The Progression of Your Business Idea: Perspectives
As an entrepreneur, ideas are what drive your business – and allow you to come up with products and services that your customers want and need. So while you may be jumping at the chance to follow through with every lead or idea, this may not always be the best path. Taking time to go through the steps of thought and allow your idea to grow is the best way to ensure that you’re making a good choice, so you can do your best to avoid any business missteps that may arise. At each different stage when thinking through an idea, consider all of the angles and make sure that your final decision on a business idea is a good one.
While dreaming up a product or service may seem simple to you, for many entrepreneurs, the following step of actually getting research to back this idea up is the hard part. So you got the idea for multipurpose animal hair trimmers in your sleep last night, but where is the plan that assesses why it’s needed in the market, and how you plan to put it out into the market for a profit? This is where many entrepreneurs fall short. You may want to move full speed ahead with this idea, but if you don’t take time for the idea to become objective and look it at closely – it will cost you. First, go out into the market and find reliable data to back up the need for your product. Then, make a rough plan for these hair trimmers using the information and make sure that you’ve honed in on the concepts and details.
Once you’ve got a rough plan, you then need to put yourself in other people’s shoes, looking at your product or service with a new perspective. You’d be surprised how easy it is to spot any holes in your plan with this method. The first aspect to consider is from the standpoint of your startup company. Do these animal hair trimmers mesh with products and services you’re currently offering? Will this strengthen your existing business plan? Next, think about how this product will appeal to the clientele base you’re aiming for. Is this the best value for their dollar? Why is it needed? Does it have any extra marketable features? Is it a good product with backing and reviews? The customer’s opinion and perspective are among the most important in this process.
Next, think about your competitor’s and how they will view the product. Do we have a similar product in stock? Is their product superior? How are we marketing our products in comparison? What is the price point? If you have a product that is nothing like your competitors’, it is either because the product is an innovative hit – or a total flop; either way, be careful. And finally, how will your employees and collaborators see this product? Will it be the success to them that you think it will be? Does it add value to their work and their portfolio? Continue to go back again and again and refine an idea, before progressing into the production and marketing steps.