You might just be sitting having a conversation with friends, or relaxing watching a movie. Perhaps you’re simply focused trying to find the next business idea. Whatever it is, not all start-ups are created equal. When it comes to making the next couple of moves, there are some points that you need to consider.
Know Thy Market
With almost every business idea that you might consider being unique, it probably isn’t. There are billions of people on the planet, and it is highly likely that some of them are working through different stages of your current business start-up idea. So, that makes it more interesting – because you already have competition you didn’t know about. Here is where your research skills (or hiring skills) will give you what you need. You need to put in hundreds of meaningful hours on market research. Who are you selling too, where are they, what are they buying? What gives you the edge over the other people?
Is it Big Enough?
All of that market research you’re doing will answer this one for you. Are there enough people who are going to want your services or products? While it is great to have a niche that people are interested in, if your product is so obscure that you can only sell it to one person once then you’re going to have to go back to the drawing board.
Kill it With Fire
Whatever your idea, you’re going to be in love with it straight away. But, try ignoring it. Leaving it on the shelf and doing NOTHING with it. Why? Well, picking apart your idea, looking at all the negative aspects will instigate your natural problem-solving. You will begin to carefully put back together your concept and before you’ve even started – improve it. Without making a single investment, you have gotten stronger foundations.
Ain’t in Love? It’s a No.
You might think that the significant investment in your idea is going to be money, but you’d be wrong. It’s going to be your time and passion. You will be the hamster running on the wheel pushing this forward, and if you don’t love it – you won’t give it all you’ve got concerning time and dedication. Elon Musk said, “Being an entrepreneur is like eating glass and staring into the abyss of death.” That goes some way to explaining the absolute love you must have for what you do. And, in case you weren’t convinced, the lack of passion filters down and impacts the quality of your content, your buyer, your employees and eventually it will all stop. It isn’t worth leaping into a start-up you are only half invested in.
Keep it Simple, Stupid.
Go big or go home. Work Hard Play Hard. Familiar clichés and they’re not going to do all that much for you. While having the big ideas are brilliant and in most cases something you can aspire to, start small. The end goal might be to have your brand everywhere, pushing your brand to phenomenal heights, jetting all over the globe… However, you need to think about the first steps. While getting your web presence is easy with an SEO agency, nailing your social media is essential – providing high-quality services and products is the main aim.
It’s Not All About The Money, Money (Money)
But it helps. Early on you might be thinking about diversifying, how many different income streams can you hook up to the business. How can you make more money with less time? While those things cross the mind of every entrepreneur, the smart ones know that actually, you need to have complete focus on one stream. If you can get one stream running correctly, and regularly, you then have space to consider some more. Ideally, your first main income stream will be the one that runs the rest of the company and allows you to make decisions regarding growth and changes in direction.
You’re Not Like Anyone Else
Some people prefer Burger King, some like Macdonald’s and others prefer chicken. Each of them has a unique sauce, something that only they use and they never share the recipe – ever wondered why? That is their secret power, it is what keeps you going back, and it is why you would rather drive an extra 3 miles to get your food. Think about what makes you and your startup unique? It might not be a sauce; it might be your background or your experiences in the field, it might even be that you’ve studied all of your competition (yay you!) and you have found a simple thing that they are all missing.