Being your own boss is the dream of many youngsters, the sense seems to be taking the world by a hurricane from the past few years. People are these days more inclined to start their firm, it seems to entice a lot of people and running their own business is a tough job. If you are an entrepreneur willing to start a new business then understanding the market is the primary thing you need before executing your plan.
Most of the people believe that starting a business is a mysterious procedure. They know that they want to start a business but ultimately fail at first place to pick the right idea for their startup. In this write-up, we are going to find out how to choose the right idea for a business and how you figure out exactly what makes it successful. But before we get started, let’s clear a few things that make people confused at some point of time:
People always question whether it is a good time to start the business or not. But the fact is that there is no bad time to launch a business. If you do your groundwork at the time, apparently there is no need to be nervous.
In this post, we will do two things.
We will first discuss the things that you need to be sorted to make a good startup idea. Then, will describe some ways that people can choose to make their startup a successful one.
Get things sorted to make a good startup idea
Let’s start with how you start the process. First of all, take out a sheet of paper and write down a few things about yourself like the things you like to do or that you’re good at, both personal and professional things. Now on the other side of the page simply write down the things that you don’t like to at all. Don’t over think this simply just write down your thoughts. And finally, ask yourself a question why you want to start a business in the first place. In addition to this, you can also take any idea and can customise it numerous times by adding your creativeness to the concept.
Customising an idea or already existing business plan is not an option but a need if you want to be flourishing.
Secondly one of the best ways to make your startup idea flourish is to determine whether your idea will succeed in your community or not, and for this talk to a few professional people you know. If it’s a business idea then, talk to your colleagues as well to get a brief understanding of their thoughts.
Don’t get worried if people steal your idea. It’s just not possible. Just discuss the general concept of your business plan; you don’t need to disclose all the details.
How to choose the right idea for your startup?
Here in this section, we are going to mention the things that help you to choose the right idea for your startup. Let’s get started!
Make things easy
It is good to choose an app idea that makes something difficult easy. For example, Airbnb has made the process of finding an apartment rental easy.
Almost all businesses derived after this app is following this criterion—this concept makes exchanging things between people very easy.
One more example is FernsNpetals; this app makes it easy to buy a gift for someone special anywhere in the world.
Even social media app ideas like Facebook and LinkedIn have made communication easy.
Make something expensive economical
This concept is also winning the heart of millions of people all across. People love to tantalize their taste buds and also care about money at the same time, and if you’re offering them something for a discount via food delivery apps, then they are surely going to choose you over your competitors.
In addition to this, you can also make something that entertains people like music, gaming, video, and other ways to entertain.
Pick something where you can empathize with your users
Think about something that you would be building something for yourself. However, a lot of startups build apps or products that they don’t regularly require. So choose something where you can get user feedback. So for instance, if you were building some app you needed at your previous job, and then you still have to make the app with the same interest or an IT manager in mind. This way you are getting closer to people issues and giving them genuine solutions that make your app successful.
Tackle a small market
As a business startup, it is good to focus on a small market. Most people will suggest you address a large marketplace. But what you want is a small market today that will prosper big tomorrow. If you start your business with a big market then it is not possible to meet the expectations of the customers. It’s too big now then it is not possible to make something valuable in the future. So go for a small marketplace today where something is changing to make it a big market tomorrow.
Opportunities to provide outsourcing
It is the best idea to provide outsourcing for all services, as this concept is unquestionably growing as a trend. In part, this fact is fueled by the unbundling arising from the expansion of the internet. Many firms all providing outsourced services. These services are highly focused; persistently repeatable characteristics of this idea make it a valuable opportunity for entrepreneurs.
Make certain the product or service has a repeat buy
This is one of the most important aspects of running a long-term successful business. What you need is to have a product or service that people will keep buying again and again. It’s a better and more profitable option to start a business. In simpler words, a business startup owner should focus on getting a customer once, but making a profit from that person later.
Be certain you have a high-profit margin
While choosing a particular business idea it is good to have a brief idea about the profit margin. There are very few startup companies that can run on a low-profit margin. Managing finances is one of the crucial things that as a business owner you need to keep in mind. Competing in the marketplace with a cheaper marketing platform is somehow a tough job. In any startup business, what you need is to have an eye on the cash flow and if you’re trying to work with low earnings margins and make gains in amount, you need to have a high level of assets to keep your business running through the lean profits early on. Having a higher margin rate is very significant when you’re starting a business so you can self-finance your development.
Build a strong support team
Well, choosing the right idea is not sufficient if you are lacking a good team then it is not possible to succeed in your business. Without any doubt, yes the idea counts most, yet a quality idea needs a great team of people behind it to make the idea reality. So get aboard. Hire a team of mobile developers, testers, designers, and content from a reputed firm. A great team will greatly perk up the chances for the success of any startup business.
The best way to understand this situation considers yourself at a situation in which you are doing all the work on your own. So it’s something that is time-consuming and a team can make the task a lot easier.
Identify your core proficiency
It is important to identify your proficiency to run a successful business. This is something that ultimately makes the business a hit. A crucial element in establishing your business is to recognize the reason your business will be a hit and articulate the skills that will be involved in making it a big hit.
In case you feel you need some time for market research, then you can turn to an online community in which you can participate regularly, or find an online community of people where you can discuss various business issues. You can even ask a few questions in the forums, mainly open-ended ones that will get you quality information, rather than just some online data. It may not be as accurate. But keep in mind you need much more research as the risk of failure of a startup is higher.
We hope you have enjoyed reading this piece of write up as much as we have enjoyed writing it. Just bear in mind, people want solutions for their problems and you have to come up with solutions.
In case we are missing out on some ideas that end up being very successful, then you can mention your views in the comment section and let us know your thoughts. There’s no shortage of success. But before starting a startup it’s surely worth having a good brainstorming period, where you can identify the pitfalls or spaces out there and commit to working on them and you are going to go!
Anshul Sharma is the CEO of Fluper, a leading app development company. He keeps himself indulged in discovering innovative things and with this enthusiasm and the vast knowledge attained by him has helped the company to grow at a faster speed.