So, you have a brilliant business idea and you have no clue where to start. Starting with the basics of business principles would be a good place.
Many businesses are purely based on how much money the business can make. Such businesses are susceptible to failure. When money is the only thing that matters in a business, there is no drive or passion behind the scenes. Therefore, if you have a brilliant business idea, it should be in line with something that you love to do. That is where you start.
The second part would be to draft a business model. Such a model should identify the strong points, weak points, opportunities, and threats that such a business would comprise of.
Strong Points
Your products and/or services must cater to a gap in the market that has not been filled yet. If you can find a demand for something, be the supply to fulfil that demand. This concept is exactly what led to services such as Uber and Takealot. If you are entering a competitive market, on the other hand, your product or service should be unique and have a USP that convinces consumers to choose you over your competitors instead.
Weak Points
The commercial and industrial sector offers a broad spectrum of industries and markets in which businesses can compete. Weak points are aspects in your business that will hold you back or not allow you to progress and grow as a business. These aspects can include floorspace shortage, financial shortcomings, and equipment that is not up to standard. By identifying these elements, your business can improve on them to reach the next level.
Opportunities
As a business, opportunities can lead to many great things in the future. However, you must always grab an opportunity at the right moment throughout the timeline of your business. If you are only starting out, you cannot expect to compete with another business that has been in the specific domain for decades. Identify and seize those opportunities that will challenge the business in a way where it forces growth and moving forward for the business itself.
Threats
As every brilliant business idea can lead to building a very successful company, so can it lead to bankruptcy and losing all your assets. By identifying the possible threats to your business idea and plans moving forward, you can be on high alert to steer clear of something that could potentially end your venture. When your product or service has a unique selling point, it will be your business’s greatest determining factor. Your USP will always be the ring target for your competitors. Therefore, ensure that it stays relevant and unique.
Laetus Life Consulting is your partner in business consulting and marketing.
We offer a comprehensive range of services that could turn your brilliant business idea into a thriving venture.
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