11b, Reverend Ogunbiyi Street, GRA, Ikeja, Lagos

Refining your business Idea!

 

Do you have a business Idea? Then let’s ask/answer some questions that can assist in refining your business idea.

  1. Are you really solving a problem with your product/services? Is it really worth it?

What makes your idea special? How is the solution your business idea is providing better than the existing ones? Refining your business idea gives an insight as to whether your intending product/service have more advantage that makes it good enough for people to want to choose your product over another one?

  1. Who are your target audience?

When refining your business idea, identifying a target audience is the most important thing you can do for your business idea. Once you know who your customers are, then you can in a way refine your business idea to provide a more treasured solution to their problems. To get your target audience, you can start with broad assumptions and then slowly narrow your focus. To get started, you can use a few of these aspects to select and eliminate people in your target market: Age, gender, location, marital status.

For example, you’re thinking of selling lingerie, your main target in the gender segment should be female, and of course it can be presented as a gift from the male gender, but then, your main focus still should be on the female audience (their taste, fashion, sizes and comfortability).

You might think everyone is your customer, but this is not true! If your market is for everybody, then it is for nobody. Most successful people solve a specific problem for a specific target group.

You need to Identify your target audience and make a survey on them, make sure your business idea is solving a problem for this specific group of people. This makes finding customers and marketing to them so much easier because your business development is determined to a large extent by your target audience.

  1. Who are your existing competitors?

One of the common mistakes most people make is that their business idea is failing to analyze the competition properly. When refining your business idea, you need to make sure you have a clear understanding of your competitors when refining your idea. Your competitors are the ones offering a similar product/service. Try search for the main competitors and also their target audience. So who are your competitors and why do you think you’re better than them? What are they doing and what can you do differently? Or what are they doing well that needs improvement? And what gives you edge over this competition? These are the questions you need to start asking to identify the gap you want to fill.

  1. What are the potential marketing channels for your products?

While the idea for your business may be somewhat intriguing that you just want to snap your finger and get started, you will still be a part of an existing industry which means other people are already doing what you’re doing maybe in another way different. So we need to look at the potential marketing channels of these people. How do they market their product? Would you like to adopt their style or you want to carve a niche for yourself? How do you intend to market your product/service and get customers while creating a standard for yourself and keeping it constant?

  1. Cost

So you have a business idea now. Oh great!! But how much will it cost you to invest in this idea? And what’s the source of income? Are you thinking of acquiring and servicing a business loan to get started with? Or through investors (family, government/private grant)? Or from your personal savings?

 

Having considered all these and found answers (honest answers), restrategise or adjust your plan where and when necessary. If you find your idea unsustainable or intractable you can move to another idea.

But you don’t have to trash the idea, a time may come when it would become possible and doable.

Before you strike out an idea totally, a better approach can be to consult a business brand development agent who can work you through your idea, possibly see things from a different perspective, and work with you for a better result.

Every great business began as a great idea, but even the best of ideas can be difficult to actualize into a fully realized business if you don’t know how to get started. Sometimes, starting a business is often more difficult than running a business.

Click here for more information on our website

You can also visit https://startmeup.ng

Related Posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: