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Finding the Right Business: 5 Things to Consider When You Have a Product Idea

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There is a massive difference between having a product idea and setting up a business. First and foremost, you need funds to kickstart the operations. Even if you are able to convince investors, there’s still a long list of tasks that you need to accomplish in order to establish a business, so how do know if the business is right for the specific product (or service) you have come up with?

There’s no particular tool to pinpoint the right business for a particular product (or service) idea, however, you can evaluate a few significant elements to learn if the business makes sense to the market it is targeting.

Here are the five areas that you need to consider while deciding the right business for your idea:

1. Acknowledge your strengths

Before you can even pitch your idea to the investors, you need to acknowledge the strengths you have. The success of a business often banks on the strengths of its owner. So it will be better if you choose a business that reflects the greatest strengths you possess.

Businesses often push people to move out of their comfort zone and grow individual skills, but if it’s in a totally different domain, it may not be wise to pursue that option in the first place.

2. See if your idea adds any value to the consumer

Your product (or service) idea may sound amazing to you, but that does not mean everyone in the market will like it instantly. You need to evaluate whether the product or service you are planning to market has any value to the consumers or not. If yes, then you can set up your business model after that. If it does not, it will be better if you start working on a separate idea.

It is better to face the facts in the earlier stages than setting up a business and finding out that consumers have rejected the product entirely. You can conduct a survey or even look at the latest trends to learn what the people need and how the product (or service) of yours can fit into their lives.

“If people believe they share values with a company, they will stay loyal to the brand.”Howard Schultz

3. Pick the right market

If your product is a premium sports car, but 95 percent of the market consists of daily wager, perhaps the idea won’t bring you any success. Due to this, choosing the right market becomes a necessity for the business. Analyze your product idea and figure out who are the potential consumers for the product.

It’s not possible to set up a business if its target market is not defined. If you want to establish yourself as a successful entrepreneur, you must identify the market and tailor your product as per the requirements. In most cases, it is the market that guides the operations of a particular business.

4. Identify your financial limitations

You need to be very mindful of the finances while setting up a business. A study conducted by Harvard Business School suggests that 75 percent of venture-backed startups fail. It clearly suggests that even if you have funds, the chances of succeeding are still very slim. In fact, one of the major reasons behind the failure of the startups is their lack of financial management skills.

Once you develop the product (or service) idea, it is better to determine the cost of setting up the business, when you can start turning a profit and how much funds will be enough to run the business for at least a year (before the next round of funding). The chances of landing a venture capitalist are quite low, so it will be wiser to start a business within your financial abilities.

“In every success story, you will find someone who has made a courageous decision.” – Peter F. Drucker

5. Look at the bigger picture

If you are looking for the right business, you set up something that serves a long-term trend, not a short-lived gimmick. The fidget spinners, which were quite popular in 2017, have already lost their charm. Similarly, if your business is based on such things, it may not be the wisest thing to do.

Your aim should be to establish a long-term business, which will be relevant even after 5 years. The challenge is to look beyond all the hypes and gimmicks that are unnecessarily hogging all the attention for the time being. However, if your product or service idea has the potential to stay in the market for long, it will be better if you build a business that can capitalize on that.

Starting your own business from scratch is certainly not child’s play, and one wrong decision can jeopardize all the planning that you have done for your product. Take your time to pick the right business as you can start as a small business in the beginning before expanding. You will be glad to know that more than half of the businesses in the US fall under the category of small business.

Have you started your own side-hustle or business? Let us know in the comments below!

Image courtesy of Twenty20.com

Jedda Cain, an essay writer, is working with Essay Assignment Help since one year as a senior academic counsellor. She has developed excellent research and writing skills in these years and become capable of writing top-quality essays on any complex topic within the given time. Many students in Australia prefer her to be their academic advisor. Apart from that, she is passionate about penning blogs for variety of service sectors like education, health care, business, management and lots more.

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Entrepreneurs

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How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

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Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

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