Want To Start A New Business? 10 Ways To Understand Whether You Will Be Successful
Want To Start A New Business? 10 Ways To Understand Whether You Will Be Successful
1. Does Your Business Solve Any Problems?
Mike Magee is an entrepreneur and co-founder of web design firm The Starter League. According to Magee, great business ideas solve a problem in some way.
"What's a problem with a friend, family member, co-worker, or in your own life, can cause problems with strangers," says Magee.
2. Will People Spend Money On It?
You may have a new business idea. Or simply thinking of starting a new business. Whatever you want to do, you need customers.
Will Schroeter, co-founder and CEO of Fundable, a startup fundraising platform, said, “Consumers make informed decisions when spending money. And their decisions tell which businesses are most likely to succeed."
Schroeter added, "A plan is only a plan if there are no customers who will spend money. Anyone can criticize a simple plan. But no one can criticize customers who spend money.
3. How To Determine The Price?
"A good business idea solves a problem at a lower cost than the current market," says Charlie Harry, co-founder and business partner at investment firm H3 & Co. (H3 & Co.).
After deciding what problem your business plan will solve for people, think about its value. After thinking about how much value this business has added to the society, it is necessary to decide how much money people will spend on it. Pricing will determine whether the plan is viable for business.
4. Is There A Suitable Market Or Niche Narket for Your Business Plan?
You need a large market to make your plan work. So at the very beginning you have to find out if there is a suitable market to implement your plan. If you improve what is already in the market and bring it to the market, you are more likely to succeed. That is, you have to find a way to satisfy the old needs with something new.
How do you find the market for the business? How do you know if your business idea will work in a niche market? To find the answer to this question, research, courage to take risks and personal choice, these 3 things should be taken into account, says the founder and president of the investment company 'RNMKR' S. Goldberg.
To understand whether a business idea has a market, he looks at the ongoing trends in the industry and how much money has been invested in the field recently. He also tried to know the opinions of consumers. He also emphasized how people are discussing about that business and its market.
5. How Passionate Are You About Business Ideas?
You should devote all your time to business. So to be successful in business, you must ensure that you have interest in your business. Because your interest is what will make the business successful.
Considerable attention should also be paid to the business plan. A business may not succeed if it is only profitable.
Melissa Bradley is the managing director of a business development program called 'Project 500'. He is also a professor at the McDonough School of Business under George Town University. According to Melissa, "The things that are needed from the start of any business are enough time, energy and patience. Business planning means you have to have 100% interest in it. You also have to have skills and experience in the business you want to do.
6. Have You Checked The Business Plan?
You will not know whether the business plan will work or not. It is impossible to know before testing others. That's why you should test the business idea on them, who can be your customers.
Lisa McCartney, co-founder and head of education at Play-Time, an online children's education program, says, "Don't test your plan on just friends. They might be too polite and not tell you the truth. It should be verified with people who behave just like your customers."
He adds, "If testing shows that customers say your plan is, in a word, awesome and they want to know where to find your product or service, then you're on the right track. But if their interest is low, your plan is probably just as good." Not as much as you thought."
7. Are You Ready To Accept The Opinion Of Others?
If you are not willing to accept customer feedback, your business plan may not work.
"Success comes when you're willing to listen to your customers and take their advice. Most good plans have to change to catch the market. And no business plan succeeds without an open mind," says Angie Yasoulitis, CEO of Yazo Group. "
8. How Do You Want To Campaign?
Jesse Lipson, founder and CEO of digital marketing consultancy Real Magic, says entrepreneurs think about how businesses can solve common people's problems. But many people don't think about how to campaign to customers. Whether your business plan is good or bad depends on your business campaign."
He also said, "If the marketing strategy is good and the quality of the product is good, a business can be successful. On the other hand, even if the quality of the product is good, if the strategy to reach the customer is not known, the chances of success of the business will decrease. Reaching the customer is the main goal of any business."
9. Are Your Business Goals Realistic?
Everyone is very interested in a new business plan. But at that moment you have to think normally and realistically. According to Thomas Gravina, co-founder and CEO of cloud services firm Evolve IP, starting a business requires getting out of the dream world.
He said, "You may have a dream about business and you want to make it happen. But that doesn't mean that everything will happen immediately. Maybe your plan is right, revolutionary and ahead of time. But it needs to be successful." Market of the business. The market of your business should be such that you can sell the product or service right now. This plan should not only be in the book-pen. And it is not even possible to think that there will be a good market for this business in the future.''
How To Plan A Good Business
Before making a good business plan, you need to know what you can do and what you can't do. That is, you have to identify your strengths and weaknesses. So ask yourself these questions:
• What work do you like to do? Basically, it is best for you to do the kind of work that you enjoy doing. Do what you want to do in the future. For example, if you love fashion, you can start a fashion brand as a business. If you prefer to move around, choose a business that can move around.
• What do others think you are good at? If you can do a certain task easily, make it your professional skill. So talk to your family and friends and see what they say about this.
• Ever felt that it would be nice to have a service that is not currently available? Let's say you're looking for apps for a specific task, and you think there should be such an app, but you can't find it after a lot of searching. Then this could be your opportunity.
Build the app in collaboration with an app designer. It will benefit people all over the world. If you find a problem, try to find a solution. There are many well-known businesses that thrive on solving other people's problems.
Sources From Which New Plans Can Come To Mind When Inspired
You need a source from which to get business plans. There are great sources of inspiration all around you. Let's look at 3 such sources:
• Learn about successful entrepreneurs. If you don't know about famous entrepreneurs, you won't know what you're doing. Read their startup stories. Try to learn about different successful entrepreneurs in the same business field. How did they plan their business? What is their advice for new entrepreneurs? Know these things before starting a business.
• Find similar products or services. The Internet is a very effective medium for finding the kind of product or service you need. But have you ever found something that is not often found? This can be a source of market building for your business.
• Take help of social media. Social media is a place where people can express their opinions about the pros and cons of different products. But very few people take the time to solve those problems. If you know about people's frustrations about something, you can better understand their problems. And you can solve those problems. People also report their problems on various online review websites. You can get business ideas from those problems.
10. Think Deeply About The Business Idea
If you have a good business plan, write it down first. Time should not be wasted talking unnecessarily about the plan before it is written down on paper. Discussing an idea may seem too far-fetched.
You may always have a new plan brewing in your head. Or you are looking for a big plan, which will ensure the success of your business. Regardless, employing the strategies discussed in today's article will slightly increase your chances of success in business. And in this way you can easily turn your plan into a product or service and bring it to the market.