Developing your business concept is a key piece to undertake, after having that great idea or even when you already have a running business, it is important that you always be clear about what the concept is in order to grow with it.
As entrepreneurs, we need to deal with different aspects that will define our path in entrepreneurship. knowing chow to develop your business concept It will allow you to precisely define the next steps on your path through entrepreneurship. If you don’t know very well where to start or you feel a little frustrated by designing the path, read on and find out some tips that I leave you to make your business successful.
First things first: develop a business concept
If you haven’t thought about it until now, the first thing to do is develop a business concept. Why? A well-researched concept is essential for any entrepreneur: Successful entrepreneurs research potential customers, product, competition, personal goals, and financing before starting.
This is why a business can fail due to lack of planning. What happens is that many entrepreneurs think they don’t have time to work on a business and this could be the beginning of the end.
The business plan provides direction, addresses both the strengths and weaknesses of the proposed business, and allows the entrepreneur to analyze all aspects of their future brand, so creating a first business concept will allow you to gradually outline other aspects that have to do with your market, product and customers.
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How does the business concept begin to develop?
The business concept begins with an idea. It often arises from a consumer need that is currently not being met. The entrepreneur “lights up” and thinks of the opportunity of a new product or a new way to solve an existing need.
To be successful, or get closer to being successful, the business concept must meet four requirements:
1- There must be a group of customers willing to buy the product at the price offered.
2- The market must be large enough to support the business and generate profits.
3- The entrepreneur must be able to differentiate his business from that of the competition.
4- The entrepreneur must be able to finance the business, either personally or through external financing sources.
When these conditions exist, we can talk about forming a business as a result of the primary idea that we had, otherwise we will never be able to develop or scale it and it would only remain an idea that did not prosper.
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Guide to outline your business concept
Here is a list of items for you to take some time to think about and complete. At the end, you will have your business concept finished and you will be one step closer to a successful venture.
- nature of the business
- Location
- unique skins
- Potential client
- Market penetration strategies
Nature of the Business
Describe the nature of the business (for example, a fashion retail store specializing in women’s apparel).
Location
Describe where the business will be physically located. Include a proposed geographic area and what would surround your store. If the business is web-based, describe its location on the web.
Unique Skins
Describe the product and its advantages, its unique aspects. What market niche does the product come to solve? Perhaps the product is the only one of its kind in your market?
Potential client
Describe the profile of your potential customers. Where they live? How old are they? What are your consumption habits? Describe how your product is going to reach this consumer. Who will buy your product? Why will those customers buy your product? That specific audience you want to reach is also called and is key to defining the next point.
📝Note: Remember that you must be specific at this point because there is no worse idea than believing that your service or product is for “everyone”.
Market Penetration Strategies
Describe how the product will be promoted and sold. How will the market be reached? Advertising? Promotions? This is the part where you can use your creativity the most and it is also usually one of the most complicated because it is not only about setting up a business but about making it progress.
In this we have many downloadable materials that can help you improve these and other strategies for your physical or online business.
conclusion
By answering these questions you will be able to realize if the business idea is potentially solid in time. Remember that the concept must be concise and well thought out and that it should not be longer than one or two pages. If you already have more outlined your concept and have been able to develop a profitable business model, perhaps it is time for you to know how we can help you at Tiendanube. I invite you to visit our platform and get to know all the integrations and tools that we provide for you to achieve your business goals. Go ahead and try it out with us!
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