First of all, what is a business concept? Well, you can think of it as the blueprint for the business which you intend to open in the future. It should be a basic idea, which the individual who decides to open a business should follow. But how do you go about defining a business concept, you might be wondering?
The first important question that you should ask yourself is whether you know your market or not. Remember that every business, in every area, is based on some sort of market or consumers. So it is important to find out what you are up against before venturing into your business venture. Yes, the markets will be different for everyone, but most of the time they will at least share the same types of market or customers.
Once you have figured out your market, the next thing to consider is what type of market you are competing with. Do you have a close market, meaning that you have your potential customers directly competing with you? Or do you have your close market in a broader market area, meaning that your competitors are in the same markets as you? Or you can choose to find a market in a broad or even intermediate area, meaning that your competitors are in several different areas and that your market will compete with them there.
The next thing to consider is how the business concept is going to help you market your products and services to your potential customers. Consider that your customers will be attracted to the products, but the first impression is always the lasting impression, and the right business concept can make a big difference. So you should really work on your sales copy and the brand that you are going to use for your company’s identity.
The next step in working on your concept is to create an outline of your company’s mission. Who are you competing with, and what are your competition’s strengths? How are you going to break your competition down into smaller segments so that you can offer unique products and services to your target market?
The final step is to learn what kinds of services and products are going to make you money. Can you offer a service or product that no one else is offering, and make a profit? Then, you have a market. So, how are you going to find this market, and how do you want to stand out from the rest of the crowd?
A business concept is something that you should be very concerned with when you open your business. It is one of the most important decisions that you are going to make in your life.