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4 Questions To Analyze Your Business Idea

Analyze your business to kickstart your success and improve customer engagement.

By Noor Published 2 years ago 4 min read
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To succeed as an entrepreneur you have to really know all the ins and outs of the product or service that you are providing.

Please look at the following questions from the client´s point of view.

This is a sequel to the previous article, where I talked about the TRES method to analyzing your business idea. You can read it through the link below:

Within this piece, there are 4 main essential questions that will help you analyze your business idea.

I will also discuss my answer when it is applied to the holistic wellness business I intend to run. This will help you see how you can formulate your answers.

What is your product /service?

Describe your business in detail.

This is not just about the name of your product or service, we need to dig deep into the story behind it. Allow the customer to become part of the journey of the how and why behind starting your business. This will increase customer loyalty and engagement.

“Let your co-creation partnership run free in the wild meadow of originality; it will be fenced in the stable of practicality soon enough.”

― Chip R. Bell, Inside Your Customer’s Imagination: 5 Secrets for Creating Breakthrough Products, Services, and Solutions

What got you started? Introduce yourself and get people to know who you are and what inspired you to embark on this business.

Build connections with your potential customers by telling them your story.

An example of the brief post I placed on Instagram. Follow us here. Image created by author.

My answer: Organic Finnish-made products that are affordable for the market while containing exotic ingredients that are used in traditional Mediterranean skincare to provide healing benefits for the skin. Products will be targeted towards people who suffer from sensitive skin.

What kind of advantage or benefit could it bring to a client?

Put yourself in the customer’s place and think about the benefits and advantages of your product or service.

Is it physical, mental, or materialistic benefits?

Are the benefits immediately or do the results take time?

Be honest with your client about this so you can eliminate any doubt or misunderstanding.

The more informed your customer is, the better satisfied, and loyal they become to your brand.

“Many companies expect loyal customers without providing loyal service. This has been the visionary failure of countless corporations.”

― Steve Maraboli

My answer: Babel Botanical helps to bring the wisdom of Mediterranean healing herbs and oils to Finland like no other in the market while at the same time providing educational resources to customers to make them more informed on the market.

What is unique and excellent in your product/service?

How does your product or service stand out from the competition? This is one of the most important questions as it helps you dig deep in analyzing your competition and researching their weakness and strengths.

If you want strategies for analyzing and understanding your competition, check this piece out:

“You can’t ignore the importance of being unique, remarkable, and differentiated in a highly crowded market.”

― Pooja Agnihotri, 17 Reasons Why Businesses Fail :Unscrew Yourself From Business Failure

My answer: My products use ingredients that are specially formulated for those who suffer from dry sensitive skin. These ingredients have been proven through research and clinical trials to have great benefits for skin and cell renewal.

The company also offers educational resources for those who not only want to try out the products but also learn about herbs, oils, and natural skincare. These include booklets, videos, short courses, and workshops.

What Are The Weaknesses Of Your Brand?

Are there any weak points to consider? No brand is perfect, there will always be flaws and this is a normal part of building a business. Identify these flaws and work on a plan to tackle them one by one.

“To share your weakness is to make yourself vulnerable; to make yourself vulnerable is to show your strength.”

― Criss Jami

My answer: The competition is very high for the natural skincare market in Finland. We need to niche down and target people with specific skincare issues.

We are diversifying and providing both products and services which take a lot of time and investment to get started. But the key to fixing this is to focus on starting on a smaller scale by formulating the basic products and after a year or two, we will market and introduce our workshops and books.

If you would like to support my journey, then kindly subscribe to my youtube channel where I will be sharing updates as well as step-by-step guides on my passive income journey as well as business strategies and tricks. Subscribe here.

About The Author

Noor is a second-year business student at Tredu. She is also studying for a Diploma of International Smart Industry at Tampere University. She is passionate about marketing and content creation. She recently launched her YouTube channel specializing in holistic healing.

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Noor

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