional works that need to be carried out simultaneously that may not be preferable to you. The best way, therefore, is to target something that you really like doing and will be happy to carry out on a daily basis. More than passion, this factor will ensure more success in your business plans.
Create a Business with Potential
Can you be the big fish? Can you swim across from the pond to the ocean? Yes, all businesses start with the idea of wanting to be the big player in the game. You might be sure of ruling your targeted market, but you must also need to fit into the larger industry in the long run. If required start your model with a small targeted group but make sure that it is capable of flourishing in a larger market in the future.
Prepare Unique Lead Generation Factors
Your unique business ideas need to succeed at an approximately constant rate. Even in the earliest stage of your business, you need to ensure appropriate lead or sales generation. Look for unconventional ways to layout your business plan to your consumers. Alternatively, you can also think of employing or associating with a key differentiator in the market you are targeting.
Create a Business You Can Sell Your business must be capable of becoming a valuable asset in the long run. Your business should not be potentially valuable only in terms of the revenues you have garnered but also in terms of being an asset in the industry you are targeting.
Your product(s) and/or services must be vied for in the market and should be unique enough to be an asset. Also, make sure that your business is intellectual property in your name and not something copied. Have you ideated your business already? A world of opportunities is waiting for you. Keep these basic facts in mind and begin creating your business.