5 Steps to Creating a Winning Business

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Many people have great business ideas, but they never get off the ground. Why is that? It’s because they only think about the product and don’t always think about the big picture — the brand. We’ve put together a way to help organize your thoughts and plan ahead so you can sell a winning brand experience.

1. Identify Your Big Idea

For a brainstorming session, think about the things you consume, read, enjoy, or use every day. Think about unsolved problems in your life. Identify your personal strengths. 

In truth, some of the most successful ideas have been inspired by everyday problems, from diapers to consulting.

2. Do Your Research

Even if you think research is boring, don’t skip this step. Spend a good amount of time (even months) researching your concept. Take time to research:

Competitor products and services

Common industry problems

Common customer concerns/pain points

This will give you time to fine-tune your idea and see what works and what’s not working for similar businesses.

3.  Identify Your Target Audience

Use the tools you have at your disposal. Your research should have helped you identify potential customers, so now you can build your social media campaigns, which you can use to crowdfund your fresh offer!

4.  Listen to Feedback

When you launch your business, it’s going to be critical that you’re receptive to feedback and willing to adapt and change based on your customers’ needs and concerns. For example, if you see a low review online, see if you can reach out and make things right. Show the world you’re willing to listen, engage, and respond.

5. Put Your Customers First

Even though profit is at the heart of business, don’t cut costs in order to be more profitable. Your goal should be to meet and exceed customer expectations. A satisfied customer means a repeat customer and the possibility of positive reviews.

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