Jul 20 in Community
How do you precise a Business idea?
1. Define the General business Idea by writing down your general business idea clearly and concisely.
2. Identify the broader market for your general business idea by using tools like Google Trends, market research reports, and industry publications to understand the current trends and demands in the market.
3. Precise broad categories by breaking down your general business idea into broad categories or sectors it touches. For example, if your idea is related to "health and wellness," the categories might include fitness, nutrition, mental health, etc.
4. Segment the market based on demographics (age, gender, income level, education), psychographics (lifestyle, values, interests), and geographic factors of your target audience. Creating customer personas for each segment to understand their specific needs and preferences would be useful.
5. Analyse competitors by identifying existing businesses and competitors in each broad category and analyzing their offerings, strengths, weaknesses, and market positioning.
What is missing according to your experience?
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How do you precise a Business idea?
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