Make your business idea successful

CREATING a new business is a difficult process, Nhada Larkin has some tips to make it work

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CREATING a new business is a difficult process, Nhada Larkin has some tips to make it work

Making your business idea a successful reality involves a large amount of research.

Robert Gerrish, founder and director of micro business community Flying Solo says: "Invariably, people are so filled with passion and excitement and this impenetrable view that the world needs their product or service that often what people don't do is research."

"That's what makes a business successful, people that plan and consider and understand their market before they take their first step."

He says asking family and friends' opinion is inadequate in terms of research but there needs to be solid investigation of the market place.

But if you discover your idea is unique, but it may not be cause for celebration.

"If no one else is doing it, that immediately flags concern to me," Gerrish says.

"Unfortunately the reason that business doesn't exist may be because others have researched it and realised there's no market for it.

"You have to ask 'does anybody actually want this product or service at the price I need to sell it at?'."

Gerrish says he believes the best way to make a business successful is consider what other people are doing, and do it much better.

"There is such a thing as a unique business, but for the majority of businesses it won't be unique, it'll be in a space others are in, but better."

Gerrish says in order to build a successful business you also need be realistic about how long it takes to get started, particularly when it comes to an online venture.

"People will often spend months developing a beautiful website and no-one goes to it.

"Be realistic about how long it will take."

He says most small businesses that fail do so because it becomes too difficult.

"You have to have reserves of money and energy."

Joshua Tanchel, a partner at Deloitte Private and leader of the Technology Fast 50 program, says start-up success involves getting your idea validated by potential customers early on.

"You get a very clear understanding early on of what is the problem you're solving and getting feedback if the product is what they want or something that generally solves a problem for them," he says.

"People spend a lot of time thinking about ideas but not going and asking 'will someone buy the end product?'."

Following on from that feedback, Tanchel says success then comes with product development, building a team and marketing your product.

Pearl Chan, founder of organic plant-based cleaning brand Resparkle, says her business idea was a personal dream, but also based on research showing most people wanted the products.

"I set myself a challenge to redesign an everyday product that would make a positive difference on both people's health and our planet's wellbeing," Chan says.

The Resparkle cleaning products come in a pod that is screwed on to the top of a spray bottle, reducing the packaging by 75 per cent.

The company has been operating for one year and the products are distributed by about 80 health food stores and some pharmacies throughout New South Wales, Victoria, Queensland and Western Australia.

"We knew without a doubt that Resparkle's proposition of a truly affordable, good for you and good for the planet cleaning product ticked all the major boxes and so it stood a high chance for a wider market acceptance," Chan says.