Be your own boss. Entrepreneurship. Be a CEO, not an employee are some of the words thrown around today. But then you may wonder if your business idea is worthy enough to battle competitors – whether direct or indirect – successfully and prevail. Quiet your fears, these three guides will help you see more clearly.
1. Check Out the Competition
The presence of competitors in an industry is a great way to determine the direction you should go, and what aspects are lacking in the industry. If there is a direct competitor with active customers in the industry you are interested in, this tells you there’s a market for your idea. While healthy competition is always good for any industry, knowing what makes you different is a smart move, especially if your rival is already very popular.
A good place to start is to offer features that are lacking in your competitor’s service in a bid to tempt people to try your service. These features will differentiate your service from theirs, helping you break into the business, and gain a significant following.
2. Conduct Market Research
Now that you know what the competition is up to, the next step is to look into the market. To set your business apart, ensure to look into the best ways to gain exposure in the minds of potential customers, and market research is the first step to getting your name out there.
Market research comes in many shapes and sizes: direct from the user, through agencies and even by running your own polls. For example:
- You can create a survey asking if people would be interested in a potential product using Survey Monkey, and distribute it to relevant LinkedIn and Facebook groups.
- You can hold group discussions to get real time feedback about what people think of your idea.
- You can also cold call, set up interviews, and poll people in target groups.
3. Test Your Product
If you want to know how well your product will be accepted in the market, obtaining a proof of concept is probably the best thing you can do. The results of a proof of concept will tell you whether or not it’s wise to continue pursuing your business idea.
Acquiring a proof of concept though is not always easy because few enterprises are willing to invest in this process since it’s been known to be a complicated and sometimes risky process. However, you may look for pilot opportunities like product fairs and shows that help test new products and technologies which will in turn become solutions.
If you are still not sure about your startup idea, perhaps, your idea isn’t meant to be brought to life as is, but needs to be refined for best fit.