Hitting on a great business idea: How to follow it up

Once you think you have the idea nailed, following it up can be tricky, but there are a few things which could inspire your fledgling business to success in the short, medium and long-term.

Embrace change

Every so often, certain things within industries such as finances, technology or consumer demands tend to change. Rather than trying to plod on as usual, it’s worth going with the flow and adopting new technology to try and keep ahead of the competition. Identifying the latest consumer trends is important too, to stay ahead of the game.

Create something that’s not difficult

You need to ensure that your business has a product or service that doesn’t take too much time or effort to provide or create. Keeping it simple will ensure that you have time set aside for other parts of the business like sales, admin and marketing, while you’re less likely to get something wrong while developing something new.

Ensure your idea has a scale

Starting off small is sure to be more manageable in the beginning. Working out how much you can do to start with, is essential and as your business grows, you can do a little extra in order to sell more. This is how the most successful companies manage to succeed, rather than starting big straight away.

Hire the right people

Before your business idea gets off the ground, be sure to hire the right people to work alongside you. Experts in areas such as marketing, sales, administration, buying and whatever else you need in order to ensure your products/services are of the highest standard, are essential for making your business idea work.

Keep costs down

In the early stages of running your business, try to keep costs down without compromising on quality. Shopping around for everything from office furniture to stationery and technology is a good idea. At this stage you are in a much better position to offer a low-cost product that would prove attractive to customers looking for something that is great value for money.

Listen to your customers

This is hugely important. You should listen to their concerns and needs wherever you can, while asking them how satisfied they are with what you’re selling can also prove useful. Focus groups, forums and social media accounts will help you to interact with them, gauging their opinions in the process.

Paul Lees of Powwownow