5 Things to Consider when Developing your Business Idea

Now that you have your business idea down, there is a list of things you must consider before your amazing business idea can fly. 

Before you start out with your business, you need to evaluate your idea and determine what your chances of making a profit from that idea are. 

Here are some things that you should consider when you assess your idea;

1. ARE YOU SURE YOUR IDEA IS ORIGINAL?

Proper research has to be done to ascertain the originality of your idea or whether someone else has a similar product or service. Entering into a new but prepared market may be more profitable than competing with a similar product or service. You will need a business expert's services to help you evaluate or enhance your original business idea.

2. WHO WILL BUY FROM YOU? 

You have no business starting out with your idea if you aren't sure who your customers are. If you do not determine who your target market is, you might try to satisfy too many different customer needs, and end up with a product nobody likes or a service that no one needs. This can be so frustrating. Proper research helps you identify the age group, gender, lifestyle, and other demographic characteristics of the people who have shown interest in your product or service. Providing statistics, analysis, numbers, and supporting facts are important as they show the reader there is a demand for your product or service. 

Once you have defined your target customers, you will want to learn about their needs and preferences. A few of the many things you might want to learn about your prospective customers include: 

• What challenges do they have that could be solved with your product or service?
• What are their needs and expectations regarding this product or service?
• What types of things do they desire?
• What do they spend their money on?
• Where do they shop?
• How do they make spending decisions?

Remember, if you want to develop a profile of your customers, and understand their needs, you will have to do some market research.

3. WHAT WAYS DO YOU PLAN TO MARKET YOUR PRODUCT OR SERVICE? 

We have established that we will need customers for our business to thrive. You will need to find out how the customers will hear about or find your product? How will they get to know about the unique service you are offering and the products you have on sale? 

Here are some ways to market your product: 

• On the Internet via a website.
• Maximising social media platforms.
• Trade fairs and through your trade associations
• Advertising in newspapers, on the radio or on television
• Distributing brochures to churches and organisations
• Leveraging partnerships and collaborations
• Leveraging influencer marketing.
• Person-to-person marketing.

4. HOW DO YOU PLAN TO DISTRIBUTE YOUR PRODUCT OR SERVICE? 

From your market survey and further understanding of your customer behaviour, you should be able to know how best to get your products to your customers. Will you be needing external distributors or do you have to distribute yourself? A proper study and investigation take care of this problem. 

5. WHAT RESOURCES DO YOU NEED TO GET YOUR BUSINESS STARTED? 

Developing a solid business plan is pivotal to the success of your business. A detailed business plan will help you determine how much money you need to start your business. Investors and organisations that offer grants and other funding opportunities will need to review your written business plan to determine if your business is eligible for financing.

 Your plan should clearly outline how you plan to make money and include an estimate of your projected sales for the first year. Base your estimates on the size of your market, competition, price, marketing plan, and trends in the industry. Also include your expected expenses for things such as supplies, rental space, salaries, and insurance. 

Your business will definitely need funding and more funding to grow and you can only access those available when you have your research and documentation properly done. This will help you get the finances you need to establish your business and with time, expand it to serve the needs of society.