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contemporary Idea's & People.

The modern world has brought us a lot of great stuff. But you don’t have to over-utilize iPad's and smartphones to transform your business into a modern one. Connecting with newer generations is easy when you take advantage of the cool, in-demand ideas at your fingertips.

Work smart - not hard

Delivery services for just about anything are the status quo. With the rise of services like Amazon Prime Now, people can have everything from groceries to electronics delivered to their doorstep in under two hours.

Becoming Insightful

Big Idea's...lot's of Struggling
One of the biggest struggles we had in starting our first business was actually coming up with the idea. We wanted something that was scalable as well as needed in our society. Through this discovery period, we uncovered what we believe are the five most important concepts in determining what makes the perfect business idea.

Full circle of Realization
So, what is a perfect idea? Each individual entrepreneur has their concept of the perfect business. While Google is a great business for the founders of that company - it may not be a great business for others that are non-tech savvy or who do not want to run such a large organization. Therefore, each perfect business is defined by the business owners.

 

understanding your customer.

This might seem strange to start here as for how do you know your customers before you have a business idea in place.

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The answer is simple

Your customers make the business, therefore without customers, there is no business.

If you have a business idea don't try to develop the idea around what YOU think potential customers will like or need, but find out what your customers actually desire.

Too often business owners get an idea in their head and jump right in with both feet. However, they soon find out that their target market does not want what they are offering. Spending both time and money on a project just to see it languish is not the perfect business idea.

North West Consulting  understanding your customer.
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By the same token

Let's say you don't already have an idea - getting out and understanding consumers (those who will eventually become your customers) may lead you to the perfect idea.

Sometimes you just need to work from the ground up and the top down, and hit on everything in between so you get the most viable solution for your needs.

Knowing what potential consumers need and building products to meets those needs will get customers beating a path to your door - that is a perfect business idea. That's it.

 

passion!

Passion here does not mean being fanatical about your product or service. But, it does mean having some interest in what you do.

Is This For You

More times than not, you will be spending 15 to 18 hours a day working on your business in the beginning - usually for the first 12 to 18 months (more like 2 years in this economy). This is the first passion hurdle to overcome.

You have to constantly be thinking about ways to improve and grow your business as well as be out talking about it to everyone, everywhere. ALL THE TIME! Yep, there's little room for rest now, but that's okay. Right.

If you end up starting a venture that you don't have passion for, something that does not make you jump out of bed each morning, it will be very hard to put in the hours and energy to make it successful - thus not a perfect business idea.

North West Consulting Understanding the entrepreneur life
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3 Reasons Why Its Not

1. As an entrepreneur, you answer to no one and everyone. You answer to your customers, your suppliers and employees. You also have yourself to answer to.

2. You're in it for the Money. When you start your own business, you will face challenges that require you to have resilience, passion and stubbornness, not just the hope of making easy money.

3. You Want to Work Less. Running your own business is time-consuming, especially in the beginning. You are always on call and can’t clock out from work at the end of the day like you can when you are employed by someone else. There is always work to do and you are the only one to make sure it gets done.

 

understanding your competition.

Every business has competition - either direct or indirect.

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Think about movie theaters

They have direct competition from video rental stores (really - they still exist believe it or not).

They also have to deal with the industry giants like Amazon Prime, Netflix, Hulu, or at right at home through a Comcast or Dish Network.

They have made it so easy, and less expensive, to just sit at home and watch the latest release.

They also have indirect competition from any other activity that consumers spend their disposable income on like bowling, paint ball, golf, etc. Anything that people do in their spare time.

North West Consulting  understanding your competition
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Competitors are ruthless

Meaning that if you promote and offer a product that is similar to theirs but at a lower price, these competitors will simply lower their price to match or beat you.

To boot, if they are already established businesses - they may be able to undercut your price enough to drive you right out of business. And don't think they won't.

If you don't know your competition - and what they are willing to do to keep you out of their market - then you may be spending more of your time in a pricing war, then growing your business - not the perfect business idea.

 

  become cash flow positive.

This might seem strange to start here as for how do you know your customers before you have a business idea in place.

Money, money, money

No, we're not referring to the famous Abba song. Even though its a great one.

Most will prototype their product or service and understand what it takes to make the product or provide the service.

But they don't understand the capital it takes to manage the rest of the organization - including marketing (very expensive but extremely necessary), employees (more than just salaries or wages), insurance or supplies and all the little miscellaneous expenses that add up very quickly like phone, internet, computer services, etc.

Knowing your total cash flow will help ensure that all of your costs (variable and fixed) can be covered by the business - the perfect business idea.

Don't let your business fail because you can't cover simple expenses like rent or utilities.

North West Consulting  understanding your customer.

When you see that your company is cash flow-positive, you might be quick to assume that your business is profitable, but don’t pop the champagne just yet!

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Knowing Is Better

While the cash flow and profits of your business are closely related, they are not technically the same thing.

However, since both your cash flow and profits play a huge role in the survival of your business, it is extremely important that you understand how they actually differ.

Your profitability takes a look at your accounting and gives you a general overview of the bigger picture of your business’s finances.

Your profitability takes a look at your accounting and gives you a general overview of the bigger picture of your business’s finances.

Your cash flow calculations, on the other hand, monitor your receivables and payables in real time, giving you an ongoing understanding of your monthly financial situation so you can keep operating your business from day to day.

 

understanding youreslf.

Know who you are. Know your strengths and weaknesses. Know that you are ready, willing and able to do what it takes to make your venture a success.

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Know Thyself

We have worked with many business owners in the past that think all they have to do is hang out their shingle and they have it made.

Thus, when it comes down to actually running the business day-to-day - they are unwilling to invest the time, energy or money necessary for success. Thus, know how hard you are willing to work.

Moreover, know your personal financial situation and what you need the business to generate to cover your lifestyle. If you think your business will pay you a great salary from day one - it will not. And, if you need it to, it is not the perfect business idea for you.

North West Consulting  understanding your customer.

Think Big

Take away outside distractions like your personal financial situation - get those in order - thus, when your business concept does materialize - you will be able to solely focus on its conception and growth.

In the end providing you the financial security you are seeking - it will be the perfect business idea.

Regardless of the level of your desire for your business - a lifestyle mom and pop operation or a multi-national conglomerate - if you develop a business idea with these five concepts in mind - your idea will be the perfect business idea for you. So... let's get something started already!

This is the most challenging time in history to be a CIO, because in order to survive, organizations need to embrace new technologies at an unparalleled pace. But by the same token, CIOs have never had a better opportunity to add value to their organizations—if they embrace the challenge.” —Oracle CIO Mark Sunday

Let's Do Something...Ummm

...Awesome!

Crafting Exciting & Innovative Business Platforms That Deliver Results!

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