$ Clear focus
$ Profitable in the long term
Each idea, no matter how brilliant, initially has no commercial value. A plausibility check gives more information about an idea’s chances in the marketplace and helps to check its feasibility and innovative content. A business idea is addressed to an investor and, therefore, must be formulated with the investor’s perspective in mind. You can set up a proper plan based on the new idea says Mr. Sachin Karpe. The key is to come up with a business concept that is relevant in today's market to meet customers' needs. The majority of successful new businesses are based on existing ideas, products or services with maybe a tweak or improvement in the offering, thereby creating its appeal in the current market.
As an entrepreneur, you must look for areas of growth in the economy for instant inspiration. Similarly, look around for changes and opportunities that are being thrown up through the depressed economic climate. Is a particular market now being inadequately served? A business which doesn't distinguish itself from its competitors will find itself struggling. Define strong unique selling points (USPs) for your business to prevent this from happening. Look at your competitors' weaknesses and build on that. Could you add value by offering a wider range or better customer service? Says Mr. Karpe.
If your costs are too high, you'll find it difficult to make any money, so start small and keep your overheads to a minimum. If your proposition is badly priced, your customers will be decidedly unenthusiastic about buying from you. Make sure you look at your potential customers' spending habits and earning power to determine how much - and how often - they will be willing to pay. To start a successful business, you need to be absolutely passionate about your proposition so you are committed to steering it through the good times as well as the bad.
Following the business idea you must go ahead with setting out an accurate plan that will help you determine whether your business idea is feasible. Because it sets out exactly what your strategies are and how you are planning to run your business, a well-written business plan containing relevant figures will help you convince investors your business is a reliable proposition.
Your business plan gives you a place to list specific goals and objectives for your business, helping you to set out clearly how you plan to meet these goals and on what sort of timescale, and forcing you to commit to that course of action says Mr. Sachin Karpe.
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