Picking Winners In The World Of Business.
May 5, 2017 by ThySista
Filed under Business, Opinion, Weekly Columns
(ThySistas.com) Are you the kind of person who has the get-up-and-go to start a business along with the ideas to run with? Perhaps your problem is simply that you can’t choose which idea should actually be the beginning of your business. We’re going to look at the questions you ask of those ideas to pick the one that could really go the distance.
Focus on a problem that needs to be solved
Your idea needs to be more than a business. It needs to be a solution to an existing problem. This problem doesn’t always have to be something completely new. For instance, it might be that your area lacks a really good bakery compared to other towns or other parts of the city. Of course, those with the most potential tackle problems that haven’t been solved, yet. Not everyone can be an innovator, but if you are one, then that’s the business that could easily have the most potential.
Identify the market
Of course, there’s no point solving a problem that no-one cares about. Maybe the people who live in your area don’t actually want a bakery. But beyond the fact as to whether anyone wants it, you need to understand exactly who wants it, too. Better knowing your potential customers through target market research as described at Sitepoint is an essential step in finding the right price point, honing your marketing message, and creating a service better fit to your customers. Different niches have vastly different needs so you need to make your approach more specific.
Have a passion for it
If you don’t like baking, then you better not start a bakery. That’s the main thrust of this point. Part of the understanding of your target market should be innate because you should have the same passion for what you offer as they would. You need to be able to see yourself doing it in 5 or 10 years’ time and happily at that. Most fields also require a good deal of technical knowledge for you to be able to succeed in them, as well. The best business ideas are built on existing understanding, not off completely new undertakings.
Look out for the winners
Sometimes, a new trend started by one or two businesses could make one of your businesses look all the more attractive. If you can get in early on a new trend, then you could stand to profit hugely. For instance, a look at the market in 2013 from Oil and Energy Investor here hit the nail on the head by predicting the huge impact that shale oil did have and is still having in the energy world. If you were an oil person back in 2013 and you missed taking part in the shale expansion, then you would have missed out on all the profit to be made from the 9 million barrels of crude produced a day.
Have a message that works
It’s not just about the business itself but how well you’re able to sell it. To investors, that means having a strong business plan. To the consumer, it means having the right message in your brand, informed by the passion and research mentioned above. In all cases, a business can only really be successful if you can describe it in a brief sentence. You don’t always have the full business plan or a full advertisement to catch attention. Sometimes it’s just a tweet, sometimes it’s a headline. Your business has to be able to be understood in those kinds of constraints.
Stand out
It’s hard to find any world of business where you have no competitors. The chances are that you’re going to someone providing a service the same as or similar to yours. It’s all about carving out a niche. That niche might be in the customer base you specialize in serving or differences in the services through which you provide your product. But if you can’t find a way to differentiate yourself from existing competitors, you are fighting an uphill battle.
Know the risks
Having a passion and an interest in the business you’re about to go into is important not just so you can ensure you know how to operate it and sell it. You also need to know the different risks to the business. For instance, in manufacturing, there is a whole slew of operational risks, including health and safety, machine downtime, and loss of materials. Take time spotting the risks to your business and proactively sourcing protections so you’re not caught off guard while trying to run it.
Be capable of pulling it off
Some people procrastinate because they’re unsure of which business they should start. Others, however, have the issue with wondering whether they should start a business at all. You need to come to an answer by asking yourself if you really have what it takes. You have to be willing to make sacrifices, to burn the midnight oil, and be resilient. You also need the practical skills of running a business. You need to be a people person, no matter what field you’re in. You also need a keen grasp of modern business technologies. There are all kinds of tools to help you track CRM and set and tackle goals. Nowadays, running a business without using those tools is a reckless move when you can bet your competitors almost certainly are.
Test it
When all’s said and done and the business looks like a winner, you still can’t be sure. To that end, you need to test it. Business News Daily lays out a few great methods of testing your business, such as prototyping the service out for free to a select group of your target market or critics in the field.
Finding which business idea is the best depends on a lot things, including your motivation as well as its viability in the real world. Using the tips above to find the one that has the best shot is a lot better than daydreaming, however, so stop procrastinating and get the wheels turning!
Staff Writer; Latasha Moore
