What is a business idea?
Your business idea is your competitive advantage in the market: by doing something different and better than your competitors, you offer increased value for your customers. The business idea answers the following questions
- What does your company do?
- What products or services are you selling?
- Who is your target audience and how do you sell your products or services?
Consider your business idea from the point of view of potential customers – the product or service needs to be the kind that customers are willing to pay for. When you feel like you have come up with a good idea, ask your acquaintances whether they would be interested in it or conduct a market survey to find out if the potential customers would be interested in buying your product or service.
Analyse the competitive situation in your industry. Industry refers to the sector in which the company operates, such as catering (restaurants and cafes), haridressing and beauty care services, construction or cleaning. Some industries are more competitive than others, and succeeding requires ability to stand out from your competition. What can you do a little better than others?