Identify and value your business idea

If you still do not have a clear idea of your business idea, Infoautónomos gives you clues on how to find your business idea, the importance of innovation in your value proposition and the different ways of assessing your idea: initial test, business model canvas a, d business plan.

Every once in a while a possible business idea is crossed in our heheads,ither because we observe some badly covered need, either because we see someone who is doing well or simply because we see the sign "It is transferred" in a local that we find attractive. In this article, we will look at some tips that will help you identify and value your business ideas.

First, it should be noted that a good idea does not mean there is a business opportunity. The key to success is to identify ideas that are going to be accepted by the market, for which it is convenient to carefully study the clientele and the competition.

The idea is only one of the ingredients of the "Idea + People + Capital" cocktail, which are the three elements necessary to create a business. The idea alone is worthless, the important thing is the ability to put it into operation and that is why people and money have a lot to do with it.

How do you usually find business ideas?
There are different ways of finding that niche in which a self-employed or an SME can successfully specialize. Let's see the most common:

Through: professional experience, received training or personal hobbies. If you are an expert in any subject it will be easier for you to find business ideas in that field. And probably with greater chances of success than in fields you do not know well.

By observing the environment and detecting unmet needs. For example, think about what products and services could be developed to improve your personal or professional life or that of your family and friends.
Repeating other people's experiences, that is, copying something that works well. Traveling is usually very helpful in this regard. And copying is the greatest source of business ideas.

Franchise: that facilitate us the copy of a business model that has had a demonstrated success.

New uses and new ways to sell an existing product or service. For example, the Internet has changed the way we sell tourism, Phone Accessories, Clothes, Electronics Etc.

The invention of a totally new product or service. This is the most difficult, not only because of the difficulty of finding the invention of the century but also because the life of the pioneers is usually more hazardous.

In our article Trends and future sectors you will find a list of future areas and activities that can help you define and specify your idea.

The importance of Innovation
We live in a very competitive world. In almost any activity that we want to carry out, there is a high degree of competence and if not, soon there will be. Therefore, it is more important than ever to differentiate ourselves from our competitors and for this, we must do something innovative that really improves the customer experience.

Inventing a totally new product or service is very difficult and is available to very few. The vast majority of the time, innovate consists of improving what is already done, introducing some differential element in some aspect of the business (marketing, presentation, complements ...). The great innovation of Tele-Pizza was the home delivery and we constantly see how they continue to open bars and restaurants that are successful, probably because they are offering some novelty in terms of design, decoration, atmosphere, music or tapas and drinks. a business of a lifetime with a few strokes that make it different.

Very revolutionary ideas are difficult to put into practice. It works better to transform or adapt an existing idea and manage it well. And the internet offers great possibilities in that sense.

How to evaluate your business ideas?
Before carrying out an in-depth analysis using a business plan, you should take a couple of pages and reflect on the following initial questions, giving them a written response:

What value proposition am I going to offer my potential clients?
Is the market to which I am going to go to grow, will it keep or will it decrease ? Obviously, we are interested in entering growing markets.
Is there enough market space for me to enter?
Will customers and distributors accept us? Do I really offer you something different?
What resources are necessary? Are they within my reach?
Does it fit with my personal and professional goals?
If you have an innovative idea in mind, a good initial analysis methodology is the business model canvas or business model canvas, very popular in all startup support programs.

In a second phase, you must prepare a business plan or business plan where you study the marketing, define how you are going to organize yourself and how you are going to obtain the necessary resources. Infoautónomos offers you some useful templates that will help you prepare your business plan.