What business? 4 tips on how to choose your dream business
He does this and he does that. But how to know which direction to take as an entrepreneur? We will advise you on how to choose.
1) Focus on what you excel at
If you love your work, your customers will know it. If you have a degree in your field and years of experience, why not use it to build your own business? Talent and experience can easily give you a competitive edge. You work by your own rules, you just need to know how to sell your skills.
There is a shortage of specialists in the market for some types of trades - if you know a similar business, you're in an ideal starting position.
2) Listen to people
A good strategy is to bet on what people currently want and need. Do your market research and ask questions. Find out what your competitors are offering - and what customers don't like about their offerings.
Keep an eye on current trends and developments in society. What are people hearing about, what's in fashion today? What is much discussed in the media? What are well-known brands betting on?
For example, terms such as sustainability, AI and technology are now being thrown around a lot - you might think of interesting business in these areas.
It's also useful to have an overview of the general situation in the country. A smart entrepreneur can make the most of it. What is the economic situation? What are the problems that are driving the world? Are there any important laws in the pipeline?
While current events are important, think ahead when planning. Fashion trends often don't last long. Prepare for this in advance and design a business plan that will stand up in the long term.
Tip! Not sure how to research the situation? Our strategic analysis guide will help you.
3) Find a gap in the market
There are hundreds of companies doing business in the Czech Republic today. Yet there are still areas of the market that have business potential.
For example, customers that competitors have "forgotten" about in their offer may be a goldmine. Others target men, but are women interested in a similar service? Be the first to offer it.
Often you don't even have to look for a new customer segment. You just need to find out what problems people are solving - and what your competitors may not be able to help them with. Customers like to shop in the evening after work, but all the shops are closed at that time? Set up a store that's open when it suits them.
A good guide is also the positioning of other brands in the market. Positioning is how a company profiles itself. For example, some brands are betting on luxury goods and affluent customers. Others want to be as cheap as possible.
How to take advantage of this? Let's say all your competitors target the social elite, but poorer people would be interested in a similar service. You're the first to offer a low-cost service - and people will flock.
Tip! It's not necessary to come up with a novel idea that will rock the world. Often, it's enough to improve a product or service that already exists. Or take an established concept and make it a little different.
4) Look abroad for inspiration
Many successful businesses build on a model they've learned in another country - so why not you? You don't have to be the first in the world to come up with an innovative concept. Be one of the first to bring it to the country.
Search the web and look for inspiration. Interesting startups and new technologies are written about in the media all the time.
Test the idea first
A lot of "great" ideas end up in the trash. Some ideas look great on paper but don't stand up to the harsh realities of life.
So keep your feet on the ground. The market environment can be cruel and mistakes and naivety can cost you dearly. Customers choose, so don't expect to have your hands ripped off as soon as you enter the market. And your competitors won't give you anything either.
Yet you can succeed with your idea. Luck favours the prepared. It pays to start small and test your product (or service) beforehand. Create a prototype or offer a free first trial.
See if there is interest in your offer. Calculate whether your proposed business model will pay the bills. And ask people what they would improve about your product/service.
Learn from the mistakes of others
You learn by making mistakes. And they don't have to be yours. Many of your predecessors and competitors have been through the same situation. Learn which business problems they solved in the process. See what your competitors have been up to. You'll be better prepared for the new situation.
Inspiration starts with
Got an idea? Turn it into reality! Put your ideas into a simple business plan. Starting a business can be messy - but a plan will give you clarity.
After that, all you have to do is sort out the necessary formalities. Officially set up a trade or your own company and get down to business. There's a lot of paperwork to get started - but you don't have to go it alone. Our experts will be happy to help you set up your company. Just contact them using the form below.