How do you get new business ideas for beginners to business fast as a newbie?
So you have an idea that is exciting you but how do you know if that idea is really one of the greatest business ideas for beginners?
The first things to test are:
- Explain the value: Can I explain easily how it will help someone?
- Marketability: Would I buy this if I saw it?
- Competition: Is anyone else doing it and can my idea do it better?
Explain the value
If it’s easy to explain (meaning you can get it across to someone within 5 minutes) how it will help someone then you’ve got the seed of a potential offering that may be a business. If there’s a problem out there that will be solved by this idea then you’ve potentially identified a target ‘market’ or ‘audience’ for your eventual offering.
If you’re struggling to easily define the problem that your offering fixes, then the value proposition isn’t yet clear and needs further work, because if you don’t ‘get it’ then it will be very difficult to make others see the value in your idea. Don’t give up on it until you’ve read the ‘Value Proposition‘ article here for some help with this.
Marketability
It is one thing to be convinced that your offering adds value but that’s not always the end point. If you want to make an income from your offering (and there are people who do not – their offering may just be to generate interest or profile) then you need to know if people will part with money to get it. There are cheap strategies to testing the market that will follow in a later article that enable a degree of analysis into whether the offering could be marketable to the target audience.
The ‘price’ you charge often is a key criteria in making your offering marketable and having a successful new business idea as a beginner. Reading the articles on ‘Buying Stuff‘ to get a feel for how your target audience might view a purchase of your offering, and the article on ‘Estimating‘ to help you understand how you might express the value in your offering in a suitable ‘price’ to your target market and audience.
Competition
A lot of new business ideas for beginners don’t get off the starting blocks because of fear of the competition.
It is true that entering a market with lots of competitors can be a challenge. But you need to ensure you are comparing apples with apples, i.e. the offerings of competitors can seem to be directly comparable with yours BUT, when you really begin to analyse the product features and components of what they are offering and the value it provides, you find that they have an orange when it is truly compared to your offering which is the apple (hopefully) of your target audience’s eye 🙂
By investigating in a bit more detail the characteristics of their value propositions you can carve out your own niche for your offering and more tightly align your value proposition to the people you are targeting to help with your offering. Don’ be disheartened and with a little more work you can still get your idea to business successfully.
Bottom Line on new Business Ideas for Beginners
If after testing the above you find your offering is not as exciting as you’d first thought – don’t worry. You have now learnt a new capability to identify the value proposition for new business ideas as a beginner. The next idea will benefit from this new skill that you have acquired and will be better and stronger as a result.
You have also learnt an important lesson that all successful entrepreneurs know, ‘fail early and fail fast’. Once you’ve made the decision that the idea isn’t going to make it then cut it loose before you expend your valuable thinking time and effort (or worse still – sacks of money) on developing an idea that doesn’t pass the tests above sufficiently to make it worthwhile.
To keep you motivated to take on the next idea read the article here on entrepreneur motivation and let me help keep you on the path to success.
Richard
