Well we get a lot of queries regarding
- Conduct market research: Understand the demand for your product or service, your target market, and your competitors. This will give you a good idea of whether there is a market for your business idea.
- Test your idea: You can conduct a small-scale test of your business idea to see if it is viable. This could be a focus group, a survey, or a prototype test.
- Get feedback: Talk to potential customers and ask for their feedback on your idea. This will give you an idea of what people think of your product or service and what changes they would like to see.
- Create a business plan: A business plan will help you identify the costs, resources, and revenue potential of your business idea. This will give you a better understanding of whether your business idea is financially viable.
- Consult with experts: Seek advice from people who have experience in your industry. They can help you identify potential obstacles and provide valuable insights.
- Monitor industry trends: Keep an eye on industry trends and developments to ensure that your business idea is still relevant and competitive.
- Ultimately, it is important to be realistic and flexible when evaluating your new business idea. It may take some time and effort to get your business off the ground, but with the right approach, you can increase your chances of success.
Assuming being a dad or mom you have an idea and you have a product or service that you want to get out in the marketplace. How do you know you are selling to the right market because the last thing you want to do is you spend a lot of time and money and effort starting a business taking your idea to the marketplace and then find out actually no one wants to buy your stuff.That becomes a problem that’s a very costly mistake.
So here’s what I look for whenever I enter into a marketplace, I’m gonna give you some criteria now these are very very simple questions but they are not easy to answer. They actually require some thought you got to think it through before you answer it okay.
So the first question is this before I enter any marketplace before I enter into any market I would ask this first question, Is there pain sense of urgency or irrational passion ? is there pain sense of urgency or irrational passion what I am looking for are not just rational needs not just logical needs I’m looking for emotional needs? If there’s pain in other words I much prefer to sell painkiller than vitamins I want to sell cure to a problem I don’t want to sell prevention ideally because people are always more willing to pay for painkiller versus vitamins this is a fact when there’s a problem, oh I want to solve the problem by spending this money is there urgency right !! if there’s a sense of urgency that they need this badly they have to solve this problem, there’s some pain greater than they’re more willing to spend money as well. How do the rich mom dad get rich and stay rich what do they really invest in?
I’ll give you an example, golfers are very very passionate about golfing. They buy a lot of golf stuff right ? So if you’re selling to that market a niche like that is not that versus you sell to a market that they don’t have a lot of pain they don’t have a lot of urgency there’s not a whole lot of passion you’re gonna have. Problem asking for money and also charging for what you’re worth does that make sense ? The second thing that I look for is are they actively looking for solutions ? Are they actively looking for solutions ? Now the way that I do it is when it comes to online I want to see what keywords are people searching for online ? Maybe through Google are they actively searching for solutions on the Internet? Because if they are then I know I could put my message my story my ads in front of them right if I know there’s a but I don’t know where these customers are and they’re not looking not actively looking for solutions on the internet, then I’ll have challenges scaling the business versus if I go online and millions and millions of searches every month people are searching for. This particular solution bingo. This is awesome
Third is there a lot of competition now this would be dictated by whatever that you’re selling. If there’s no competition now, that may or may not be a good idea because maybe chances are whatever you’re thinking is not new right? Means it means that maybe there may not be money in that market. If you have too many competition then you have problem trying to stand out there. I trying to cut through the noise unless you have a new technology a new breakthrough or something that a new angle that you’re entering the marketplace with there’s something different right! But sometimes that’s not easy so those are the three things that I look for whenever I enter into a marketplace.
You should spend a lot of time thinking about what market you want to serve instead of spending all your time focusing on the product the service whatever it is that you want to sell that is secondary the market always comes first don’t ever forget that.
Happy Business ideas sharing mum dad. Please let us know what you think about these points. Cheers