What makes a great business idea?

A successful company concept is more than just a "thought," it's a chance with a strategy—one that enables you to expand your customers while being lucrative and scalable. Many small firms start out with a problem-solving concept, but they never find the widespread appeal they require to become the "next big thing," which prevents them from succeeding.

As we'll see, there are many factors to consider when creating a successful brand; small business ideas are only the beginning. To get there, you'll need to assess both the potential of your concept and your ability to carry it out.

What kind of business founder are you?

The simple part is deciding to convert a concept into a business. Launching a successful business requires dedication.

Knowing yourself is the first step to being a successful business. Knowing your strengths, limitations and hobbies can help you make the most of your advantages, foresee potential shortcomings and maintain your motivation when things go tough during the company's growth.

Some people are passionate about the business arts and designing solutions that add value. However, most business owners consider themselves to be their consumers and are driven by a problem, pain point, or passion. Nothing makes them happier than seeing customers enjoying their items.

Here are some good questions to ask about your founder-fit for a business venture:

  • Do you have strong opinions, expertise, or a story that relates to your product category?

  • Do you have key skills that make you a good fit for this idea? Maybe you’re a strong communicator who can pitch to retailers and form business relationships. Or you have a design background that would help in developing a compelling brand. Are there any skills you don’t have, but could outsource or delegate to employees?

  • Are you personally invested in the problem you’re solving or the interest you’re catering to? You don’t need to be. But it helps!

  • Could you create content to grow an audience online (social media account, YouTube channel, email list)? Some entrepreneurs today begin by building engaged audiences that eventually become the backbone of a thriving business.

How profitable is your business idea?

All business ideas must have the potential to be profitable to be worth your while. But profitability is a bit more complicated than simply ensuring your company is in the black after subtracting your total expenses from your total revenue.

Let’s say you want to sell hot sauce at £20 a bottle. If it costs you £5 to manufacture and get it ready to ship, you’ll bring in £15 in profit per unit sold. That’s not a lot of money to spend on finding a customer for it, let alone the other business expenses you’ll incur.

The good news is there are many levers you can pull on to boost the profitability of your new venture. You could:

  • Increase your price. (This may seem obvious, but a solid pricing strategy is crucial to creating a sustainable business model.)

  • Bundle together multiple products to increase the average order value of each customer.

  • Sell in bulk to other retailers.

  • Entice your past customers to make repeat purchases. It’s much more cost effective to market to existing customers.

  • Offer a subscription to encourage more repeat orders.

  • Expand your offerings with new, more profitable products or services you can sell to the same audience.

Instead, consider the various marketing opportunities that exist around your business idea:

Is your industry Searching online for your goods? Conduct keyword research as a first step to determine how many people look for your products or solutions to the problems you solve online. If there is a substantial demand for this, you may spend money on a search engine marketing campaign to appear in the appropriate results for these deliberate buyers.

Are there any other merchants or companies who might be interested in purchasing your goods in bulk to resell to their customers? To let visitors know, that this option is available, you need to make a page expressly for wholesale, corporate gifts, or bespoke orders on your website.

Can you attract individuals to subscribe to your email list with discounts, freebies, or downloads? The next greatest thing you can receive from a consumer after a purchase is an email since it allows you to engage with them in their inbox for free. Create a strategy to draw in visitors who aren't quite ready to make a purchase while you generate traffic to your website. This might enable you to maximise your marketing budget.

Would your customers create content of themselves using your products? If your products are shareable (e.g.. Instagram-worthy), you can create a social-sharing loop with a simple post-purchase email that helps you get more reach as you get more customers.

Turn your idea into a great business plan.

There are many other considerations that go into building a business, from legal requirements to your supply chain to the exact products or services you will sell. But hopefully these questions have helped you find more confidence in your business idea or choose an idea that you want to see all the way through.

If you would like us to help you find the right business model or perhaps how you can market your business idea. Contact us, it would be great to work together!

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