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Getting A Business Idea Off The Ground

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You must’ve already gone through a similar scenario in your life wherein you were once filled with so much hope for a goal, only to be disheartened by the means to get there. Well, life doesn’t really grant fast passes to worthwhile triumphs.

Same goes for the business realm. To turn a concept into something concrete, you must have the drive to get it done, the patience for its long hours of effectuation, and of course, the willingness to execute.

Now, this is going to sound really simple – and it is going to be simple – but it’s not going to be easy. Before moving from the idea stage to the creation of a profitable business, all you have to do is, when the passion becomes a force too strong to be reckoned with, begin.

Go from there.

In your journey, take the following notes along:

Are You Offering A Solution?

If you can ask the question “is this a solution to a problem?” to yourself and hear or feel a voice in you that says “yes!” in the most rigid tone possible, then you’re off to a great start. Some of the most successful and progressive businesses have this part in the prologues of their success stories.

Sara Blakely, for example, once prepared for a party only to realize that her white pants were telling her that she didn’t have the right undergarment to smoothen its look. Her business idea then (and her thriving business now) was given birth to when she decided to cut the feet off her control top pantyhose. Voila! The roots of SPANX by Sara Blakely, a shop for slimming intimates, body shapers, and the latest innovations in shapewear for both men and women.

Another success story is of digital fitness app FitOn CEO and founder Lindsay Cook, who, while working as a busy vice president, realized the rough chances of her hitting her favorite studio classes. Although online workouts were present, the quality and motivation just seemed lacking. As a result, the app was conceived.

Who Will Use Your Products/Services?

You will need a sizeable customer base if you want your offerings to stand the test of time. Who will benefit from your product? What will make your prospective customers lean to your products instead of your competition? Learn from your competitors’ marketing strategies and channels to inspire your business plan.

Who Is Your Target Audience?

This goes from a broad market to your specific target. Sure, you can offer a product that could capture the interest of a wide audience, but not everyone will be loyal to that.

Some will only be there for their curiosity. To solve that, determine which of your audience will mostly develop a sweet spot for your offer. There are things to consider, like demographics, psychographics, and even the location you’re planning to set up your business.

This will allow you to spend on a narrower market with a high guarantee of patronage than on an indefinite one with a questionable return. Knowing this will enable you to determine your channels to reach them and will guide you on how to appropriately communicate with them. Either way, you can still start broad but make sure to specify your market as you progress.

How Realistic Is The Idea?

Take your time in your baby steps. Even the business realm steers from utopia, so there’s no use trying to go big in an instant if chances ever seem to surface.

Instead of being unprepared and spending so much on a grand launch, study your product.

Investor-seeking entrepreneurs give themselves an edge when they produce a product prototype for potential customers. In the case of a startup business, however, you could try to conduct a focus group to gather feedback on your products before letting it out into the open market.

Knowing the adjustments you still have to make will help you further improve your product after making your own simulation of a launch.

You’ll Be Afraid, So You Have To Do It Afraid.

Even the biggest, greatest business ideas go futile when the minds they originated from failure to follow through on them. Take your time in assessing your plan for weaknesses. It will not be perfect but you can make it just fine.

Once you begin, never settle.

Go over your plans regularly and make sure your business runs in compliance. Maintain your momentum, acknowledge your critical milestones, welcome the challenges along the way, and never stop improving your product or service.

But the most important part of your business journey is not the business plan but you, the businessperson. Most of the passion has to be fueled, not in the idea, but within you.

Shark Tank star Robert Herjavec suggests, “You have to have a senseless belief in your idea and yourself—almost to the point of being delusional.

Remember that everyone has advice, but no one knows what you have to go through to start, grow and scale a business until they live it. Talk is cheap, but action speaks volumes.”

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Why Difficult Finding Jobs During Unemployment is a Myth

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COVID-19 isn’t the only pandemic that’s sweeping the nation. A million Americans are unemployed and are afraid of applying for work because of a myth. 

Many Americans believe that there is a stigma surrounding unemployment, and it’s making it impossible for them to find work. The number of unemployed people has reached an all-time high since the Great Depression, reaching an astounding level of 72%.

Aside from the challenge that comes with returning to the workforce, many people fear that the stigma around unemployment will make it difficult for them to get a job.

According to research, 84% of Americans believe that there is a stigma surrounding unemployment, and ⅔ of this population are worried that the said stigma is hurting their prospects of finding a job.

However, people’s opinion on unemployment has changed. 96% of hiring managers say that they are highly likely to hire people who were fired because of the pandemic. Here are three things you can do to make it easier to get a job:

Don’t let your worries overwhelm you from taking your opportunity.

If your career path isn’t clear, then it might be time to make a pivot in your career. The best way to begin your career change is by understanding the skills you have available and how they overlap with different roles. A great example is that people who have experience in the food industry have sales skills, which is one of the careers in demand. 

Study skills that are needed for the million jobs being created.

Online learning has never been so popular until now. Since the start of the pandemic, millions of LinkedIn users have consumed over a million hours of learning content every week. They have been able to add 140 million new skills to their profiles since March. 

Data from LinkedIn shows that jobs like software engineers, project managers, and financial analysts have grown in popularity in the span of several years and are some of the most in-demand positions that employers are looking to fill.   

Don’t be ashamed of your situation.

50% percent of unemployed people share that they are looking for work. At the same time, the other half of the population says that they are too embarrassed to share their employment status. 

However, research shows that 73% of people are hired after sharing their situation through connection or personal introduction. 84% of LinkedIn members say that they are more likely to hire people who lost their jobs during the pandemic if they are introduced personally.

Don’t worry.

If you are part of the population that got laid off because of the pandemic, you should work on your skills and apply for work. It might be intimidating at first, but many companies are looking for people to fill positions, and you shouldn’t be worried about myths surrounding unemployment and work. 

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How the Pandemic Is Killing Small Businesses with False Hopes of Reopening

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With the ongoing pandemic, many businesses—both big and small—are severely affected by declining demand from consumers. With everyone currently living amidst the virus, small businesses are slowly reopening. Here is why some small businesses do not thrive in this type of market.

It can be expected that an economic downturn will happen with the ongoing pandemic. The question is, until how long? With the threat of the virus still looming above everyone’s head, small businesses are forced to reopen because of near-empty financial gains. With the current market, however, financial games are more difficult to attain more than ever. First, people are more cautious than ever to leave their residences because of health and safety concerns. Even if small business establishments have reassured people that they have enough social distancing protocols, people are hesitant because of the virus’s ongoing threat. Second, because businesses and companies are starting to shut down because of low financial gains, many people are unemployed. They prefer to invest their money in purchasing essentials instead of wasting it on entertainment and other non-essential items.

Let us look at some small businesses and how the pandemic has slowly killed their economy.

How Small Businesses Are Losing the Financial Battle with the Pandemic

Small Businesses Losing Steam

One of the main attractions of Chicago is Navy Pier. It is a perfect way for people to relax and unwind with its many attractions that boast of various food establishments, entertainment areas, shopping districts, and rides! The Pier closed during the March quarantine lockdown and reopened in June 2020. However, even with many safety and social distancing protocols, the Pier only garnered 15% attendance compared to the previous year. Because of low profit, it shut down again during Labor Day and plans to reopen in 2021 when things are (hopefully) in a more stable condition. 

One of the reasons why the reopening businesses cannot save the economy is that even if these amenities are open, the demand for them to stay open clearly isn’t there with most people wanting to stay indoors or that they cannot simply afford these types of luxuries.

Small Businesses Flourishing

AltCap is a financing and loaning agency that has supported numerous businesses amidst the pandemic. According to AltCap CEO Ruben Alonso III, the pandemic’s effects have affected businesses across the board – with other small businesses permanently shutting down while others are flourishing. For example, a cotton candy business that was thriving well before the pandemic. When the pandemic hit, and the cotton candy business was affected, it evolved into something new! The dessert business was converted into a dessert tricycle that popped at local restaurants and coffee shops, serving sweet treats. With this fast and innovative way to still sell sweet treats, the business flourished and had enough money to set up a storefront space. 

It pretty much boils down to small businesses adaptability, innovation, and flexibility to transform according to the consumers’ needs and demands.

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Apartment Rates Are Plunging Quickly in World’s Richest Cities—Time to Negotiate!

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If you live in an upstate part of a rich city such as Sydney, New York, Vancouver, and Tokyo, it is time for you to sit down with your landlord and negotiate the rate for your apartment. Read on why you need to do this NOW with the current market.

With the ongoing pandemic, bed and breakfast, Airbnb’s, and transient houses have minimal to no revenue as travel opportunities ceased with government travel regulation and social distancing protocols. With all this happening, the market for apartment rates is spiraling downwards. Aside from this, the main demand for upscale apartments is international students who are now stuck at home due to the quarantine. Hence the demand for chic apartments in rich cities is much lower as compared to previous years. Also, millennial renters who are also stuck at home no longer have the motivation to pay additional for cool spaces when the city’s usual hustles and bustles, which ordinarily attracted them in the first place, is non-existent because of the pandemic. 

If you live in an upscale apartment in some of the world’s richest cities such as Sydney, New York, and San Francisco, it is time to act now and initiate a conversation with your landlord about rent rates, especially with the ongoing pandemic.

Apartment Market Trends in World’s Richest Cities

Sydney, Australia

One of the renters who took advantage of the current market value and trend of plunging apartment rates is Christine Chung from Sydney, Australia. She negotiated a 9% drop in her current space at the classy Enmore (10km away from the city) that she shares with three other tenants in Sydney, one of the world’s most expensive cities. She recounts that the process is not easy – she had to track down and wear down the landlord for five weeks of avoided phone calls until the landlord agreed to reduce the rent from AUD895 to AUD810 every week. 

Manhattan, New York

Manhattan is considered one of the prime destinations for apartment real estate. However, with the ongoing pandemic, Manhattan apartments had sunk to the rate back in 2013! Listings for available Manhattan apartments and studios have tripled during the pandemic with a lack of tenants or renters due to closed entertainment establishments. Another lure of tourists and tenants to be in Manhattan is its rich Broadway culture. However, with Broadway cinemas closed until May of 2021, the market to support this culture is also surging fast.

San Francisco, California

In the past, San Francisco was considered as one of the bustling metropolitan areas for millennials who want a taste of San Francisco energy. San Francisco faced a housing issue not too long ago, where Silicon Valley workers had to rent RVs to work in the city! With companies encouraging employees to work from home next year (and maybe permanently), rent prices are splurging downwards. The median rent for San Francisco had a 31% decline, as compared to a .5% decline across the US.

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