5 Tips o Guarantee that your Business Idea Will Succeed

Date: 04-03-2015 1:03 pm (9 years ago) | Author: Saheed salami
- at 4-03-2015 01:03 PM (9 years ago)
(m)
Every business idea comes with a sufficient amount of risk, challenges and obstacles. Yet some business ideas succeed while many fail. The reason is simple. Building a business is not about funding or profit, there are several tests that you need to perform on your business idea to predetermine its success rate.
Irrespective of the possible risk or challenges involved, the following tips can guarantee that your business idea is prone to succeed.

#1. Love what you do or do what you love
Most business ideas are sprung out of passion. So it’s pertinent that for any business idea that you have in mind, is absolutely lovable or at least likeable.

#2. High visibility ratio
If your business idea is already in existent, that is good. But if it is a new concept or product, then you need to do your market research and understand who you prospective customers are and how to get in touch with them with your new product or service to obtain feedback or objective criticism.

#3. Unique selling preposition
Every business ideas must have a unique selling preposition; i.e. your competitive advantage, that special skills or attribute of your product that will captive the interest of your prospective customer and has never being in existence. It could be your style of delivering a service or the uniqueness of your product.

#4. Specialization
To be able to guarantee that your business idea will succeed you need to concentrate on a particular niche market or an aspect of a target market.  Don’t start a event planning business and also want to be an event photographer, caterer, decorator and Mc. Find a particular niche an concentrate your effort on that.

#5. Solve a need
No business can strive without customers, and to get people to patronize your business they have to need your product or services. Every business idea must pass this litmus test of solving a need. If there is no need to be solve then there is no need for that business.

Posted: at 4-03-2015 01:03 PM (9 years ago) | Newbie
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