Generating Business Ideas- Part 11
February 25, 2010
In this article, I am going to share with you steps for developing your business ideas into hot products and services that you can sell to your target market. This is a guide for those starting a business and for those aspiring to embark on business start-up. Just because you have ideas will not earn you financial success if it is not well developed and targeted to a specific market. In addition, your ideas must be developed to offer unique and useful benefits to your market.
In my book, My Business Is My Business- Learn How To Earn A Fortune, I have provided readers with the steps that are needed for starting a business from scratch. You can download a free copy of the book from www.businessservicessupport.com as well as many other ebooks and templates to assist you with starting a business. For now let me take you through a simple step to develop your business idea. This step works irrespective of what type of business you are starting. Don’t underestimate it just because it sounds simple.
The first thing you need to know is that the primary role of a business is to provide solutions to a problem faced by a target market. This implies the target market must have the desire to address the problem and your products and services must offer solutions to the market. With this simple information in mind, your role is to identify how your ideas can be developed to address a particular problem. Remember you can find techniques and tools for idea generation from our website.
Follow me in this journey. I want you to imagine what life was like when mums have to endure the problem of their babies having nappy rashes frequently. Endless crying due to sore bumps, sleepless night, prescription costs the list continues. This was a problem because the nappies did not always absorb the wetness and as a result caused all sort of problems. A typical entrepreneur who is problem solution focus did not join the bandwagon to complain but rather set his/her mind to work on the problem to come up with a solution. And true to the nature of our mind, an idea was birth which was called disposal nappies or pampers. Pampers kept babies bump’s dry even after doing their thing and mums were happy with that simple product but yet effective. Using this story line, any one can get their idea focus to resolve a particular problem and then develop a product for a target market.
You simply need to ask yourself these questions:
1. What is the problem I am trying to solve? You have to be specific and clear.
2. How can this problem be resolved
The second question must be asked in order for you to generate ideas that will provide the solution to the problem. Once you have generated the ideas using some of the tools shared in my book or earlier article, your next task is to develop the ideas to be more acceptable to your target market. To do this, you need to ask a third question.
3. Who will benefit from this solution- be specific?
4. What will be the benefits of this solution to my market
5. How would they want the product or services delivered to them – some research will be required here.
Getting an expert coach and mentor to take you through the process can be useful. Brain storming with others can also be useful and you can join our free forum and ask questions from others.
Sheila Elliott is a business start-up and development expert offering group and one to one coaching and training sessions. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com
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