While there is an endless number of very good start-up business ideas for products and services, before you take the plunge into entrepreneurship, it is essential that you determine whether you are just simply adding another option for people to choose, or if you are truly solving customers’ needs.
As an example, the best products and services that are available in the market are those that solve a problem, provide enjoyment, and / or make life easier for customers.
Think back to when you were young. For many of us, watching Saturday morning cartoons was fairly common. During those shows, items like toys and cereals where heavily advertised. Because of that, there was no need to someone to “push” these products on you. Rather, you wanted these items, and therefore the ads “pulled” you into the store to make the purchase. (Or rather, you pulled your parents into the store!)
In other words, these products fit a niche – and because of that, it wasn’t necessary for the store owner or cashier to talk you into purchasing them. Rather, you came in prepared to buy the product.
Prior to moving forward with a product or service business idea, be sure that you first ensure that it satisfies a real need or want of your target customer. And, if it does, be sure that you are also able to differentiate from any other similar offerings that are available in the market now.
In order to do so with more clarity, be sure that you know certain aspects about your intended customers, such as who they are, what they buy, and why they buy various products and / or services.
In addition, it can also help you to narrow down your idea even more if you know how much money your ideal customers have to purchase your offering, and what makes them feel good about purchasing.
Want more insight from real entrepreneurs who are starting and operating their own businesses? <Join the Startup Forums>. It’s free, but the information you could obtain is priceless.
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.