Got a business idea? Not sure if it is feasible?
Great ideas can strike us at any time in any place. We probably have 1000 ideas every day but how do you know if it is a great idea? How do you know it is worth the risk? How do you know if it has a future? Sounds like the early stages of a new relationship. But instead of swinging it and letting your heart rule. There are a few things you can do first before you commit.
What’s the hook for your great idea?
All businesses need to have a unique selling point. The hook. There are millions of businesses out there but they will have a unique product or selling point that draws in customers and clients time and time again. How will you be different from your competitors? List the details. Will it be the customer service? What exactly about the customer service will be different from your competitors? What about the product? What details can you write down what makes your business stand out and unique to your competitors? That’s it, write it down! Writing these points down helps you work towards clarity on your business idea and seeing if it is a great idea.
How will it operate and grow?
Are you doing it as a side hustle? How will it take over your main occupation? Do you want it to take over your main occupation? Does the business solely rely on your skillset and time? How can you make it grow? This can all be put down into a business plan.
What will it cost to start your business, develop your idea and what do you need for it to stay in operation? How many clients/customers do you need? How many units do you need to sell? This can be a bit tricky to work out if numbers are not your forte. Find someone that can help you. It might be a friend or relative or even your accountant.
Competition is good for business
It’s true that competition is good for business. It shows that there is a market for your business. Check out your competition and learn about their products and services. Know what is out there. Knowledge is power and having knowledge of your competitors will give you an edge to succeed.
Who are you selling to?
Work out your target audience. If you can pinpoint who they are then you can tailor your marketing messages and plan to sell directly to them. It will help you understand their behaviours such as how do they shop or attain services like you are offering. Narrow down the type to age, gender, style, looks, hobbies, occupations, pain points, aspirations, social media platforms they use – the list goes on. Grab that pen and paper and write down all the details of your target audience as if you were detailing a character in a book. Get scribbling!
What licences and registrations do I need?
This can be a killer for many business ideas! You need to understand what licences and registrations you need, along with insurances. Check out your obligations on business.gov.au or contact us at Thrive Advice and we can tick those boxes for you.
Is the name available?
Sometimes this is the first item on a new businesses checklist but it is not as important as the aforementioned items. Try not to be locked into one business name and reject the rest as the name you love may not be available. Here are is some more information on choosing a business name. Check to see if it is available here https://register.business.gov.au/ and if it is then registering your new business name can be done on the same website.
You also need to cross-reference your business name with a suitable domain name too! Digital Pacific has a great search tool here https://www.digitalpacific.com.au. This helps with building trust with your clients if you have a secure domain and email.
Great ideas do happen!
Reach out to our team at Thrive Advice we are here to help nurture and develop your emerging business with you. We have over 50 years of experience in business advisory and can assist you at all stages of your businesses life cycle.