Analyst Business Solutions
By: Andrew Ekwang
Does your idea have what it takes to become a successful business? Read this 10-point checklist.
It’s now been some incredible weeks with my mentor working on so many aspects of my longtime dream to fine-tuning my Entrepreneurial skill so I can become a fully fledged Business owner and successfully grow my business from scratch to glory. This past weekend we sat for hours and after I presented my business idea to pass through this checklist to see how ready and what more needs to be done before we launch- Am so excitedly waiting for that time and I know it’s soon. Now allow me to share with you this for free! You will find it very helpful.
1. How is it different?
Your underlying business idea doesn’t need to be original, but you need to establish unique selling points (USPs) if you want people to buy from you rather than your competitors who most likely are already established. You have to offer something new. Is your proposition solving a problem? Are you filling a gap in the market, or building on an existing offering?
Your underlying business idea doesn’t need to be original, but you need to establish unique selling points (USPs) if you want people to buy from you rather than your competitors who most likely are already established. You have to offer something new. Is your proposition solving a problem? Are you filling a gap in the market, or building on an existing offering?
2. Is there a market, and is it big enough?
Thorough market research is needed before moving forward with your business idea. You need to ensure there will be sufficient – and sustainable – demand to support your business and enable it to thrive for the long run.
Thorough market research is needed before moving forward with your business idea. You need to ensure there will be sufficient – and sustainable – demand to support your business and enable it to thrive for the long run.
3. What’s the business model?
How will you charge your customers, and what for? Can you think of additional revenue streams? Research is vital to determine whether your business model is viable; this should include analysis of how your competitors have structured their businesses. The business model is basically a plan to be implemented by your company to generate revenue and make a profit from operations. (I’ll be writing more about this soon)
How will you charge your customers, and what for? Can you think of additional revenue streams? Research is vital to determine whether your business model is viable; this should include analysis of how your competitors have structured their businesses. The business model is basically a plan to be implemented by your company to generate revenue and make a profit from operations. (I’ll be writing more about this soon)
4. Is the price right?
It’s no good having a winning product or service if your customers can’t afford it, but you need a decent margin for a sustainable business. Talk to your potential customers to find out whether your pricing is feasible, thus will the market accept it and also will it generate for your business profits?
It’s no good having a winning product or service if your customers can’t afford it, but you need a decent margin for a sustainable business. Talk to your potential customers to find out whether your pricing is feasible, thus will the market accept it and also will it generate for your business profits?
5. What will stop others from copying you?
If you’ve ever watched Dragons’ Den you’ll have heard no doubt heard this question: ‘What’s to stop a big company coming along and stealing your idea?’ Have strong USPs – such as exceptional customer service or even some creative after sales services that your newly acquired clients relate to as special or unique from you– and wherever you can protect your intellectual property.
If you’ve ever watched Dragons’ Den you’ll have heard no doubt heard this question: ‘What’s to stop a big company coming along and stealing your idea?’ Have strong USPs – such as exceptional customer service or even some creative after sales services that your newly acquired clients relate to as special or unique from you– and wherever you can protect your intellectual property.
6. Do you know your customer?
Arm yourself with as much information as you possibly can about your target customer, and listen to them at every opportunity. What does a typical customer look like? How do they behave? What do they most value from a product or service like yours? Where can you find them? What marketing methods do they respond to?
Arm yourself with as much information as you possibly can about your target customer, and listen to them at every opportunity. What does a typical customer look like? How do they behave? What do they most value from a product or service like yours? Where can you find them? What marketing methods do they respond to?
7. Can you turn a profit?
How much will it cost to produce your idea? (Taking into account manufacturing or supplier costs; salaries; overheads; office equipment, etc). How much can you sell your product or service for, and how much do you need to sell to not only cover your costs, but make a profit? Is this achievable? Someone who has done sales and revenue projection, and Break Even Analysis for their star up or growing business knows what we talking about here.
How much will it cost to produce your idea? (Taking into account manufacturing or supplier costs; salaries; overheads; office equipment, etc). How much can you sell your product or service for, and how much do you need to sell to not only cover your costs, but make a profit? Is this achievable? Someone who has done sales and revenue projection, and Break Even Analysis for their star up or growing business knows what we talking about here.
8. Do you have sufficient funding to get the venture off the ground?
You need enough cash to support yourself and your business until it becomes sustainable. If you don’t have the funding in place, can you raise it? What funding methods are available and feasible to you? Always a tough one in our circumstances so do you ensure this amount is kept to the bare minimal without compromising quality of products and services provided.
You need enough cash to support yourself and your business until it becomes sustainable. If you don’t have the funding in place, can you raise it? What funding methods are available and feasible to you? Always a tough one in our circumstances so do you ensure this amount is kept to the bare minimal without compromising quality of products and services provided.
9. Do you have the necessary experience, attitude and skills to pull it off?
Even if you have the best idea in the world, without the passion, drive and commitment to see it through, it still stands a good chance of failing. This part is a tough one to talk about but inside you should be convinced you can pull it off and you ready for the fight.
Even if you have the best idea in the world, without the passion, drive and commitment to see it through, it still stands a good chance of failing. This part is a tough one to talk about but inside you should be convinced you can pull it off and you ready for the fight.
10. Is there scope for growth?
Can you expand on your idea in the future by adding new products or services, entering new locations, or improving your original proposition? Growth should be on your mind from the start.
Can you expand on your idea in the future by adding new products or services, entering new locations, or improving your original proposition? Growth should be on your mind from the start.
Note: All these is presented not to scare you off, but to get you to cover all necessary to make the start smoother and more promising.
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