How Do you come up with a concept for your business?
I like to keep things simple and will not drown you in details that may be confusing and complicate matters. The starting points and most essential are really figuring out Who You Want to Be in the Marketplace? These Products and Services you want to offer, the Target Market, Research on your Industry, that famous Value Proposition, 4P’s, Test/adjust your concept and more.
The Concept for a New Business starts with your Passion, Dream and skills. Your passion is key for success, it is very important for you to understand what you bring to the table for your future clients, and your capability in delivering that service/product today and in the future- 5-year plan.
The Concept for an existing business is also about your Passion, Dream and skills, and you need to add in the mix what your business is about, what it has accomplished to date and what drives you.
This first step is most important to set the foundation for the identity of your Business and Team, unfortunately most business owners ignored that step. For example, I am a Dentist, being a Dentist is not a passion- just your profession similar to others and a generic service. OK, next version, I am a Family Dentist, which is slightly better- now add to that- a better version: a Dentist who loves to work with families and dedicated to working with Children.
Now, your passion is clearer, well defined and can take you to the next steps. Your passion is what leads your business to success, and as Confucius said “You take yourself wherever you go.”, meaning with your passion you may reach success and without it you stumble all over the place. Of course, next steps would be doing your homework & research your industry, understand your Value offering, and more. All are essential components of that concept.
Often I hear, who cares about concept and passion, we are in business to make money. Recently, I was working with a client, and in our conversation, he complained that his sales team was struggling to close deals. Actually, one of the core reasons were that they had no concept for their business, no clear value proposition, and lacked that business identity for the Team to belong to. All that was left was just a product to sell, a product they did not understand, did not appreciate and were not passionate about.
The answer is simple, your business concept is the foundation of your business, products & services, differentiation, marketing, sales, messaging, presentation and more. If you do not have one, you do not have a strategy or vision, and lack a path for the growth of your business.
A Concept is not something you come up with in a lab or cook in your kitchen, it is simply a reflection of your identity, mission / vision and strategy. You have to be able to implement your concept, incorporate it in your business culture, and deliver it as well.
What is your Concept for your Business? Need help figuring that out?
One Simple question, What is Your Strategy?
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