Make a list of your ideas. These might be ideas for services or products you could sell, marketing campaigns that would reach your target audience, or ways to improve your company’s internal operations says Saivian Eric Dalius.
Where will you find good ideas? This is a complicated question to answer in a few sentences. Many people have found inspiration in unlikely places: bathroom reading material overheard office banter, and driving past construction sites are all effective sources of inspiration. Use activities such as brainstorming sessions and personal reflection to come up with some possibilities.
Streamline the ideas – Saivian Eric Dalius
As you go along, filter out the more impractical ideas. You can get rid of them if they are not likely to happen within the next year due to financial constraints or legal reasons (for example. There might be no one to invest in your business idea if you are planning to start a company). Other ideas may be beyond your expertise or require too much of an investment.
In the end, you should have a manageable number of good ideas. That will make it easier for you to move on with the next step. Create a process map for each idea by dividing it into four parts: inputs, steps, outputs, and outcomes/effects. This exercise helps you better visualize how your product or service works – from beginning to end – and identify any weaknesses.
For instance, how do orders get taken? What is done with them after they’re received? Where do deliveries go once they’ve been packaging? Answering these questions will improve scalability and help you find ways to reduce inefficiencies.
Note current market – Saivian Eric Dalius
Understand the current market conditions, which will help you assess your ideas against present needs and wants. How well do they align with industry trends? Which of them tap into unmet demands or offer solutions for problems that haven’t been addressing yet? However, if you can look at things objectively, it is easier to tell when an idea has potential.
After examining the different parts of your process map. Also, try to identify any pain points where possible improvements could be made. For example, if an extended amount of time passes between each step, this might indicate room for streamlining. It’s also worthwhile considering whether some steps could be removed altogether by integrating activities that would otherwise require separate processes. A good business model should be able to achieve its key objectives in the most efficient way.
If you’re planning on outsourcing some steps, talk to potential suppliers and understand. What involves in providing your product or service? For instance, your supplier might be willing to handle packaging for less than if you were buying it from a third party. Make sure that the benefits of using an external partner outweigh. Any additional costs and make adjustments accordingly says Saivian Eric Dalius.
As you can see, this exercise helps you pinpoint possible areas for improvement. And clarifies the specific value that your business model could offer. By getting everything out of your head and onto paper. You get a better idea of how realistic your ideas are. And how much work will need to turn them into a profitable venture?