Just how to Create a Profitable Online Business Idea?
As a small business consultant, I am often approached by individuals who have a concept for a business and want my thoughts on if it's advisable or not. I see that I give the individuals the exact same advice almost whatever their idea is or who they are. In summary I let them know "I'm sure your idea is fine. The questions you ought to be wondering is how do you want to make your business successful and are you the person to accomplish it?"
So, let's break up that little bit of advice into its component parts. There are three: Your idea, your strategy, and you.
In a global seemingly busting at the seams with both good and bad ideas, how can yours rate? Many very first time entrepreneurs believe that finding the right idea is similar to a search for the Holy Grail. It is not. My personal favorite example of the arises from the movie "Office Space" where the notion of the Pet Rock is discussed, "Sure it was a good idea. The guy made a million dollars." Funny, perhaps, but most likely not far from the truth. Gary Dahl, the inventor of Pet Rocks, did earn money selling Pet Rocks and even sold the rights to Pet Rocks as recently as 2009. Arguably a horrible business ideas, Pet Rocks actually had plenty of quirky charm while the marketing around them was full of puns and play on words. And, it absolutely was this, not the sale of rocks at incredible markups, which netted Dahl his profits.
The idea is, ideas, in and of themselves, rarely have much value one way or another. It is almost impossible to state one is good while another is bad. We all have that friend who shouts from their couch at commercials that the merchandise is stupid, or they thought of it years ago. What is the difference between them and the one who is making all that money selling those products and/or services? Effort.
So, when considering a small business idea, simply think about if you are a fair and intelligent person who's effective at coming up with an audio business idea. If the solution is "yes" then you definitely have what may be a successful business ideas, regardless when it is an excellent or bad one.
Next is the strategy. Strategy is a funny word in the context of business since it essentially gets boiled down to presenting an audio approach. Plenty of meaningless terms get used and misused in the world of business strategy. My personal favorite example is "first mover advantage." The truth is, "the first mover advantage" is usually the "first mover disadvantage" as you'll hit every roadblock on the way and others get to learn from your mistakes. Don't let little truisms and phrases be the building blocks of your strategy.
Consider, given that you have an idea, how are you going to essentially make it a business? The most frequent misconception here's that strategies that you've seen deployed at a current business will have any bearing upon your business idea. There's a big difference between what's commonly called Corporate Strategy (which is what most any business that 's been around for a lot more than 2-3 years use) and New Venture Strategy (which is everything you and your brand-new business idea will need to use to get started).
The new venture strategy you use is paramount to the success of one's idea. A lot more compared to the idea itself. But, don't expect most visitors to understand how to play the new venture strategy game. It is exclusive and subtle, but may be mastered by really thinking deeply about how you are going to get your idea facing individuals who might buy it. "Market Acquisition" (admittedly, another overused and often misused strategy word) could be the most crucial aspect of everything you do to make your idea an effective business. By day one, nobody knows who you are or everything you do. How will you plan to improve that, in such a dramatic way that you can easily make a company from it?
Make sure to run your ideas by lots of people and gain as much feedback as you possibly can. Once you learn a fruitful entrepreneur, definitely get their thoughts as they will be invaluable. That is also a wonderful time to understand certainly one of the main rules of running any business, aside from size, which is to make sure you're not only asking individuals who confirm whatever you say just to get you to happy. Critique and refining of your plan would be the keys to doing this part right.