Successful entrepreneurs are always on the lookout for a business startup opportunity that will appeal to an audience and make money. Looking for the perfect idea for your business startup can involve some creative thinking and a bit of talent. Sometimes, opportunities are hidden in the most obvious of locations, and you only need to know where to look. Consider presenting an existing product as a solution to a new customer need or revamp it so it can do more than it already does. See if you can supply a product or distribute it, or even buy a franchise. Some other entrepreneurs have just identified some mundane task that people hate having to deal with and have made a business out of it.
Starting a business and making a success out of it begins with you asking yourself some detailed questions. Using the answers you come up with can put you on the road to the beginning of a new enterprise.
1. Is there a pervasive need in the market?
The first question lets you zero in on the particular need that customers have, and whether that need is for a product or a service. Your best bet is to look for answers in surveys in which customers talk about what they need. Trust Google Consumer surveys or other such sources that can put you in touch with what your customers are thinking. At the same time, when planning your business startup, take care to factor in the age demographic you’re appealing to, the geographical location, and above all, the economic status of your key audience.
2. Does your product or service answer that need?
Now that you know what you customers need, you can set about looking for the perfect product that can meet that need. Chances are that other companies and businesses are working on the same strategy and already offering the products you have in mind. If that is the case, you need to come up with an idea that will set your product apart from what your competitors are offering. For instance, you could provide better after-sales services or maybe small add-ons that customers will eventually need to buy. You could also focus on improving the quality or perhaps, devising some method to cut back on costs so that your products are more economical. Here’s another tip. Focus on a market share that the other guys have overlooked and use your startup business to target that bracket specifically.
3. Are your potential customers willing to pay something to address the need?
Having found the product and the people who would like to buy it, you now need to ask yourself, “How big is the need?” And, if people would be interested in paying for the product in question. For instance, you might have this idea of offering pet grooming services on site. Customers no longer need to bring their pets to the center, but for a small additional charge, they can have the groomers arrive at home with their vans to care for the pets. The customer survey source that you choose can help you know if this is a service your potential clients would like to pay for.
4. Will they pay for your product to address that need?
That brings you to your next question. Now that you know the service you can provide and that customers are likely to order it, the important factor is, “How much?” Whatever you intend to charge for these facilities, the price has to be economical enough for it to make sense to your audience. At the same time, the idea has to be viable enough for you. If you choose to provide the services, can you make real money out of it?
5. Is this the right time to introduce the product?
Choosing the correct time to for your business startup is another crucial factor to keep in mind. Study the market, and economic and geographical conditions carefully. Look for the perfect window of opportunity. Evaluate your competition and the similar products they’re offering. Check if there is enough room in the market for yet another supplier. Assess consumer satisfaction. Are they happy with the services available? Or, are they looking for something better to come along? If you were to present a new product or service, what are the barriers you’re likely to encounter? Think about how you can overcome them. If you feel that this is not the time, a wise option would be to put the idea on the back burner and come back to it later.
6. How will you raise the resources you need to produce the product?
Now that you have the perfect concept on which to build your startup business, the final question comes to mind. Raising the necessary resources to begin the enterprise. Many entrepreneurs are often unable to assess just how much finances they will need from the time they put their ideas into motion to the moment when the business will actually start to make money. When assessing the figures, take into account the personal finances you have available and the number you’ll have to raise from the market. Also, factor in the collateral you’ll need to provide and if you have the perfect business proposal to present to your potential investors. Make sure you factor is unexpected expenses and the possibility of the company taking longer than estimated to get off the ground.
At Lendio, we understand the many questions that a startup business owner might have. And, we have the solutions to help you get your business up and running. Contact us with your ideas and our team will direct you to the best resource where you can get the funding you need.