A good start-up requires more than just a lot of investment. Won’t it be disappointing to use all your savings and or even friends who can share online funds, only for your business idea to be a failure later on?
There are many potential entrepreneurs out there and dozens of similar businesses, as well. So it always remains a question how yours can be different from the rest. Here are eight things to consider in your quest to be unique:
Being Better Is Being Different – Focus On That!
So many beginners waste time thinking of a start-up that “nobody else has done before.” However, the underlying truth is that customers are not looking for something new but for something better in the market.
Your business idea can still stand out, even if it does not introduce a new product or service to buyers. The goal should be to assess what the competitors are lacking and then ensuring that you improve the service.
The biggest example is that of Facebook. It was not the first social network but do you remember any that existed before it? No! The social network giant took good care of what customers were looking for. Within a decade, it established itself as the only world-recognized social media platform in the world.
Don’t Run After The First Business Idea That Crosses Your Mind
A business set-up, especially if it is a new venture, is something that requires utmost clarity of mind. It is hardly likely that you would come up with a unique idea while taking care of a number of other chores around you.
Take a break!
Different Ted Talks on how to successfully start a business talk about the importance of having your mind at rest. This is a crucial part of the creative process and helps you think through the “yes” and “no” of the venture that you are about to take on.
Ask Yourself An Important Question “Am I Solving a Problem or Not?”
Once you put your mind to it, there is a solid chance you would be getting ideas about different things all the time. However, there has to be a fool-proof way of assessing how useful your idea would be to the customers.
Well, here’s the hack: Think about how the service or your product would be making life easier for buyers. This is what clients are most interested in.
For example, Lexington Law firm helps customers improve their credit report. However, most of the steps that they take, such as disputing negative information or requesting loan parties to negotiate easy terms are something that the credit report holder can do himself.
Since the firm does it through trained professionals and takes considerably less time, it offers an easy solution to customers who cannot manage to do it themselves.
Try To Make The Start-Up Relevant To What You Are Skilled In
Although the start-up does not necessarily have to be something you are skilled in but generally, it is helpful.
Mostly, the right background such as a qualification of years of experience in a job can be just the element you need to come up with the right instincts for a business. Moreover, it can help you look at the start-up as a hobby instead of work and that is just one step closer to making the business more profitable!
Escape Local Market – Look Far Away For Inspiration
Scrutinizing the local market may not be enough to give you a solid “inspiration.” Therefore, experts suggest that you should preferably look abroad at markets that are far away from your region and try to identify an opportunity that can bloom if you bring it to local buyers.
This is also a great way to discover an improvement in a product that may already be available around you. Keep looking, keep searching, and keep reviewing the options until you come up with an idea that is good enough to implement.
Dare To Try Something That Sounds Less Promising
There are a lot of “may be” ideas floating in the market that are not yet fully formed, have a lot of loopholes, and the profitability looks less promising but if someone counts, test them at a practical level, they might even turn out to be a huge success.
If you are into experimenting with new things then this approach should be enough to make your business idea unique. You just have to eliminate the fear of failure and tackle the obstacles head on.
As one entrepreneur shared with his listeners: “Instead of shelving the idea for not being completely perfect from day one, challenge yourself to find the heart of your “may be” idea, try it out in a short timeframe, and improve it on the ground.”
Be Aware of What You Are Competing Against
Regardless of which idea you go ahead with, it is very important to thoroughly assess the market place, as well as your competitors who can give your business a tough time.
In fact, how to deal with the competition should be a part of your business plan. Without this information, you may not be able to score any serious investors or bag a loyal client for a long time.
Be serious about the competition that you face in the market and invest sufficient time and efforts in designing a strategy to deal with it, to ensure that your business is different and unique.
Pause. Think. Review.
Lastly, don’t forget to go through it all over again once you are done with the initial idea processing. It is an excellent way to get accustomed to what you are about to launch and ponder over the areas that might still be needing a little improvement.
A unique start-up requires a lot of brainstorming, mediation, market analysis, competition analysis, and the passion to try out something challenging. If you think you have what it takes, don’t let the fear of failure stop you from stepping into something new!