Thousands of people think of different ideas with which they want to start a business. Being your own boss inspires people to start their own startup and leave the hectic 9 to 5 job. People at times fail to establish their business due to a poor idea and improper business planning. However, today we aren’t going to rant over all those loses. There is always something to try, something to improve.
So, here is what we have come up with. To avert the same fate for your business, you can take the following questions mentioned in the article into consideration.
#What is your opinion on the business idea?
Are you enthusiastic about your business idea? Does your business idea focus on your strength? It is salient to love what you do and be good at it to avoid failure. Furthermore, if you do something you enjoy, you will not leave off your business during the struggling phase.
#What is your product/service?
It may be difficult to transform an idea into a merchandise. You should think of how you will reconstruct the idea to address an existing problem of the consumers and eliminate it to create a demand for your goods/services. If you plan to open a service-oriented company, try to build a skilled and knowledgeable team.
#Who are your targeted customers?
The most imperative phase of qualifying a business idea is to discover your customers in the market. Surveys can be helpful in finding the targeted market. So you need to identify the preferences of your customers in the market and provide them with what they want to create demand for the product among other available options.
#What Makes Your Product/Service Unique?
The business you are planning to start may exist at present and can make it difficult for you to establish the business. You can differentiate your idea from similar businesses by adopting the strategy of a unique selling proposition (USP). A USP detects uniqueness of a business and assesses the reasons customers should choose your product/service among the available options in the market. Also, the implementation of this strategy can be effective for branding the business.
#What is the response from the customers?
It is of utmost importance to know the customers’ opinion on a product. Roadshows and product testing can be a way to find the customers’ response and identify the things they like or dislike about the product. It is a good way of marketing and building customer relationship as you can interact with your customers. Furthermore, it can help increase brand awareness and you can take feedback on the quality and price of the product.
#Can you See Yourself Doing This for Years?
Seeing yourself established with the current business idea you have is essential. Because if you’re aiming to launch a fresh thought, getting the right amount of attention from your target market is not an easy task. There will a lot fo road bumps and unknown challenges on your path. And in order to proceed forward, you’ll have to learn to deal with each and every small and big issues.
Otherwise, living a long history of success with your new idea will never be fulfilled. A lot of newbies step forward with their own business plan and only a few can survive till the end. So, select an idea on which you have the confidence as something that’ll withstand the test of time.
#Can It Be Monetized?
You have a good business idea doesn’t mean it can bring your expected profit right out of its stepping in the business world. Monetizing is one of the important facts that hinders a lot of entrepreneurs’ plan. Chances are your current plan has a strong base and you are enough educated about its production and usability. However, keeping a backup plan in mind is also essential. Because your long awaited profit may not grow out of your first business idea.
While that can be heartbroken, your backup plan would be a real life saver. Switch to your another plan, it may be the modified form of your first plan or something entirely new, whatever it is, your target should be to ensure the sources of money out of your business.
#Are You Motivated or Just Passionate?
If you are not sure whether it’s your passion or you are motivated to work on your business plan, we recommend you to spend some time deciding the force behind it. Because it is tough to go a long way simply by following your passion. Passion is short lived and can reduce your desire to implement your business plan until it sees the light of success. On the other hand, a motivated person can live up to his dream through struggling.
Motivation is a continuous process and you can rely on it for making your business plan turn into reality. So, proceed with your business idea only when you are sure that it’s not driven by your passion and you can make it happen through motivation.
#Does Your Product Add Value to a Customer’s Life?
Even felt useless about any product right after bringing it home from the seller? Yeah, that bitter feeling of wasting your hard earned money on a thing you are never going to use. Needless to say, we keep on nagging about the product creator’s lack of their sense of responsibility for producing worthless material to crowd our life. So, if you don’t want to be thought like any senseless product owner who has stepped in the business field only for earning money and not for solving people’s problem or adding value to their life, it is a prime concern to think twice before launching your business idea in full swing.
Because it hurts to be rejected on the middle of a journey. So, act like a pro and do some research to have a strong foundation about your business idea and let your products do their magic in your customers’ life.
Starting a business is gambling. You can win or lose. It has been statistically proven that many new businesses last a few years owing to poor market research, inability to compete effectively, leadership issues and poor management.
Hence, reconsider your business notion if you are uncertain of the answer to the questions mentioned. Moreover, launching your business after you have evaluated and brainstorm your idea is a better way to avoid misuse of your money, time and energy on something unlikely to work.
For more Information, We came up with one Useful infographic which is about Important questions to discover before starting Business. Read Below