By estimation, 100 million new businesses are launched all around the world every year. So, it’s nearly not feasible to launch a business that is completely original. But, you can add a touch of uniqueness to your own brand regardless of whether there are millions of other similar businesses. It is the unique experience or touch that will stand your brand out from the pack.
Customers’ needs are evolving, making it necessary for businesses both big and small to move with the change in order to appeal to customers’ evolving needs. If a business does not offer value to its prospects, it would be definitely short-lived.
In an economic downturn such as the one caused by the covid-19 pandemic, prospective founders must consider the needs of consumers in such hard times and at the same time offer value. It’s also important for aspiring business owners to consider the longevity of their product or service.
If you are aiming to solve a problem resulting from the present crisis with your product, what happens when things return back to normal? Will your product or service still be relevant in the years to come? These are important considerations to ponder on when assessing whether or not your business idea is good.
Here are important questions to ponder on and answer when wondering what your business idea will become in reality;
Q1: Is Your Business Idea Providing Solution to a New Problem?
As mentioned earlier, consumer’s needs are evolving and market dynamics are changing. As a result, you want to focus on the future of the consumers’ needs, not immediate needs. As a start-up in this era, you are better positioned to pivot faster than the established big businesses. You have more innovative tools to latch on to.
Here are the top consumer trends reported by Accenture;
- People are purchasing from local retailers
- Consumers are buying more consciously
- People are connecting with one another using digital tools
So, if you are brainstorming on a business idea, you should consider possible challenges customers may face, such as the possibility of insufficient home delivery services, or sustainable goods becoming very expensive. So, you need to consider whether or not your business idea can meet these arising new needs.
Q2: Are You Aiming at Using New Ways to Solve Existing Problem?
Both existing businesses and new business ideas aiming at solving an existing problem in an all-new innovative way will gain a competitive edge. There are problems that have been around even before the lockdown.
However, giving the present condition, consumers are probably looking for a better and more effective ways such problems can be solved. And, any business that meets new need would surely get the attention of consumers.
Finally, you must look for a way to protect your novel idea from duplication, which makes you a market leader.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams