So you’ve got a new business idea…What next?

Are you being kept awake at 2am by potential business ideas swirling around in your brain? Well, write them down, go back to bed and then in the morning answer these six questions:

Can you expand on the idea you wrote down? 
It doesn’t matter if you do it one sentence, four words or with a mind map. Get the idea out of your head and onto paper. Give it a ‘number name’ i.e. Project 46 so you can focus on the mechanics of the idea instead of getting stuck on a name. Don’t let the indecision and doubt of what to name your project overflow to the rest of your thought flow.

What is your USP?
Your USP is a unique selling point: the thing that sets you apart from others and motivates customers to use your product or service over anyone else’s. USP’s come in all shapes and sizes and it most definitely is not confined to your product. It could hiding in an element of your supply chain, customer service or customer communication.

Who is your ideal customer? 
Nowadays, there are just as many teenagers crocheting up a storm as there are retirees. This means that using psychographics to identify your ideal customer is more proactive then using demographics. Psychographics are the psychological attributes of an individual, group or community such as the kind of personality they have, what their values, opinions, interests and attitudes are. Using psychographics means you can build an ideal customer that you can relate to i.e. young extroverted men who enjoy camping, fishing and barbecuing but don’t particularly enjoy cleaning the windows or going to the shops (unless its BCF).

What is the best way to reach your customer? 
How are you going to bring awareness of your product or service to your customer and how can they engage or buy from you? Identify where your ideal customer is hanging out (online and offline) and see if you can get your information into their space (without breaking the law or getting arrested). You can reach out to them via social media, print media, community radio, TV or going to their businesses and giving demos (if this fits with your product).

How are you going to deliver Project 46 to your customer? 
Think about how your ideal customer receives similar products and services and see if that will work for you. Are they competent, equipped and comfortable with the delivery method you would like to use? If you are posting it, do you need to offer insurance? If it’s a digital service or product does your customer have the tools they need to receive it?

What is your post sale strategy? 
Having this mapped could be the difference between your customer becoming a part of your community AKA repeat customer and them being a once off buyer. Are you going to send them an email to check they got your product in the post or that they were satisfied with your service? Do they get a discount on their next purchase or do you need to follow up with them on the second installment of their journey with you?

Find a brains trust and talk to them.
Find a group of trusted individuals who you know will give you honest, un-biased and thought provoking responses to you when you pitch them your idea and discuss possible challenges. Talking it out can help you see things from new perspectives and it can also give you a good idea of whether you are onto a good thing! Otherwise, come in and have a chat with us. We could help you fill in the blanks or put you in touch with possible collaborators or other fonts of knowledge that could help you along the way. Give us a call on (08)9841 8477 if you’d like to come in otherwise you can hang out with us on Facebook if you aren’t in Albany/Mt Barker/Denmark or we can book in a Skype session!