Business idea
What, for whom, and how?
Do you sell a service, a product, or both?
Do you compete with price, or with excellent and distinctive service?
- How many potential customers are there and how will you reach them?
- How much are customers willing to pay, and how do they prefer to pay?
- How will you reach your customers – that is, how will you market and sell?
- What impression will your customers have after using your service?
- How will you reward your regular customers?
Does your company offer something new?
Is your product or service cheaper, better, more fun, or easier than what your competitors offer? Ask and find out what is already available on the market. You can also carry out or commission a market survey or research. Why does the customer want your product or service, and why would they choose you in particular?
It’s often wise to “productize” your services – that is, package them into offerings that are easy to buy.
How do you stand out from your competitors, and what is the competitive situation?
In some fields, there are already many competitors offering similar products. In such cases, profits may be small, and entrepreneurs may be forced to sell at a lower price than others. Aim for a fresh, inspiring, and distinctive business idea. The more new elements your product or service has, the less competition you face. However, if there are no competitors at all, it might also be a sign that there is no demand – and business in that field may not be profitable.
Customer satisfaction
Keeping your existing customers happy is extremely important – often much more important than acquiring new ones. A satisfied customer is a loyal customer, and they are also more likely to recommend your product or service to others. (Read Jari Parantainen’s example of customer experience.)
Other things to consider:
What is your company’s industry? Examples include wellness services, retail, construction, and the restaurant sector.
What skills do you have? Skills can come from work experience and professional expertise, education, or even hobbies. It is not advisable to start a business if you do not yet have enough skills and expertise.