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Analysis of Home Based Business Idea
Posted on Friday, October 28 @ 07:10:21 MSD
Topic: Home Business | Your brilliant home based business idea may indeed be brilliant - or it may need some work. Here's how to find out whether you're ready for startup.
Analysis
First looks at a home business idea from four perspectives: company, customer, competitor and collaborator. This approach allows you to scrutinize a home business idea before even approaching the topic of brand development.
1. Company. Think of your idea in terms of its product/service features, the benefits to customers, the personality of your company, what key messages you'll be relaying and the core promises you'll be making to customers.
2. Customer. There are three different customers you'll need to think about in relation to your idea: purchasers (those who make the decision or write the check), influencers (the individual, organization or group of people who influence the purchasing decision), and the end users (the person or group of people who will directly interact with your product or service).
3. Competitor. Again, there are three different groups you'll need to keep in mind: primary, secondary and tertiary. Their placement within each level is based on how often your business would compete with them and how you would tailor your messages when competing with each of these groups.
4. Collaborators. Think of organizations and people who may have an interest in your success but aren't directly paid or rewarded for any success your business might realize, such as associations, the media and other organizations that sell to your customers.
Another approach is to research is SWOT analysis, meaning analysis of the strengths of your industry, your product or service; the weaknesses of your product (such as design flaws) or service (such as high prices); and potential threats (such as the economy). SWOT enables an entrepreneur to quickly understand whether their product or service will make it in the current environment.
Whatever your approach to evaluating your home based business idea, just be sure you're meeting the research objectives you've outlined for your product or service. With those goals always top-of-mind, your analysis will help you discover whether your idea has any holes that need patching.
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