Once you have completed your mind map, you have a list of business ideas. There are many of them, they are still abstract. However, at this stage it is important to cut off the unnecessary ones. To do this, evaluate each one according to 5 parameters. Novelty . You must understand how new your idea is to the market and what analogues exist. We do not recommend jumping into very new business niches, since the risk may not be worth it. Trivial ideas can also turn out to be failures, because a high level of demand leads to high competition, where it will not be easy for a newcomer to break through. Demand . How to do it? See if your potential customers are looking for the product/service you are going to offer them, how popular it is, and if certain trends are observed. To do this, use Google TrendsAnd Google Ads.
The idea may be great Think about
But your product or service needs to be in demand Cell Phone Number List and solve specific problems. Perspective . It is extremely important that your idea is not short-term or hype, but has the opportunity to develop in the future and continue to generate income. Competitiveness . In order for you to become a rival to competitors, your idea must have a “zest”, a serious advantage. To do this you need to develop USP (unique selling proposition).It will indicate your uniqueness and distinguish you from competitors. Profit . Your idea must bring you income. Therefore, it is important to calculate costs, payback period, etc. After the previous step, the list of niches will definitely be reduced. This means the time has come for a deeper analysis of the market.
Niche for online business:
6 steps to accurately identify a product or service to sellIf your idea is completely new on the market and there is no demand yet, then you will have to create it yourself. Please note that this may take a lot of time and money, but in the end it will not bring Australia Phone Number the desired result. Enter a query in a search engine that your potential customers can use to find services or products. This way you will immediately see the main competitors, you will be able to evaluate them and understand what they are missing and whether you can fill this gap to take your place among them in the market. Services such as: Similarweb AndSerpstat.