Wednesday, October 30, 2019

Nine Ways To Figure Out If You Have A Winning Business Idea - Forbes

Nine Ways To Figure Out If You Have A Winning Business Idea - Forbes


Nine Ways To Figure Out If You Have A Winning Business Idea - Forbes

Posted: 30 Oct 2019 05:15 AM PDT

With large populations and vibrant energy, major metropolitan areas can be a great place to start your business. However, since these kinds of markets are often highly competitive, it's crucial to make sure your new business or service can stand out in the crowd.

As successful business owners, the members of Forbes Business Council understand what's important to remember when turning a project into a product. To find out more, we asked them what steps entrepreneurs can take to discover if a business idea is a winner. Here is what they said:

Photos courtesy of the individual members

1. Focus On Solving A Problem Better Than Your Competitors

Consider what problems need to be solved, and then define customers' struggles and what needs to be done. Next, identify the main players in the market and analyze their product or service offerings. Decide on a niche market where customers' needs are not met and solve their problems better. Human factors in the process and a lower price may not be what your market's customers are looking for. - Daphne LiuSoftescu

2. Launch Your Minimum Viable Product

Whether in a competitive place like NYC or elsewhere, finding an efficient way to put out the simplest version of your product is critical. Once this is accomplished, you can get feedback and see how customers and the market respond to your idea. If the response is positive, invest in the more complete version of the product. If response is lackluster, then take the idea back to the drawing board. - Kaivan ShroffInstitute for Education

3. Do Your Homework

Become knowledgeable about your industry and evaluate where your idea lies. Now, this doesn't mean that you have to present the cure for cancer, but think critically about what your idea brings to the world—are you reinventing a pre-existing idea? If so, what makes your business different? Do you bring a high-demand service or product to a new region? Take note of the latest conversations. - Alex PollakParaDocs Worldwide Inc.

4. Launch A Targeted Facebook Ad

Create mockups of your business product or service and run Facebook ads targeted to a landing page for inquiry. This will allow you to gauge the demand for your product, potential customer base and response in your area and see what your estimated ROI may be. - Alan CheungALAN KING GROUP

5. Get Your End Users Involved In Product Development

A large body of research shows that new products or services are best adopted if end users are involved from the beginning of the entire product development and management process. Don't build and test it. Sometimes your best prototypes are hand-drawn illustrations on paper. Keep your alpha burn rate low. Your target user or customer group should be an extension of your product team. Build together. - Scott AmyxAmyx Ventures

6. Test The Market On A Smaller Scale

If you're thinking of launching a product or service-based retail business, start by trying your concept at a pop-up, farmers market or online! See how people react to it, get feedback and pivot. Make your product or service the best it can be by working out kinks (without it costing you an arm and a leg)! You don't want to sink your money into a concept that hasn't been refined. - Hoda MahmoodzadeganBAḴT Global

7. Speak To As Many Potential Customers As You Can

Identify who your idea is aimed at and then speak to as many of these people as you can. Reach out through your social channels to influencers, experts, potential competitors and grab a coffee with them. Once you've got feedback and made any changes, consider a quick survey through platforms like Toluna Quick or Survey Monkey where you ask friends, family, etc. to get a larger sample. - Ryan ArshadBrandCap

8. Keep Your Inventory Low At First

Depending on your business, if you can spend as little money as possible to obtain small inventory, or ideally, drop ship products without having to invest a dollar into inventory, you'll be able to test the market and see how products are selling while gathering KPIs. After the initial testing phase is complete, you can then make moves to streamline the process for better results. - Dean ScadutoDino's Digital Marketing & Advisory Firm

9. Engage A Focus Group

Test and research are great litmus tests for new ideas. Research competition to determine current market penetration and longevity of those businesses. Then test and test again. Focus groups are great and experimental product placements are great too. Always track feedback, analyze data, then test again. Once you get a great result, scale your test or scale to soft launch. - Rob TaorminaTalkIQ Media

30 Vegan Business Ideas - Small Business Trends

Posted: 17 Oct 2019 12:00 AM PDT

Vegan food products brought in more than $2 billion in the U.S. this year. And that's just one aspect of the constantly growing market for vegan products.

As more and more people become aware of the impact of animal-based products on their health and the environment, an increasing number of people are choosing to go vegan or at least reduce their consumption of animal products. This opens up a major opportunity for vegan entrepreneurs.



Vegan Business Ideas

Here are some of the vegan business ideas you might consider to support consumers who want to reduce or eliminate their reliance on animal based products.

Vegan Restaurant

Many traditional restaurants don't include a lot of completely plant based or vegan products. Give consumers a healthier and more sustainable choice by opening a restaurant full of vegan menu items.

Vegan Bakery

Baked goods are also not usually vegan friendly due to common ingredients like eggs and butter. But you can make tons of tasty treats using alternatives that don't include any animal products.

Vegan Food Truck

Capture the attention of vegans at events or fairs by starting your own food truck full of vegan versions of favorites like burgers or tacos.

Vegan Caterer

Or you could focus on supplying fully vegan menus to events like weddings or corporate functions as a caterer.

Vegan Ice Cream Stand

Ice cream is a favorite summertime treat for a lot of people. Take dairy out of the equation by offering your own vegan versions of traditional flavors.

Vegan Coffee Shop

Coffee drinks often include milk, cream or other animal based products. Serve vegan consumers by opting for alternatives like plant based milk.

Vegan Grocery Store

Serve consumers who want to cook their own vegan dishes at home by curating shelves full of plant based and sustainable products.

Online Boutique of Vegan Products

You can also start an online shop full of vegan products. This can go beyond food and include things like makeup, clothing and cleaning products.

Meat Alternatives Wholesaler

Meat alternatives like veggie burgers are getting a lot of attention these days. If you can develop a product that offers health benefits good taste, you can sell it to restaurants or stores on a wholesale basis.

Dairy Alternatives Wholesaler

You could also focus on creating dairy free versions of products like milk, butter, ice cream and yogurt and then sell it to retailers.

Vegan Baby Food

Many vegan parents also want to feed their children without using any meat products. If you can develop healthy baby food that is plant based and sustainable, you can sell it to retailers or direct to consumers.

Vegan Pet Food

Similarly, vegan pet owners may prefer that their dogs or cats enjoy diets that don't include animal products. So you could create your own line of vegan pet food.

Vegan Fashion

Start a fashion boutique that doesn't include any animal products like leather. You can integrate vegan versions in order to provide a similar look without the impact of real leather. This can be especially popular in accessories like shoes or handbags.

Vegan Beauty Products

A lot of beauty products like makeup and skin care can also contain ingredients derived from animals. Offer cruelty free versions that don't contain these ingredients and also do not require any animal testing.

Vegan Gift Baskets

Help vegan consumers discover new products and give people an easy way to show some love to their vegan friends and family members by starting a gift basket service that specializes only in vegan products.

Vegan Vending Machines

For offices, schools, shopping centers or public facilities with a lot of health or environmentally conscious individuals, place vending machines that include only vegan snack and drink products.

Vegan Health Consultant

Sometimes people have health issues when adapting to a vegan diet, like protein or vitamin deficiencies. As a health consultant, you can help people find the foods, supplements and activities that work best for them.

Vegan Cookbook Author

Help people find the vegan recipes they need to stick to a meatless or plant based diet by compiling your favorite recipes in a cookbook or series of cookbooks.

Vegan Blogger

You can also compile recipes, tips and insights about vegan food in a daily or weekly blog. Then you can earn money through brand partnerships with health food companies, sidebar ads or affiliate links.

Vegan Cooking Channel

YouTube is another source of potential income for vegan chefs. Start a cooking series where you offer recipes or tips in video form. Then earn money through ad commissions.

Vegan Influencer

In addition to blogging and YouTube, you can also earn money as an influencer on social platforms like Instagram. Partner with your favorite food and lifestyle brands to share information for other vegans.

Documentary Filmmaker

If you want to educate people about issues with animal products or vegan lifestyle products, you can create documentary films and sell them or host screenings.

Vegan Cooking Workshops

Teach people to cook vegan dishes in person by hosting cooking workshops in your local community. You can either charge a small admission fee or partner with advertisers to earn an income from these events.

Personal Chef for Vegan Clients

If you want to serve clients on a more one-on-one basis, you could work as a personal chef. Offer plant based options for health and environmental benefits.

Personal Shopper

Some customers may even prefer to do their own cooking, but don't have time to research and source ingredients. As a personal shopper, you can niche down and source only vegan ingredients or even vegan friendly lifestyle products.

Vegan-Friendly Child Care Center

If you're interested in starting a child care business, you could provide healthy and sustainable meals for the kids to appeal to vegan families.

Vegan Business Directory

Some people prefer to do their own research when it comes to the products they buy. Help them out by compiling a list of businesses that supply items made without animal products. Share those items on a website and offer advertising opportunities or charge a membership fee to earn revenue.

Vegan Food Mobile App

You can take this idea even further by offering resources for vegans in a simple mobile app. Then earn money through mobile ads or app purchases.

Vegan Subscription Service

Help vegan customers discover new snacks, beauty products or clothing by starting a monthly or quarterly subscription box that only sources vegan products.

Investor in Vegan Businesses

If you want to earn some passive income and still support your vegan values, invest in other companies that offer vegan products or services.

Image: Depositphotos.com

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