How to pick the right idea for your startup
What’s keeping you up at night? Perhaps the heat? Or a business start-up idea?
Fret not, we’ll provide you with different ways to efficiently pick the best out of a variety of new start-up ideas for your business.
Get ready because your mind will go through a roller-coaster of thoughts once you’re done with this article!
1. People’s hero
Well, this one’s a no brainer, right? Wrong! People often chase market size when starting a business and this prevents them from looking at the big picture. The correct approach is to consider choosing an idea that eliminates the problems that citizens face.
So let’s say people are finding telecommunication services expensive as they’re charging high prices so they are left with limited choice.
You can start a business and provide better, low priced services in the field of telecommunication to appeal to them. Although profits won’t be high, you can generate rewards in the long-run once the business has a firm footing in the market.
2. Commercial objectives
Social software such as Instagram. Facebook, Twitter, etc function on user engagements and likes but objectives about the business side are different.
Different types of businesses need to depend on various objectives that meet the customer’s requirement. Your right idea must be based on a lean approach where the customers are a priority and other objectives are treated as secondary.
3. What’s missing
Do you find the need that something is missing in your life? Perhaps your local cab service is not satisfactory? Or there’s a lacking of a fine-dining restaurant in your area?
Now you know what’s missing!
Consider going for an option that most business-minded people tend to ignore. In business terms, this is called a “market gap” and this usually occurs when the public requires something but is missing it and since it’s not a necessity like the telecommunication example we provided above, not many will pay close attention to it.
You need to search the market or notice in your own life to come up with a brilliant business idea.
Are you good at something? Make it your Core Competency.
Capitalizing on your strengths to find the right business idea has been a practice for years. If you’re starting a business that meets your interest, chances are you will provide the extra effort and this will boost your business!
Additionally, in the future, if you hire the staff they will seek motivation and inspiration through you.
So focus on your interests and pick out what you like. It’s best if you choose an idea that reconciles with your likings.
5. Too small for the big ones
Giant businesses don’t bother with business ideas that won’t earn them promising results and this creates a demand for a service that is unavailable.
These big businesses look for the highest profit in every situation and they probably won’t consider entering the market unless it’s full of potential. But for now, the market is empty and you can even chase million-dollar businesses just by identifying this loophole in the industry!
6. Playing it safe
You can keep it simple by choosing an idea that’s already been tried and tested. Don’t want to bother spending capital, thinking it would go to taste? Don’t worry, just enter a market that’s already thriving.
However, there is a chance that your infant business will be swept in no time due to your little market share. But you can develop strategies, provide better service, reduced prices, additional functions and so much more to stand out in the market.
In business terms, this is called a Unique Selling Point (USP). Developing one will allow you to find new customers in no time.
With this, we conclude; hoping that this article helps you to choose the right business idea for your startup!