If you're hiking towards the path of an entrepreneur, you might be asking yourself: What makes a good business idea? In this article, you will be learning about the keys to success with your brainstormed ideas.
What am I be expecting to learn from this article?
- You will learn 4 valuable key points that can highly improve your business.
Before we get started, I would like to provide you with free information that can/will motivate you and help with your success:
- Rich Vs Poor Habits: 24 Things You Should Know to Become Successful!
- Factors of Motivation
- The Law of Averages: Be Successful at Anything You Do!
Many readers enjoy the articles above, so I would highly recommend you to check it out. Now let's move on to the keys of a successful business.
Introduction: What Makes a Good Business Idea?
Are you an entrepreneur that's not happy with his/her idea? You might believe that your product is not 'great' because it's oversaturated. Guess what? I have some great news for you.
When you first start off building a business, you're sure to think that your idea is quite unique. Quickly, you'll come to the realization that there are already a few or even tons of competition in the market. You and your competitors are all working on similar start-ups and you begin to worry. Well fear not, this is completely common in any type of industry or business.
You Have to Stand Out!
If you want to win and beat your competitors, then you're going to have to stand out.
You'll swim against the currents of the ocean waves, swimming passed the sharks and will have competitors every direction you look when it comes to running your business. You should never be worried about how unique or special your idea is as long as it contributes value and helps an individual along their journey. You can create something similar to another inventor, marketer, person's creation, etc. and still sell just as many inventories as the top individual in your business.
If you think about it, how many times have you seen two pairs of dresses, jackets, shirts, etc. that appear almost identical but still sell just as fast as one another? This occurs almost all the time, which means that you shouldn't be worrying too much about how special your idea is but rather how you're going to win your audiences (potential customers) instead. You'll understand why in a moment.
4 Secrets If You Want to Know What Makes a Good Business Idea
These are the 4 things if you want to know what makes a good business idea. This is coming from the experience that I had in the past, from the projects that I've worked on, and from the successful projects that I've seen. Here are the 4 secrets:
1. Create Something Greater Than it Already Is
There are hundreds, if not, thousands of products out there that appear like they were put together overnight and placed into production the very next day just to make a quick buck.
What action should I take?
You can benefit from these kinds of situations. What you can do is look at the customer's product and view it as a prototype, then create a better version of the product yourself. For example, if your competitors are creating their products out of decent quality plastic, then you create your products out of metal. People will more likely to choose your business over others because of the quality of your products.
"There's no need to reinvent the wheel."
You might hear this saying before and that's exactly what this is all about. You don't have to be completely unique when promoting something for sale. You just need to make light changes and make your own version of the product.
2. Follow a Proven Business Model and Create Your Own Spin!
There are thousands of successful startups out there with many competitors surrounding them, and they all follow a similar formula. Why is that? Most of them know that it's a proven business model with proof that it works.
If you look at Starbucks for example, the company offers similar items for sale. There are thousands of coffee shops around the world. Their company might be doing something slightly different and it seems to be working. They're pulling in customers that had no interest in Starbucks at all.
What action should I take?
You should use a proven business model that many companies are having success with. With they're profitable business model, you can learn and build off of it. You can aim to focus on people who aren't fans of your product but fans of similar products, then create interests to a larger group of audience/potential customers for your business.
3. Provide Excellent Customer Service
I'm sure the majority of internet users in the world all dealt with horrible customer service. It's annoying and frustrating.
If you take a look at Starbucks' employees and see how friendly they are, then you're most likely a happy customer. Whether you're inside the building or at the drive-thru, they're always kind, respectable to their customers, and smiling. That's what makes them unique compared to many of the coffee shops available.
- Example: Bob prefers Dunkin Donuts for his coffee. The people there aren't usually smiling. It's a grayish day for Bob. Bob goes to Starbucks the next day and ordered the same coffee. The employee was friendly and made Bob's day. His day isn't so bad after all and Bob continues to go to Starbucks every day before his commute to work.
If part of your focus on business is customer satisfaction, then you're on the right path. With customer satisfaction, you will see customers coming back again which will help with more sales. They might even refer their friends/family to your business.
4. Provide Value of Your Products at a Lower Rate Than Your Competitors
If you didn't know, the price at Starbucks is at least 40% more than Dunkin Donuts, yet they're getting more sales. If your business is new and you're barely starting out, you'll come to the realization that no one wants your services/products.
What can I do in this situation?
After the birth of your products/services, you might want to offer them at a lower price than your competitors. You want to have a group of buyers in the beginning at a low rate.
Once you accomplished that, your customers will leave you positive/negative feedback. Social media is powerful nowadays and you're more than likely to get customers spreading the messages about your company.
If the feedbacks are positive, you will receive more customers over time. When this happens, you can gradually increase the price of your products/services.Â
My Final Thoughts: What Makes a Good Business Idea?
From reading and learning about the business world, you will encounter many people telling you to be unique. People will frown upon your products/services. You just have to be good and focus on value and quality. That's all. You want to be excellent when working on customer satisfaction.
If you're getting negative looks, dealing with competition, etc., then make minor changes to improve your company. You can succeed without having something completely unique.
I'll use myself as an example. I write this blog that's focused on finance/entrepreneurship. There are hundreds out there and I have no way of ranking to the top page especially when this blog is younger than many.
Competitions that are almost impossible for me to outrank:
- Entrepreneur.com
- Inc.com
What did I do?
I focus on keywords that aren't competitive to find an audience for my blog. With this minor change, I'm receiving hundreds of visitors per day and it's continuing to grow every week. The same applies to every business when you're asking yourself: What makes a good business idea?
I hope this article provided valuable info for you and that you will succeed in your business.
