Once you’ve got a business idea, it’s time to sit down and do some market research.
Try to get a sense of what your opponents are doing and what is working for them.
Also, it would be best if you determined what sets you apart from your other competitors in your niche.
This exercise is crucial to help you discover what your competitive advantage is. Along with this, you want to understand why you’re starting a business.
It might be to meet a personal need or a market difference. Whatever it is, it’s essential to be clear about your goal.
According to your idea, give your target market some idea. Who are they?
Write down as many facts about them as possible, including age, sex, and location.
After defining your USP and conducting a comprehensive market analysis, you will find a clearer idea of whether your business idea seems worth implementing.
At this point, if you think that your idea may not be practical, it is okay to pivot or enhance your idea.
As soon as you’ve got a good idea of your idea, USP, and target market, it is time to think of a business name that’s relevant for your brand.
While picking a name, bear in mind that it has to be unique and brandable. It is the first step in defining your brand personality and communicating what your brand stands for.
Related: 5 Small-Business Ideas for the Beginner Entrepreneur