New ideas – opportunities – and pitfalls

Have you got time on your hands?  Use it to turn your innovative idea into a new business or explore new ways to pivot an existing business.  In challenging times, there are always opportunities!

But what do you do next and how do you avoid the pitfalls?  According to research, the key reasons that new business ideas fail are a lack of market demand (49%), cash flow problems (29%) and the wrong team (23%).

Here are the basic steps, and how to avoid the pitfalls:

  1. Start by Identifying a problem, a need or a market gap that you can solve
  2. Conduct research – identify your competitors, compliance and legal issues and importantly, ensure there is a market (customers) for your product or service.
  3. Consider how you will protect your idea (IP).
  4. Understand your value proposition – why will customers buy YOUR product or service? What is its unique selling point? What benefit does it provide.
  5. Develop a business plan – identify and delineate the market, positioning, price point, branding, marketing strategy, design, development, commercialisation path and the financial projections.
  6. Ensure you know how much money you will need and where to find it.
  7. Clearly identify the team, skills and resources you will need to bring it to market.

Need help?

INNOVIC can help you turn a viable concept into a successful product or service. Call INNOVIC on Tel: (03) 8060 3504 to find out more.  Or apply for a zoom or telephone consultation at www.innovic.com.au

 

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