New Year New Business. Will your business idea be a success in 2016?

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With around 80% of new businesses failing within the first 18 months, entrepreneurs must be certain that their business idea will be a success before making major investments in 2016. While no one should let the fear of the unknown stop them from following their passion and starting a business, there are several questions you should ask yourself at the beginning.

Have you done sufficient research?

It is vital to know your market and your audience before you start spending money on anything else. What other products are already out there? What has been successful? What has failed? What do your potential customers like? You should use both primary and secondary research methods, creating your own data and analysing the existing data available to you. You could also talk to a Business Advisor. Only once you have some facts and statistics backing up your business idea should you start making it happen.

Does your business idea solve a problem?

Consumers are always looking for the next product or service which is going to make their lives easier, solve their problems and benefit them in a positive way. If your business idea isn’t solving an existing problem, you might need to go back to the drawing board, depending on your market.

Do you have a unique selling point?

In today’s modern, consumer driven world there is a lot of competition out there, no matter what market you are entering. You need to decide if your product/service has a unique and original offering, something which your competitors cannot match. That unique selling point will be how you dominate your market. If it’s not strong or unique enough, your business may drown in the competitors offerings.

What feedback have you been given?

While it is very important that you fully believe in your business, you’re also going to need other people to believe in it for it to be a success. What have other people said about your business idea? Are your peers on board? Did you approach any investors? If so, did they want to back your business idea? What is the media saying about your industry/business idea? Have you been nominated for any awards? Feedback is going to be extremely important and you should look to as many sources as possible in order to discover if there are any reoccurring issues being mentioned.

Asking yourself these questions and more will help you to either reach a place where you are 100% confident in your business idea or will help you to discover the flaws in your plan. Although there is no guarantee your business will succeed, you shouldn’t be afraid to try. There are plenty of successful business men and women who learnt from their past failures to get where they are today. Bill Gates’ first business, Traf-O-Date was a complete failure and look where he is today! If you’re looking for ideas on how to promote your new business in 2016, feel free to get in touch with us today.