How to choose a successful business
The success of a project lies in the extent to which it is able to exploit the investment ideas and opportunities available in the market, translating them into goods and services that satisfy the needs and desires of the consumers, and at the same time achieve the patient's satisfactory return.
When looking for opportunities and ideas for your small business, there are many criteria that will help you identify the opportunities to start a successful business, which will be explained in turn:
1. Did your idea solve a problem?
The reality is that most successful projects solve a problem already exist, the success of a product or service depends on the consumer's need for this particular service or product.
Recognizing the needs of the market and touching the problem of society is the first element needed to create a successful idea, so you have to know what the market needs, who will solve your problem with your project idea, and therefore need your product or service.
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2. Saturation of need or create in the market
In fact, the mere production of a specific product or service does not necessarily mean that the consumer will be attracted to it. Rather, the product or service must be linked to the desire or satisfaction of a specific need for the consumer. Otherwise, the project will lose the most important reasons for its success.
The rule here says: Find an existing need and then think about how to saturate it. Do not exaggerate by finding an unusual idea that is difficult to accept easily unless you want to waste money and effort in marketing and promotion. Small enterprises do not bear the full length of time and do not usually have sufficient financial resources to withstand. Only giant companies can afford the costs of marketing and promoting an unfamiliar product and creating demand for it.
3. The extent of competition
Competition always exists! How to choose a project and proceed with its implementation without considering the size of competition, which is necessary to prove the feasibility of your idea.
The existence of large competition means that the product has demand and demand, and is needed in the market. While the absence of any competition even simple means that the idea must be canceled and search for others, unless you believe that your idea is unique and there is no parallel in the market. However watch out! The degree of risk in this case is severe and the idea must be studied well.
Also, having very limited competition may mean that there is some kind of monopoly that is difficult for you to face, or that the demand for what you think is weak.
4. Growth prospects
It is not enough to ensure that the market responds to the idea of the product or service you are seeking to deliver through your project. Each project may be prolonged or shortened. It is obsolete when technology goes beyond it, or when the consumer consumes it for many reasons, primarily changing the style, tastes or fashion.
There is no doubt that every project has significant growth opportunities, it will hold for as long as possible with the continuity of profit and return from behind.
One of the things that can measure the growth prospects of your project is to determine whether it is needed in the region where you live or is needed in your city or nationwide? Is there competition that can weaken your chances of growth and expansion?
5. Frequency of sales
The constant consumer need for your project is a good indicator of its success. This means that the consumer will buy from you many times for his or her continued desire for the product or service you offer.
After people know what your project offers and accept to buy it for the first time, continuing to buy means increasing sales volume and financial flows, thereby achieving higher margins.
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6. Extent of development
Markets are changing rapidly and demand for a product may be reduced as a result of changes in consumer tastes or needs, or as competitors gradually enter the market. In this case, your project should be characterized by product development and improvements to meet competition.
Your project must be upgradeable or modified to maintain your market share.
7. Personal abilities
After you have finished evaluating your ideas and making sure you are successful, if you are trying to apply an idea, then you must have experience in the field as well as have the skill and practical experience that enables you to start your project and succeed in it.
How to choose a project just because it seems to be successful with others without you having even minimal experience in the project area! You should know that one of the common reasons for the failure of small businesses is to choose a project in an area that they do not know, even if this area is able to generate a lot of profits.
And finally after you have finished evaluating your ideas according to these criteria, your case will most likely come up with a few ideas, where chances are worth investing in your time and the owner. But it is best to filter these ideas to get the best idea or two ideas, then you must conduct a feasibility study to ascertain the usefulness and return of this idea or ideas. Each project has a degree of risk, profitability and implementation.
Tip 1 : Do not relate to an idea just because you are personally impressed with it and start implementing it. The chances of being accepted in the market are very weak and may cause you a loss you might not bear.
Tip 2: After evaluating your idea according to the above criteria, keep in mind that feasibility studies are the basis for determining the success of any project.
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