As someone blessed—and sometimes cursed—with an endless stream of business ideas, I’ve developed a system to separate the “blenders” from the “wonders.” Not every idea is worth pursuing, but with a clear process, I can uncover the gems and bring them to life. Here’s my step-by-step process for evaluating business ideas and transforming them into profitable ventures.
Step 1: Research the Landscape
The first step in my process is using You.com’s research tab to explore the business landscape. I input my idea and let the tool show me existing companies, trends, and market activity related to that concept. This helps me:
- Determine if the idea is unique or oversaturated.
- Identify gaps in the market.
- Understand how others are positioning similar concepts.
Step 2: Craft a Professional Business Description
Once I confirm there’s potential, I create a professional business description. This becomes the foundation of my pitch and strategy. It outlines:
- The mission and vision of the business.
- The products or services offered.
- The unique value proposition.
Having a clear description solidifies the idea and gives me direction for the next steps.
Step 3: Develop a Target Audience Avatar
Every great business idea needs a specific audience. I go deep into defining my ideal customers, often focusing on women. Here’s what I uncover:
- Demographics: Age, ethnicity, income level, marital status.
- Shopping Habits: Do they shop online or in-store? Where do they shop?
- Lifestyle: What do they watch? How do they decorate their homes?
- Social Media Presence: Which platforms are they most active on?
For example, I might create two avatars:
- Black Woman Avatar:
- Age: 30-45
- Shops: Online and in-person at Target, Sephora, and local boutiques
- Income: $65,000-$90,000
- Style: Modern, minimalistic home décor with bold, artistic accents
- Media: Loves TikTok for quick tips, Instagram for visual inspiration, and YouTube for tutorials
- White Woman Avatar:
- Age: 28-40
- Shops: Online at Anthropologie, Amazon, and high-end department stores
- Income: $70,000-$100,000
- Style: Cozy and chic farmhouse vibes
- Media: Follows Pinterest boards, Instagram reels, and Facebook groups
Step 4: Identify Pain Points and Solutions
Next, I figure out the pain points my audience is experiencing related to the business idea. For example:
- Pain Point: Women struggle to find affordable, personalized home décor.
- Solution: Offer customizable, budget-friendly pieces that reflect their personality.
By solving real problems, the business becomes not just relevant but essential.
Step 5: Build Out the Services and Price Points
With the pain points identified, I map out the services or products I can offer and establish price points. I make sure to provide:
- A Detailed Service List: What I’m offering, how it works, and why it’s valuable.
- Affordable Tiers: Options for every budget, from low-cost entry points to premium packages.
For instance:
- Basic Package: $47 for a starter guide or consultation.
- Premium Package: $197 for a comprehensive toolkit, including one-on-one coaching.
Step 6: Assess Competition
Before moving forward, I evaluate the competition:
- Who else is offering this in my city (Pittsburgh)?
- What makes their business successful?
- What are their weaknesses?
Tools like Google Maps, Yelp, and social media make this easy. I also explore what’s trending locally to determine if my business can thrive in the area.
Step 7: Meta-Ads Mastery
Marketing is crucial, so I dive into Meta Ads (formerly Facebook Ads). I figure out the best settings for my target audience, including:
- Geographic targeting.
- Interests and behaviors.
- Budget recommendations for maximum ROI.
With these settings fine-tuned, I can confidently launch campaigns that generate buzz and conversions.
Step 8: Analyze Long-Term Viability
I evaluate the idea’s stability and growth potential:
- What does the business look like in one or two years?
- Can I expand the concept into other markets or niches?
- Are there opportunities to introduce new products or services?
I also check if the business can evolve with trends and customer needs, ensuring longevity.
The Final Decision: Blender or Wonder?
Once I’ve completed this process, I ask myself: Is this idea a blender (something that just spins in circles) or a wonder(something with real potential)?
If it’s the latter, I either pursue it myself or pass it on to a friend who can bring it to life.
Wrapping It All Up
This process has helped me turn countless ideas into profitable businesses. By breaking it down step by step, I ensure that every idea is thoroughly vetted before I invest my time and resources.
