Top 3 things to consider when creating your winning startup idea
If you’re thinking about putting up your own startup business, truth is, you are not the first and not alone. That’s why it’s very important to have a business proposition that will make your target customer remember you and make your business their top choice. Find out about three things that could make your business idea a winning one. Read on.
Here are some numbers to put things in perspective. An average of a 100 million startups open each year. There is close to half a billion entrepreneurs around the globe. And, there are around 300 million startup businesses annually. These can be overwhelming and not too encouraging, right? No need to give up and throw your business ideas out the window. Even with the large number of entrepreneurs and businesses, it is still possible for your startup to thrive. Moreover, to be one of them, you must find the sweet spot to build a successful startup.
Make an existing business idea new, and be differentIt’s very likely that the first thing you want your business to become is to be unique. This is possible without crafting an idea from scratch. If you take a closer look at products or services you currently use, you’ll notice that some of them were spinoffs or an upgraded version of existing business models. An example are the cat cafes. Food and pets don’t usually go together. Well, that was before. Now we find it serving a market who likes cats and enjoys drinking their favorite beverages while spending time with them. Another good thing about taking from an existing business concept is you know it has worked before. You’re just adding a little bit more value to it.
Find a problem that your startup can solveWho wouldn’t love a product or service that could make people’s lives easy, right? When thinking about your startup business idea, ask yourself if it is answering a need. On-demand transportation service is a good case study. Customers didn’t even know they needed it until it existed. Calling a cab was the old practice and it did work, until we realized that the problems were (a) waiting for an available cab to pass by not knowing there’s one available on the next block; (b) having to compete with other passengers to get a ride; (c) possible disagreements with the driver. And perhaps some more not too evident concerns but were addressed by the added conveniences of this type of service.An added tip as some would say, think about a business that will offer to do what other people don’t want to do themselves. And that’s how laundry businesses came to existence.
Serve a specific marketChoose a type of customer to serve, because different people have different wants and needs. What one group of people would find valuable, may not be the same for another. This will also give you more focus, and help you come up with an effective and profitable product or service. There are several startup businesses out there selling products for moms and babies, from baby cots to teething mittens to fashionable breastfeeding clothing. The good thing about knowing your specific market is you’re able to customize and build your product and services around their needs.
Whether you already have a startup idea in mind or still working on creating one, these three things are some factors that you should consider. In addition, it is best to do research and talk to people with experience, too.
ClinkIT PowerUp is a business partnership program for the world’s most promising entrepreneurs and disruptive innovators. By providing startups with a global launchpad for its MVP (minimum viable product), it will help aspiring entrepreneurs to get the right support, mentorship, and connection throughout the life of their project. Visit clinkitpowerup.com to learn more.