From Plans To Products: Does Your Business Idea Have Legs?
Every budding entrepreneur will be aware of the rather sobering statistics related to the success of new businesses. Sadly, breaking the mold isn’t dependent solely on having an ingenious idea. Establishing and running a profitable business requires aspiring moguls to check several boxes. If you’re keen to turn plans into products, here are some tips to ensure your business has legs.
Determining the level of demand
To sell products, you need buyers. The most critical question to ask yourself in the early stages of putting a business plan together is, ‘Is there a demand for the product?’ If you’re trying to find a gap in a market that is already saturated, or you’re working on a product that people don’t want or need, you’ll struggle to attract interest. Research the market thoroughly, see what kind of competition you’re facing and gauge the level of enthusiasm for your product. You don’t want to invest time, money and effort into something that is going to hit the shelves and stay there.
Understanding the processes involved
Setting up a business isn’t as simple as conjuring up a brilliant idea and then printing out some branded business cards. There are several processes involved in every stage of launching and operating a new venture. If you’re working on products for the construction industry, toys or DIY gadgets to sell, for example, this involves a complex chain, and you’ll need to forge partnerships and get in touch with companies and businesses that will enable you to establish a streamlined setup. If you don’t have expertise in design, engineering or manufacturing, work with reputable companies like Uni-Grip that specialize in these areas. You’ll need to figure out who is going to produce the items you’re going to sell and where you are sourcing parts, materials and equipment from before you turn your attention to marketing, branding and sales.
Working on a USP
One of the most challenging aspects of generating sales and converting leads is persuading a customer that your product is the best option. When you’re drawing up a business plan and conducting market research, think about your USP carefully. What is unique about your product or the service you provide? Why is your offering better than another? Your USP should be relevant to your ideal buyer. Consider which types of perks or features would appeal to them most and make sure your marketing campaigns highlight the benefits of your USP. Aim to promote the value your products offer. Buyers aren’t always looking for the lowest prices. Many are willing to pay for a superior service or package. If you provide better quality products, free samples, next-day delivery or the opportunity to support good causes through sales, for example, a buyer might be more tempted to choose you even if the price is slightly higher.
It’s rare to achieve success overnight in business. Being an entrepreneur requires more than a bright idea, and it’s crucial to ensure you can answer questions and solve problems before you present a business plan or start production on a new line.