Business idea is hard to come by, particularly very good ones. Business idea that is credible must possess certain features.Here are the key ones:
1. The intended product or service (in the idea) must address a yawning gap in the market.
This is easier said than done. How do you identify a gap in a market? Most times people do this by mere assumption or gut feel. In Nigeria, we spend little time to properly research our business idea. We do not confirm if the product or service we are planning to send to the market is wanted by anyone. We rarely use market research organisation to validate our business assumptions. Market research is considered a “wast of money”in Nigeria. We like to go with our hunches or gut feel. This is like a mechanic that is doing trial and error when repairing a car. I know you don”t like such mechanic, yet that is what we do if we do not do a little research to confirm if there is a real need for the product or service we plan to sell.
2. You must be clear who your target customers would be.
Business venture is simply a collection of resources and people organised to deliver a service or product to customers. Your business idea must clearly target a particular demographic or group of people. if you have identified a gap in the market, then it is easier to identify who your customers are likely to be. The importance of identifying your potential customers cannot be over-emphasised. As an example, you can not advertise effectively if you don’t know who your potential customers are. Advertising is simply getting your potential customers to know about your product or service. If you know who they are, you can be effective in crafting the message and choosing appropriate channel to reach them. So again, I encourage you to take time to research and reflect who your potential customers are.
3. Your business idea must be innovative or unique.
There is hardly anything that is new on the face of the earth. So the product or service you are planning to introduce may not be entirely new.What is important therefore is how innovative or unique your product or service is. Also, the approach of delivering your service or product can be unique as well. I define innovation as the introduction of new product or service that leads to increased value to a customer and therefore more revenue and profit to the business owners. I also want to emphasise that innovation is not only possible with a product or service, but in how you deliver those services. Jumia or Konga are selling same products that are available in the market, but they deliver them in a way that is convenient to their customers. The innovation here is not on the product, but on how the product gets to the customers. The value created is convenience for the customers, and in return customers patronise them leading to value for their business. Simple.
At bizintelng, we are able to help you in conducting market research, identifying your potential customers and can help you brainstorm how you could be innovative in your business. Drop us an email or reach us via whatsapp at 09095033640.