At Collaboration, we work with a lot of budding entrepreneurs and startups. We’ve heard lots of inspiring business ideas about how to improve the lives of locals and visitors to Wanaka with innovative new solutions and services.
But all too often, these ideas stay just that – ideas. Usually, we find that this happens because the person with the idea hasn’t quite adjusted their mind set to thinking like a business owner yet. Therefore, they never get to the stage of successfully marketing their ideas.
If you’re thinking of starting a business in 2018, take some time to refocus and look at things like a business owner and marketer. When you’re brainstorming ideas, keep these things in mind:
1. Be passionate about achieving your business and personal goals,
but don’t romanticise your idea too much. While you should definitely have an ideal ‘vision’ to work towards, think about the here and now and what you need to get in place for this idea to fly.
2. When you first come up with an idea, take into consideration:
- Why would people buy this? Are they already buying this from someone else? Why would they buy it from me?
- How much would they pay me to buy this?
- How many sales do I need to make to cover my overheads? Eg. if you plan on selling coffee, how many cups do you need to sell to pay your rent every week? Is it achievable?
- How am I going to sell this? Do I need a shop? Do I need staff? If yes, can I afford them? If no, is there too much work to do for one person? What can I change in the idea to fix this?
3. Scrutinise all your ideas and reasoning as if you are an investor listening to a pitch.
Would you invest in your idea? Ask yourself ‘what?’, ‘why?’, where?’ and ‘how?’ at each step. The best ideas are never the first ideas. You’ll find that by scrutinising and taking away or adding certain things, you’ll have a much stronger proposition. In addition to this, your marketing will be so much stronger.
4. Don’t get too fixated on starting your business in one particular way.
As a business owner, your decisions are based upon what benefits your business and this may not necessarily be what you first imagined. For example, you may start out thinking you want to sell chocolate pancakes, but all your potential customers want are cheese scones. Could you live without chocolate pancakes being on the menu?
5. At the end of the day, it all comes down to sales and sustainability and viability
– keep these three in mind for every decision you make.
We look forward to meeting lots of you again in the New Year and hope this will help get you in the right mind set to start some fantastic new businesses.
We’ve also developed a ‘Business Potential Quiz’ that you can take on our website here. It’s designed to help you spot gaps in your plans, so you can get your idea off the ground.