Do you have a product or service that you think will give you a lot of money? Have you ever wondered if that product is what people really want? For all ventures you must have solid information about what your future clients want to buy -instead of what you want to sell them- Never start a business blindly, you will save money and headaches.
Here are 4 ways to think maturely about your business idea, before you find yourself full of products or services that nobody wants or needs:
1. Take into account the market, it will tell you what people want. If you intend to be an entrepreneur, you just have to accept the reality that the market will determine your failure or success. That means you have to make sure that the numbers support or reject your idea. Learn about the following basics:
Know how many businesses you will compete against and the income they are earning.
Here you must determine if the market is new, growing or is already in mature business.
For example, you plan to open a toy store in the area in which customers spend thousands of pesos, but there is already a competitor that absorbs 70% of the profits and others distribute 30%. You must ask yourself, is it worth it? Will I be able to make a profit?
Or is there a way you can create a new niche where there is not much competition, but there is demand? Here you will have more possibilities of success and where you can make more creative decisions.
2. Choose proven niches and quickly find your market. The general proven categories offer you greater opportunities than the new hot markets. For example, the sale of footwear is a good option. Why? Everyone needs them and they are always buying shoes. Besides selling shoes, why don't you sell socks? Of course you will sell, since it is an article that complements the shoes very well. Only creativity is required.
The technology markets are booming, why don't you try selling cell phones. They have a short life, and people are constantly exchanging their cell phones for a more modern one.
Specialize in a niche, believe it or not there are people looking for dog clothes. I advise you to go looking for the smallest possible niches, take ownership of that market and from there you expand. How? I already mentioned it to you lines above. Selling complementary items.
Once you start you will be amazed at the problems that need to be solved and the services that buyers are looking for. With a narrow niche, you can quickly and easily grow to be the sole provider. In addition, you will be a leader in less competitive market niches.
3. Be honest and loyal to your clients, so you don't have to be looking for new clients every day. They will recommend you themselves. Encourage them from time to time, after all your profits have come from them, distribute a percentage every so often. Once you have built a loyal customer base, you will greatly reduce marketing time and costs.
4. Test your ideas. There are many ways to test your ideas at low cost. You can create a simple website to display products, which you can get from existing consignment stores. Here you will get valuable information regarding product prices and demand, as well as new products that your future customers are looking for.
You must be very orderly and critical of yourself. Do not think that such a product or service is going to be a success. Maybe yes, maybe no. It is best to be sure after testing that your idea is going to work.
