We’ve all had that great idea of something to sell or do that we can make money from. We get so fired up and excited and we get right on to doing it. But a few months down the road, we’re struggling to get sales or clients.
We might be doing everything right, but sometimes the customers just aren’t there. Maybe it’s a fad, maybe it’s a one-off thing for them. But even though we’ve worked hard, the customers don’t come--and we dust off our hands and say, “Hindi talaga ako magaling mag-business.”
The worst part is, we might stop trying to make our dream business succeed.
But you know what? There are a few ways to check if your business idea has a good chance of succeeding. You just need to run it through a checklist of things that your business idea must have.
We’ve got that checklist here for you.
#1 - Constant, Consistent Demand
Your brilliant product needs to have constant, consistent demand. It doesn’t matter if it’s a product someone can buy, or a service you provide to others.
Take a look at your possible competitors. When did they start their business? Do they look like they will continue to offer that product or service in the future? You might need to look at larger than your target market, but that’s okay.
Try to figure out if your target market is a fad market (like how fidget spinners were a few years ago).
Fads will need you to get in quick, and get out just as quickly. If you’ve got the capital to go in and dominate the market immediately, and then get out before the fad dies--that can be a lucrative business.
But the fact of the matter is, many of us don’t have that capital or the business acumen to know exactly when to get out before the market dies.
So make sure your niche isn’t just a fad, here today, gone tomorrow.
#2 - Follow the Fans
You know how when you’re super invested in that TV show? You catch it every night, you read about the actors, you talk about it with your kumare, you buy things to prove to everyone who sees you that you’re The Biggest Fan.
Or maybe when you get your first dog or cat. Suddenly you’re all into reading up on how to take care of them, and buying toys and dresses for them.
You need those kinds of people in your business idea’s market, too. Not everyone will have that kind of passion. But what you want is people who are invested enough in your niche that they will be reading about it, and buy things, and talk about it to other people.
A market that just needs to get the job done won’t result in many repeat customers. What we want is customers that keep coming back to you. Make sure that your market has these enthusiastic people and you’ll be set.
#3 - Problems that Need Solutions
We’re not talking about just any problem. We want a problem that keeps them up at night and worrying about so much that they’ll scramble to find a solution as fast as possible.
That solution to the problem should be your entry point.
For example, they got a new puppy, but it’s been crying out at night and it’s disturbing their sleep and their neighbors. If you’re ready with a solution to their problem, they’re going to get that solution from you as quickly as possible. Perhaps you have a good product they can use, perhaps you’re a dog trainer and can give them good advice.
But don’t stop there. What’s the next problem? Their new puppy isn’t toilet trained...but you’re right there with another solution. You can train their dog, or you sell things that can help with DIY toilet training.
If your business keeps solving their problems, you bet they’ll prefer to stay with you than look for something else.
Conclusion
Don’t be disheartened if your first business idea didn’t pan out. These three things just make it easier to start a business, but if you’re already there, think instead on how to change your business into one that suits a better target market.
Maybe it’s adding a new product or service. Maybe it’s just focusing better on solving problems for your customers so that they know they can come to you for solutions.
Just don’t keep waiting in the sidelines. Start now and get your dream business up and running!