Everyone wants to be a successful business owner. They seem to have a great idea, but what mostly they lack is? Structure.
Yes, Structure is important. There is no magic or some sort of secret for your entrepreneurial journey, and you have a successful business.
So, Now, The first question is, “How to get that structure?
The answer is simple, you need to adapt the problem-solving approach.
Nobody is interested in an artificial entity unless it is:
A) Providing some value
B) Providing a solution to the current problem.
The creation of a product around a solution is the key to a profitable business.
What is Business Concept?
A business Concept is the core idea of your operations.
It establishes a foundation for the business. The business concept is the outline for what is the intention of your business.
Are you going to have a fresh start, or You are adding a new product to your product line?
You must be clear with,
- The purpose of the idea creation
- The market it is covering
- The targeted solution
Another aspect of the business concept is financing. Business needs to have robust planned finances.
The creation of new business and even the product addition in the existing product line is a costly affair.
Everyone starts a business to earn profits. Managing the cost and having a pricing model as per your cost as well as your desired revenue growth may lead to a profitable business.
How to frame a perfect concept of business?
Identify the problem:
Identification of the problem is one of the most significant aspects while creating a business concept.
If you want to launch your product, you need to have some problem-solving element, or nobody wants to buy your product.
Consumers also do market research, as they want the best value for the price they are paying.
Whenever consumers do market research for the product they want to buy, they are looking for a solution to their problem.
For example: if a person has a stiff back while working, they will find a comfortable chair.
Now, you need to solve this problem by making a chair as per their needs.
Customers are very solution-oriented beings. If you will be successful in providing them with what they want, it will not only be helpful in customer retention but also will be a great source of mouth publicity.
Market Research/Target Your Audience:
The consumer is doing his market research, then why not you?
Market research plays a significant role for the business because you want to know where your audience is.
Most of the time, consumer’s needs are dependent upon the environment they are living in.
For instance, a person living in a colder climate will be less likely to demand an air conditioner than someone living in a warmer place.
First of All, target your audience as per their intent, demographic conditions, and the resources
Available.
Market research will not only tell you about your potential customers but will also tell you about your competition and what they are doing to retain their customers.
Competition analysis Helps you to identify The dos and don’ts of the market.
Market research and competition analysis will give you enough data to perform a SWOT analysis.
Solution:
As we have identified the problem and also did our market research.
Now it’s time to serve our customers with the desired solution to their problems.
Customers want to have their life as simple as possible. Make their lives simple with your product.
For example: If your audience is a big-time food lover but also wants to track those calories to stay fit, you can try to find out the source to make your food healthy yet tasty, like providing them with the option of having a sandwich of brown bread instead of white bread.
These things may look insignificant for a shorter period, but they will make your customers feel special.
Some of the business ideas you can work on to start your new operation.
Business 2 Business
Business 2 Business is not a very common concept, but it is one of the significant steps in the whole process of buying from the manufacturer to the end consumer, as the end consumer is not going to be your customer, but You are going to sell your product to another business.
For example: you are a furniture manufacturer, and you sold your goods to a restaurant. In this case, the restaurant owner is the customer who will use this furniture as an asset for his business.
Consumer goods (Business 2 Customers):
Consumer goods are the most common business model as the customer will also be the consumer of your goods.
Consumer goods can be anything that useful in day-to-day life. A pencil, a pen, toothpaste, etc.
As the name suggests, a consumer good is something which should be easily accessible because a consumer needs this product in in in their daily lives so so you should also be easily accessible by the customers.
E-Commerce:
As a customer wants his life as convenient as possible, e-commerce helps them to have that luxury.
Customers can access whatever they want to buy from the convenience of their home with just one click.
If your customers are going towards e-commerce, then you should also find them there only.
You can have an E-Commerce shop in the form of your website or the platforms providing these services. You can go for both online and offline routes if you want to.
Digital Product:
A digital product is in the trend these days as everyone is on the internet they will face some issues, to solve these problems the digital product is helpful.
A digital product can be anything from a simple resource as an e-book or proper software to running a computer.
The advantage of a digital product is that it is slightly less expensive than a physical product.
For example: if your customer is a website owner and wants to make his website look good and faster, you can build a website theme for the purpose and sell it on your website.
You can offer different plans for the different needs of the customer. If someone wants to buy the license for one year or permanently, you can price your product accordingly.
Summary:
To sum everything up, I would like to say that one needs to have a robust business plan to counter the market needs.
Business owners should identify the problems first, what kind of problems their customers are facing, and what can be a possible solution to their problem.
Business owners need to find their customers and launch a product according to their needs as each customer may have different needs according to their geographical area and their willingness to spend on a particular product.
Every business owner should create an outline before starting the business to have a complete idea for prospects.
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