Everything you need to know to kick-start your 2014 in style, sass and confidence.
1 What’s Your Vision?
Write down what you envision your business to be – this includes what the business is about (“I want to start a blogshop”) as well as other things you want or don’t want from your business, such as, “I don’t want the company to have inefficient and counter-intuitive systems in place”. Now, zoom in to what your business is about and answer the following question…
2 What service will you provide?
A product does something, a service does something for someone. It’s easy to obsess over what your product does but it’s pointless if nobody wants this amazing product you’re creating. That’s why framing your idea as a service is helpful. It ensures you involve the most important people in any successful business – your customers – from the very start.
3 What’s wrong with the current services in the market?
Remember, you’re only at the stage of sussing out if this idea is remotely worth pursuing, so don’t be tempted to do extensive competitor analysis at this point. Sometimes, overwhelming yourself with too much information can lead to over-thinking, which may prevent you from noticing obvious unmet needs. Rather, adopt an intuitive approach: Think about all those moments when you thought, “I wish there was an easier way to do X” or relevant points that might have been made during conversations with friends. List all these things down and then answer the following question.
4 What problem will your business solve?
As mentioned earlier, you can’t build a business if there’s no market for it. Answering this question forces you to identify an unmet need in the market and how your service meets that need. This process is not as easy as it sounds. However, it forces you to streamline your thought process and come up with a clear and coherent business concept. If you reach this stage, congratulations! You just might have a viable business idea!