Every business started as an idea, but a business idea must be well planned and executed for it to become a business.
My focus on this blog is to teach business owners how to leverage Digital Marketing to drive traffic to their sites and increase sales.
In this post, I want to cater to my audience, who would like to start a business or another business by sharing the four-step process they can leverage time and again to come up with viable business ideas.
What is a Business Idea?
According to Wikipedia, A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.
To start any business that will remain both profitable and popular, you have to answer these four-step questions.
The 4 Step Process to Coming up with a Business Idea
Who do you want to serve?
You need to be clear about the following things;
Who is your dream customer?
What is their financial status?
What is important to them?
What are their most significant pain points?
What problem are they willing to spend money solving?
You must create a buyer persona. If you are not very clear about your target audience, you will not be able to create a product or service that will resonate with them.
If you are not very clear about your target audience, you will not be able to create a product or service that will resonate with them
And even if you do, you may not be able to attract them with your marketing.
Where do they hang out?
What Facebook group do they congregate?
What newsletters are they subscribed to?
What club are they members?
What shows get their interest?
What causes interests them?
What influencers do they follow?
Getting clear about this factor will help you target your marketing effort on the platform(s) where your prospects congregate.
If you get this process right, your advertising cost will be low as Social Media platforms charge advertisers lower if your ad gets lots of clicks.
What bait can you create to get your dream customer excited?
How do you get their attention?
How do you make them know you have something they need?
How can you make them know you can solve a problem they have?
What result are you offering?
The simpler your offering, the better. You must be able to summarize your core offering in one sentence.
For Example, mine is to help Business Owners, Solopreneurs, and Network Marketers Drive Traffic and Increase Sales.
What is yours?
If you followed through with the four-step process, you would know the problem your target audience wants to solve, all you need to do is to create a product or service that solves that problem.
And you’d have to ensure that you communicate the solution you offer very clearly in your marketing. Your value proposition must be self-evident.
You must go through this process and document your findings, as this will help you to sift your ideas.
You should sift your business ideas before you get into the market, so you don’t end up wasting your money and time.
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