Identifying a Winning Business Idea: Tips From a Small Business Start Up Consulting Firm

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start up businessAt Illumination Consulting, we work with everyone from established skin care entrepreneurs to those who are just getting started. Many people have business ideas they consider excellent. How do they determine whether these are feasible? As a firm that has offered small business start up consulting services for years, we know that it is all in the questions asked.

Business ideas typically undergo a transformation between their initial generation and the implementation phase. To determine whether an idea for a new venture has “teeth,” an evaluative process is recommended. This involves asking several important questions including whether the product is a more appealing replacement to what already exists. Consumers are already buying something else instead and your product must be enticing enough to make them purchase it instead.

Answering this question requires identifying a customer base. Think about how the product will resolve a problem or meet a need of certain consumers and create a profile of these people to identify the where the greatest opportunities are. Then, determine how to turn the idea into reality by identifying the resources needed and whether the budget accommodates these.

When seeking financing or other support, entrepreneurs must demonstrate their business ideas to an audience. This requires making the idea tangible through efforts such as creating samples. The simple act of representing the idea to other people illustrates how feasible the product could be. This endeavor is also important when building a team because others must buy into the business idea and want to become involved. If hiring staff is not feasible, consider letting us assist with startup efforts.

Forecasting sales is part of the operational analysis process. Come up with a specific sales estimate based on the predicted size of the target audience and price point of the skin care product. To determine how much cash will be needed before sales are generated, identify the length of the purchasing cycle. The longer this is, the more money will be needed from the start.

Look into the future and develop growth plans. With mass production, a new skin care business could grow quickly but this is not always affordable. It is essential for aspiring entrepreneurs to consider these aspects. However, perhaps the most important recommendation this small business startup consulting firm can provide is to ensure that you are willing to dedicate the time and effort required to transform the business idea into reality.

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