Every successful business begins with exploring, and the Internet, now 5G, has made it easier to launch a successful online business. It’s all about the curiosity and passion you want to follow to fulfill your dreams.
Either way, how do you decide whether you should quit your 9 to 5-day job or whatever you’re doing right now, and now you want to focus on your brilliant idea for starting an online business? If yes, you are so close now more than ever.
Now you have to pick apart the idea or study and determine whether it’s a full-time (or part-time) business.? Take your time, online research your opinion find as many answers as possible. It’s all about clarifications. Now, if you think your niche has too many competitors. There may be exceptional opportunities for updating or redesigning an existing business to an online format.
Consider that the Netflix story is the correct answer to the question you are thinking. Ultimately, your concept for the business, whether it’s a new idea or a twist on an existing business, must be well thought out to increase your probability of success.
Here are two methods to decide whether your concept has potential.
1. Do a SWOT analysis of your business idea.
The simple process also leads to a more thorough investigation of your business idea. This section covers how you can put your idea to the SWOT(strengths, weaknesses, opportunities, and threats) test!
1. On paper, draw and write your concept questions your customer will answer after you draw and label the chart. You can start filling in the details.
2. Write the factors that influence or contribute to your four SWOT categories in each quadrant.
3. Analyze the information you filled in. Ask yourself the following questions about your SWOT analysis:
Strengths
- What advantages does the product or service offer?
- Do I have expertise in this industry?
- Can I get a patent to protect the business idea?
Weaknesses
- How much does developing the product or service cost?
- Is getting suppliers and employees difficult?
- Am I learning somthing new industry from the ground up or see closely the glitch I want to modify?
Opportunities
- Does my idea take advantage of new technology?
- Is my product or service in demand and new old, everything?
- Have changes in policies or regulations made my opinion necessary for
success ?
Threats
- Does my product or service have established competitors?
- Do my competitors sell the product or service for less than my business idea?
- Will changes in technology make my product obsolete or not?
Look at which quadrants of your first SWOT analysis contain the most factors or the most important factors after you have filled in the categories to filter.
Also Read: How to Choose The Right Digital Marketing Agency For Small Business
2. Create A Feasibility Study To Validate Your Business Idea
After your idea is discussed and gains some approval or in the right direction from friends and family and the SWOT analysis indicates that your services or product has merit, your idea must jump through one more complete validation. A feasibility study is a somewhat formal, written process that helps you to determine whether your idea is realistic. The study aims to prove that your business concept is viable on the Internet.
A feasibility study answers these basic questions:
- Will the product or service work?
- How much will it cost to start?
- Can your idea make you money online?
- Is the business concept worth your time and energy?
- A feasibility study jumps your analysis up a notch. It makes use of in-depth investigation to offer more thorough responses to your queries:
Your product and service
- What is the product or service?
- How will my customers use it?
- Where or how will my customers buy it?
- How to design flow, and how is it delivered to many customers?
- Am I testing to ensure that my services works 100%? (Describe these tests in detail.)
Your experience (including your management team’s experience)
- Who will be my management team?
- What experience do I (and my employees) have?
- What are my specific skills and credentials?
- Which skills am I missing, or in which areas am I weak how much money my business idea will take?
- What kind of commitment can you make to my business idea?
The market in which you’re competing now.
- What level of demand is there for my business offering?
- Who are my customers? (What are the target marketplaces and audience?)
- How big is the market I’m selling to?
- What is the status of the market? Is it growing or stagnant?
- Where and how can I reach those customers?
Your competition
- Who are my primary and secondary competitors? (Describe each of your competitors in detail.)
- How do my competitors grow there market their products or services?
- What makes me different and better than my competitors?
- Is my product easy to copy? How can I prevent copycats?
Your costs
- How much does an idea cost to make my product or produce my service?
- What other business costs do I have?
- How much money do I need to start?
- Do I have access to funding?
- When will I make a profit?
Now you know how much information you must gather for your feasibility study. As you answer all these questions, ensure you back up those answers with detailed research. Then write your results on a one-page summary that discusses what you discovered and yes its’s not ono day work be patent we have to go step by step. Your resume should answer all the questions in each category and prove whether you have a viable idea. After the validation process, you can turn your attention to the next piece of the business success puzzle: trust, potential customers, locations, help etc.
Well, at last, I want to let you know there are 100s of shops are running near you means they are converting customer to grow and generate revenue from them you can do this too just focused and be patient and overved everythings focused on results and your business will grow too. We are a digital marketing agency and we provide digital solutions, webiste creation, and lead traffic generations to empower small startups business to grow digitally, please let us know how we can help you to turn your idea into a online business and grow in your industry digitally.
Resource:
1. Top 10 Trending Online Business.
2. List your Business to Grow Online.