Are you looking to create a business idea that is original and really works? I have good news: the formula is not so secret and today I will be sharing it in this article.
Throughout history, especially in recent decades where technology is increasingly involved in our lives, you can see certain patterns in this process of building successful business ideas.
We are going to delve into this but, before, I want to leave you with a reflection…
The current context is a perfect time to create an original idea and transform it into a . Especially if you plan to use an online channel: ecommerce penetration in the last 5 months grew what previously took years to achieve. Impressive, right?
The formula of an innovative business idea
Where to start? I am going to tell you the elements that cannot be missing when you start thinking and building the different options for your new business.
- It has to be something you are passionate about:
Do you know the famous phrase of Confucius? “Choose a job you love and you’ll never have to work a day in your life.” Beyond the romanticization of this philosopher, the basic concept that he proposes is essential: if you do not choose a theme, industry or product that you are really passionate about, it will be very difficult for you to go through those moments that are more complicated or unstable than any business idea. successful has to go.
- Must solve a problem or need:
To the previous point, it should not be confused with putting together only the product that you want or have in mind. The key is to put the consumer first. For this it is essential that your business idea solves a problem. So it is important to understand how the .
- It cannot cover the entire market:
A profitable business idea has to . And the more specific that market segment is, the easier it is going to be to act effectively.
Steps to create profitable business ideas
We are going to go into detail about the steps to follow to develop a successful brand or product.
Step 1: Identify the opportunity
Taking into account the elements that we saw previously, the first step is to find your original business idea. Can be totally new or, more likely, something that actually already exists but you found a different way to do it (which improves the way it is currently working).
Step 2: Understand the market
The next step is understand the context in which your business idea will coexist. For this, I propose two strategies:
- market research: investigate and analyze the current situation of your market niche.
- : understand who are the main players in your industry and how they are managed. For example: What are your sales channels? How are your advertising and dissemination strategies? What are the differentials of your products?
Step 3: Develop the proposal
Have you already identified a business opportunity, done your homework and thoroughly researched the current situation of that market and the competitors? Excellent. It’s time to get to work and develop your .
For this, it is key in this instance to take up, on the one hand, that problem or need that your business idea is going to solve and, on the other, the characteristics of the market segment that you are going to attack.
Given these things, you have to ask yourself What will be the added value that you are going to offer them?. How are you going to propose something different from what currently exists?
Step 4: Analyze the market fit
Once you are clear about your value proposition, it is time to assess whether your product meets or “fits” well with market demand. Knowing if people are willing to pay for your product is a key step in the success of an innovative business idea.
This will give you the opportunity to validate your idea with your market segment and adapt it depending on what you see in their response.
Today it is already proven that it is not convenient to delay in developing a business idea until it is perfectly put together. Is better work in stages and launch earlier versionsprecisely to test and iterate on the aspects that are necessary.
In this way, it is done less initial investment and more tests. Which leads to a more solid result and according to the real demand of the market.
Step 5: Plan for the long term
It is important plan your business idea not only for the current state of the marketbut take into account where the consumption habits of your industry are heading.
This will allow you to have a long-term projection, building solid foundations so that your idea becomes a reality. successful company or brand and above all, sustainable over time.
Examples of innovative business ideas
Ecommerce has been facilitating the development of companies and entrepreneurs for years who transfer their projects to the digital world.
Selling through an online store has a series of benefits, such as low initial investment and rapid implementation, which makes the possibility of developing a business concept really attractive.
On the other hand, social networks accompany electronic commerce as a group of massive dissemination channels, easily accessible and above all, free.
What do you think about putting into practice what we have been seeing so far? I suggest you see some examples of cloud stores with and profitable:
Dahlia Walker created a innovative brand from a particular market niche: fans of esotericism. He not only identified an opportunity that was not being addressed, but he knew how to build a business with projection.
It was able to add more products and various services over time. He thus managed to build a community that has her as a reference for both her and her brand.
Learn more about his story:
Sol and Zule Dignanis, creators of the brand, found an original way of approaching the accessories business through their own prints.
They started with one product in particular, handkerchiefs. Once they thoroughly understood the characteristics and tastes of their market segment, they were able to add new releases. The latest in your online store: the notebooks illustrated by their colorful prints.
Discover more about the universe of this brand:
Ceci Bernard and Meena Ferrea united their two passions: design and plants. They identified an opportunity that was not being attacked in the market and developed a brand that began by offering deco objects but gradually added services (such as classes and workshops) and even published their own book.
With principles of sustainability and recycling, they were able to adjust to the needs of their public and built a of nature lovers with a very own aesthetic.
I invite you to get to know these brands, visit their cloud stores and their Instagram profiles, so you can inspire you to find your own innovative and profitable business idea. There is no limit to achieve it!
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