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How to Know if your Business Adds Value

Before launching your idea to the market, it is convenient to know what are the aspects that differentiate you from what already exists and find out whether or not you contribute value.

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There are, on the one hand, those who want to start because they have available capital or have enough time, but they lack a business idea and, on the other hand, those who have an idea but do not know where to start. In both cases, he insists that they deepen into one nuance: the theme of differentiation. The only way to add value to what already exists in the market is to add something, either an improvement or an innovation, but something that goes beyond having a lot of experience and knowledge on the subject and saying that you are very empathetic with the clients. It is about knowing your own strengths and weaknesses, but also about your company or product and the competitive advantages you offer. A process that is known as SWOT analysis.

There are many tools to carry out this analysis, but Joan Boluda points out some of the simplest techniques available to any entrepreneur and for which resources are scarce. These are:

ASK EVERYONE

Starting with your family and following friends, co-workers … anyone who knows you and who you deal with frequently can be a useful source of information when you ask them what they think are your strengths and weaknesses. According to Boluda, sometimes those around us have a perception about our qualities and defects that is more accurate than what we have of ourselves. He says that it was his mother who, as a young man, told him “your vouchers for a teacher”, something that he did not consider at the time, but that is part of the profession he has ended up practicing. As for the weaknesses, understood as a threat, we must also accept them, but not to corner them but to look for solutions. So if you are, for example, nervous and temperamental, it is preferable that you associate with a calm and patient person.

PRESENT YOUR IDEA AROUND THE WORLD

This is one of the maxims of Lean Startup that anyone can use. It’s about showing your product or service to everyone, not just like-minded people, but also looking for adverse opinions, a kind of devil’s lawyer that helps us get rid of that idea we have in our hands. All of them are useful inputs and it is convenient to take them into account to make the implementations that claim you.

CONSULTATION IN NETWORKS

Google Trends is a free tool without any complexity. Checking keywords in this google option is already very popular but, if you have not yet fallen, at a glance you can see the searches that are related to your sector or service. It is not a study but it helps to know if, at least, there is interest in the matter before launching. Boluda recommends combining this tool with the one of Audiencias de Facebook, also free. If the Google allows you to find out how many people have already been interested in looking for something related to yours, with Facebook can detect how many might be interested, but have not yet done that search because they still do not know you.

A CROWDFUNDIG CAMPAIGN

Here the level is raised a little, but not much because most platforms have tools to help organize it. However, if you have means and can hire the services of a professional to optimize it better. If with google and facebook you can detect the possible interest for your product or service, with a campaign of this type you go a step further to know if they are willing to pay for it. The other notable advantage in the event that everything goes well is the possibility of being able to finance the project, as has happened to Joan Boluda with an open campaign on the Verkami platform. The project consists of preparing a guide to set up a business step by step. In 40 minutes he managed to finance it, in 24 hours 300% was achieved, in a few days 700%. If the target was to raise € 5,000, 25 days before the end of the campaign (it is still open) it had raised close to € 35,000 thanks to the participation of 856 patrons.

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