How To Make Your New Business Idea Succeed
Research has shown that more than 90% of small businesses don’t succeed within the first five years of getting started. This includes both offline and online business, from flower shops in your local town to online entrepreneurs wanting to earn a living from the internet.
The first five years can be tough for any entrepreneur with a new business idea. The fundamental elements of where to find customers, what products or services to sell and how much to charge can take a lot of time to get right.
So, how do you make your new business ideas succeed?
1. Who is your ideal customer?
You may have lots of good new business ideas but your first step is to know who your ideal customer is. If you don’t know who you are selling to, how can you sell it to them? This is not as complicated as it might sound. For example, are they male or female, or does their gender matter? How old are they, where do they live and what is their income? The more you know about your potential customer, the easier it will be for you to tailor your marketing messages to appeal them.
2. What do your customers want?
People buy what they want before they buy what they need. They buy with emotion and justify their decision with logic. Selling a ‘want’ is easier then selling a ‘need’. Take a moment to think about what you own. What have bought based on pure logic rather than what you wanted, could afford and what suited your self-image?
3. Who is your competition?
New small business ideas can often mean launching into a competitive market. You have to know how your customers are buying the type of product or service that you intend to offer with your business and who they are buying it from. You cannot ignore or copy what your competitors are doing. You need a distinctive strategy to give customers a reason to buy from you, rather than from somebody else. Often the key to being different can just be having the passion to help your customers more than your competitors, rather than,say, being technically superior to a competitor.
4. Can your new business idea reach potential customers?
It is important that you know how to reach your target audience before you start with a new business idea. Some specific niche markets appear very lucrative at first but end up being so difficult to reach that success becomes unlikely.
5. Can you afford to get started?
You do have to consider the cost for starting a new business. Knowing the real numbers can sometimes be overwhelming and can makes success look too far away and perhaps impossible to reach. You need to carefully plan your outgoings and match them with your incomings. As each changes you will have to adjust so that you don’t ‘boom and bust’ or just go bust.
New business ideas for 2013 and beyond require investment. Remember, that it is a business and not a hobby. For your business to succeed you do need to be able to spend some money on things like a website, marketing and other resources to help you.
6. Is this business idea scalable?
You have to make sure make sure your business can grow the way you want it to. As your new business idea becomes a reality, will you need more resources to help you? Are you able to invest in automated software that can do some of the work for you? You only have 24 hours in each day and it is not physically possible to work 24 hours a day, 7 days a week – even if you wanted to! If you are the only person that can operate or manage your business, you have to adapt if you want to scale it up.
7. Are you willing to work hard?
There is no such thing as a get rich quick scheme. Starting a new business requires hard work and it does take time to build it up. You have to be passionate about your business and actually enjoy doing it. If you don’t, you may stat to resent the hours and works that you are putting in and give it all up – perhaps just as you were on the brink of success…
8. Are you willing to learn?
If you were starting a new job working for somebody else, you would expect somebody to teach you how the job and show you what you needed to do so that you could make money for your new employer – not lose any the employer money! Your new business idea should not be any different. Take time to learn from those who have gone before you as you will be able to avoid mistakes and become profitable more quickly.
more help with your New BUSINESS IDEA
Success in business is mostly about marketing, especially online. Great marketing can sell an average product but poor marketing cannot sell a great product. To learn more about marketing that will work for your new business idea and how to find the right products to sell and the right customers to buy them check out this FREE, 7 day marketing bootcamp.