In business, anything is possible. A person of any race, gender or economic status can create a business that will flourish for decades. For example, Ralph Braun was able to create an entirely new industry based on his own personal needs.
A doctor diagnosed Braun with spinal muscular atrophy, a disorder that prevented him from walking at the age of 15. Ralph Braun was able to use his personal disability as an inspiration for a business idea that was unique enough to make profit, while serving others in a meaningful way. Disabled people now have access to products like handicapped vans and because of this man’s courage and strength.
If you have suddenly had an epiphany about starting your own business, you may be racking your brain to come up with a successful business idea. In order to develop a product or enterprise that will continuously skyrocket, you must ask yourself a series of questions. These ten questions will help you during the business development stage:
1. How original is my product?
The first question you should ask yourself is whether your product is original. To answer this question, conduct research to see if similar products exist. Search websites, libraries and manufacturer pages to see how many of these products are in production.
2. How can I make my product even more unique?
Even if several manufacturers offer the same product you’re considering, that doesn’t mean you have to abandon your idea. You might be able to include an additional element that adds value to the product. For example, many manufacturers sell shoes, but a creative mind thought of manufacturing the first pair of shoes with flashing lights.
3. How many people need my product or service?
The ability to service as many people as possible is the most important aspect of starting a successful business. A good entrepreneur will choose a service that can expand to benefit a large percentage of the population. Research and statistics can give you a good indication of these numbers.
4. Will the need continue?
When considering the length of time your product will remain popular, you should be thinking in decades. Consider the likelihood of someone else developing a more advanced product. Also, consider whether advancing technology might make your product or service obsolete.
5. Can I compete with large businesses?
If your idea consists of a product or service offered by larger corporations, you must ask yourself what you can do to compete and stay afloat. If you’re able to offer discounted pricing, you can use that as one tactic to stay ahead.
6. Is my product or service marketable?
Most success in business comes from marketability of the products. Investigate various marketing techniques and decide which would work best for you. If you can perform online marketing, you are already on the right track.
7. Can I secure financial backing?
If your idea is original you might be able acquire hefty loans to start your business. Less original ideas require a more involved business plan. You must show prospective lenders your earning potential.
8. How much is my overhead?
Knowing the costs associated with running a business is great fuel. The less you have to spend for operations, the more fruitful your profits will be. Research costs such as utility and rent expenses.
9. Is expansion possible?
Ask yourself if your business can expand to more than one location, should it prove to be successful. Expansion potential means earning potential.
10. Will other people help?
The ease of finding dedicated employees is very important. Decide whether other people will stand behind you in your venture. Having as much help as possible is very important.
Anyone can create a successful business. If the world has a need for your product or service, then you can profit from such a need. Even if the world does not think it needs your help, you can use your intelligence and creativity to convince it that it does.