Starting A Business – Why Will Your Business Work? (4/5)

Why do you think your business will work? If you can’t tell your mum or best friend in simple words what the concept is for your business you will find it hard to succeed.

The idea – I want to sell maternity clothes – isn’t enough. You need to have a statement which talks about your business. I want to sell maternity clothes because there are none around that I would want to wear at prices I would want to pay is something closer to a business idea.

However, it is still lacking.

You need to provide an idea, and a value to the buyer, and to yourself.

I want to fill the gap in the market for affordable and trendy maternity wear. I know how I can make/source maternity clothes for a lot less money than the shops are currently charging for them. And I know that by targeting mothers’ and specialist websites I could create a market that would give me a sustainable business.

It’s important that in the big idea of the business that you find some way of telling the market. It’s no good to have the best business without anyone knowing about it. Think about advertising – whether it be large signs outside the business, local newspaper ads, website ads, mentions in magazines, newspapers.

Make the idea something compelling. Why should the consumer shop in your business? What’s in it for them? Are you providing something they can’t get elsewhere? Are you providing better quality than they currently enjoy? Are your goods/services cheaper? Do you offer a brand of cool other businesses don’t? Will they feel better doing business with you?

Even if it is a perceived value only, as long as you can sustain that perception – you will win the business.

Read part five: Who will run the show at your business?