Have you made it your 2018 resolution to finally start that business you’ve been thinking about for years? Now is the perfect time to take the leap that will change your life; be your own boss, grow personally and financially, and offer the world what it needs.
Many people around Melbourne have an entrepreneurial spirit within them, but lots just don’t know where to start. It can be tricky to come up with a business idea that will be successful, especially when we see how easy it can be for small businesses to fail. Coming up with the idea is easy, but you have to take steps to be sure it’s lucrative and sustainable.
Find out What People Want
Do some research to ensure your niche idea is profitable in the long-run. Current trending business ideas include selfie drones, beard oil and pool inflatables. All three are good ideas in our current Instagram-obsessed era, but will your business continue to thrive once the hype is over?
Take time to conduct market research and find out about the current industry landscape. You can gather intelligence on your rivals through social media, find out what’s trending online or simply conduct surveys. Either way, it’s a step that shouldn’t be missed and it’s vital to finding that coveted gap in the market.
Make a List of Problems that Need Solving
For this stage, ask yourself, friends, family and colleagues about what is missing. Consider products and services that have flaws that could be improved upon. Whether problems are in your job or in existing products, consider ways you can make a difference. Very few ideas are completely original, so don’t be afraid to make your mark on something that is already on the market.
When you’ve pinpointed the problems, come up with solutions. Try to tackle every problem on your list and when you hit a wall, just move on to the next.
Think About your Passions
There’s no point in starting up a business around a product or service you feel blasé about. A successful business takes drive and persistence, so when things do go off-track, you have to have the passion to stick with it. Know what you’re good at and where you need help and if necessary, find a partner that is equally as passionate.
Choose One Idea
Now is the time to narrow your ideas down and shortlist just one. Test it out in the market with minimal risk by setting up a crowd funding site, creating a landing page, advertising online, setting up social media pages or creating a pop-up store.
Take the opportunity to honestly evaluate the idea and predict its success. Conduct further market research to find out if consumers like your product or service and determine where it can be improved.
Take 2018 by the horns and make a start on your new business idea! If you’d like a trusted partner that can help you with every step, TR Consulting is a business advisor in Melbourne with years of experience in helping start ups and small businesses. We invite you to call us on 1300 054 552 or contact us online.