Proposal Ideas for Business
Determine whether you have the time, energy and resources required to implement your business idea. Implementing your business idea will be a long and time-consuming process. You should consider what financial resources, ie. cash and credit, that you can access to implement your business idea. Next consider whether you will need to make the implementation of your business idea a full-time job, a part-time endeavor, or whether others can implement the plan on your behalf. Research similar products and services. If you have a good business idea, your first step should be to research whether other products or services exist that are similar to your business idea. Don’t worry if you find similar business models, this could simply mean that there is a strong market that is worth entering. Furthermore, the presence of potential competitors can be used to identify the needs of consumers that are currently not being met by existing businesses.
- Research customer feedback on the services and products provided by identified potential competitors. Once the limitations of your competitors are identified you can structure your business proposal in a manner that offers solutions to these limitations in order to create a unique offering to the public.
- If you are unable to locate similar services and products, this may be a sign that your business idea will be a great success because it will fulfill the needs of an underserved market.
- However, the absence of a market for your business product or service could indicate the difficulty of successfully implementing the business idea underlying your proposal.
- Review competitor advertisements and other marketing tools used by competitors to attract potential customers.
- Determine the key elements of each competitor's marketing approach - low cost, high quality, superior service, and so on.