This is the most excellent time for new startups or entrepreneurs. This is the era of opportunity. If you have an amazing idea to initiate a commercial enterprise the entire world will welcome you. This is the time within which every person has a chance to explore their excellence. Technology has provided a huge market place for almost all the business on fingertips. Technology has generated voluminous opportunities for almost everyone. But at the identical time, it’s the foremost exigent time. Because of wide opportunities, there are immeasurable competitors are there within the market. 

So, this is the time of knowledge. Perfect time for growth seeker you simply have to be compelled to develop, organize, and implement the idea. However, as I said, there are several competitors thus you need to have perfect the implementation plan. So the main question is

How To Develop a new business idea?

Three major factors that affect business idea:

Most of the young entrepreneur fails to work out on their ideas. They don’t work out deeply on their idea. A blind race is going on.   A complete brainstorming on your idea is required. Without proper brainstorming, your business idea will collapse. You cannot develop a long term business model without proper brainstorming. Business is not speculation it is all about perfect calculation.  A calculation of scale, a calculation of skill and a calculation of scale will be required. 

• Scale,
• speed,
• skill

are the three major factors that every entrepreneur should consider while brainstorming.

Don’t be the part of blind race.

Wh family questions for “How To Develop a new business idea“?

There is a proper process for brainstorming. Every entrepreneur should do the brainstorming process before launching their new idea. It could be a launching a new business, or an idea for an existing business. Remember “Wh family questions” will help you a lot. So let’s understand the brainstorming process of business idea nurturing. Ask yourself “What, who, when, why, where, and how” you will implement the idea.

Ask yourself “What, who, when, why, where and how”

Scale

So, let do some brainstorming? The very first thing that will focus on the brainstorming process of a business idea is scale. This will give us clarity on the scalability of our business idea. Remember business is not a speculation, business is all about calculation. So, first, we will work out on the scalability of our idea. You can answer the following questions for your business idea.

Step 1

What will be the scale? 

The very first thing we need to think about the scalability of our business idea. So, ask yourself what will be the scalability of your business idea. 

1. What is the market size?

(What is the total market size, it could be for the limited area like your city, state or nation even you consider the international market size?

2. How much market you can capture?

Consider your capability, consider limitation, consider the area, and consider your available resources

3. Why think you can capture a certain percentage of market share?

What are the problems that your idea can solve, what are the value prepositions of your idea or product? What are the strengths you have? 

4. Where you can launch your business?

Consider location, market place, etc.

5. Who will look after marketing activity?

Do you have the right resource for marketing, find out the right person for marketing?

6. When you will start market activity?

What will be the right time to start your venture or new idea?

7. How will your capture the market activity?

Set a proper process to capture the market activity?

Step 2

Speed

The second most important part every entrepreneur should is speed. This speed consideration is important because you need to calculate expense, profit, breakeven point of your business. If you don’t have a clear idea of the speed of growth and development or implementation you will never be able to organize your finance department. Not only that you will face many unseens losses. In business remember time is true profit. It doesn’t mean that quick earning is the solution no don’t even panic. Or you will take the wrong decisions. Every business idea or a venture has a perfect speed this speed is dependent on venture capital also so it is important to execute everything right time. So, again to decide the right speed you need to answer the wh family questions. 

What will be the right speed of execution?

Consider the expense and consider the break-even time, consider the market size and activity and execution time, consider venture capital birthing time

How much time you will require to execute your idea?

Consider the resources you already have, consider the resources you can develop

Who will be responsible for maintaining the decided speed?

Identify the right person to fulfill the responsibility.

When you will monitor the speed of execution? 

What will be the right duration to monitor the speed?

Why you maintain certain speed of execution?

Where speed of execution will be monitor? 

Step 3

Skill 

Remember all the 3 s are very important to work out but the skillset is the most important among all these 3 s. Because if you don’t have the right skillset to execute your idea or venture, all calculations will fail. However, it is very much important to brainstorm about the skill set you require to execute your idea is a very important part of brainstorming. If you have the right skill set with you, your idea or venture will defiantly work. But in my observation, I have seen that most entrepreneur fails in the selection of skill set and skill person. Talent acquisition is a key feature of success in business or venture. So, be very clear about the skill you will require to execute your idea. 

What type of skills you will require to execute?

Who is the right person?

Please understand the difference between good people and right people

How you will identify the right skill person for your venture or idea?

When you will appoint skilled person?

Why you need a particular skill set?

Where you will appoint the skilled team?

Recall

It is very important to do a proper brainstorm process execute a new business venture or business idea. It is very important to focus on 3s process of brainstorming.

Scale

Speed

Skill 

And to get clarity on above bullets you have to ask “wh family questions” to yourself “What, when, why, where, who and how”  find the answers of “Wh family question on all 3 major factors of the business idea that is Scale, speed and skill and you will get the clarity about your venture or an idea. 

So enjoy brainstorming.

The post How to Develop a New Business Idea? appeared first on AYUDA.

Target achievement is the biggest headache for almost every salesperson, because, it is a number which is always increasing.  Year after year and month after month it is increasing. In this competitive era, it is not easy to hit the targets al the time.  Hence sales professionals are facing the problem of stress. The life of a sale person is full of stress and professional challenges. People don’t like to enter into sales profession.

But I have a very different view of the sales profession. The sales profession is one of the most powerful profession. Remember every problem has a solution.  It is not a tough job if you understand the importance of the sales process. Yes! It is a process-oriented profession. “If you want to achieve the targets or if you want to become a powerful salesperson you must understand the sales process“. It is a very beautiful process.  This Business blog is a step by step guide to implement the sales process in your career.

SALE PROCESS

A successful salesperson follows the process. It becomes a habit or a daily routine of the salesperson to follow the sales process. I mean to say that your selling habits will form your future. Remember, selling is the most lucrative profession. To earn good amount from the selling profession you need to develop professional selling skills.  Here I will share some most powerful hacks to achieve your sales goals. So, let’s start.

UNDERSTAND YOUR BUYER 

Profiling of your buyer is the most important part of the selling process, popularly known as the making of a buyer’s persona. You should be very clear about your buyer. I mean ask the following questions to yourself before you start.

UNDERSTAND YOUR PRODUCT/SERVICE 

Get maximum clarity about your product/service. What does it means? Remember people don’t buy features. They even don’t buy the benefits. They only buy solutions for their problems.  So, it is very much important for a salesperson to identify the top 5 problems of your buyers. Because you should never try to sell your product/service to the buyer, you should always try solving his problem. A good salesperson is one who never sells a product/ service he always solves the problem of their buyer. After understanding your buyer and product/service prepare your action plan.

HOW TO PREPARE YOUR MINIMUM ACTION PLAN?

HABIT 1: Prospecting habit

The very first habit that every salesperson must develop is prospecting habits. To prepare a perfect minimum action plan you need to prepare your prospect list first. So, everyday morning you have to write a few prospect names in your planner. Prospect name doesn’t mean that you write down any names, it means you have to write down the names of  “tip1” qualified buyers. Write down at least 50 names in your prospect funnel.

This funnel is very important. This very first step can change your scenario from the very first day. Most of the salesperson faces the problem of deadlock. Deadlock means no more prospects. So, keeping a funnel update is very, very important for every professional salesperson. Prospecting habit plays a very vital role in organizing your meeting smoothly. 

HABIT 2: Organising meetings

Once you have a strong list of qualified buyers with you it is very much important to organizing the meeting. Meeting a qualified buyer is a flow, keep on meeting qualified buyers. This flow should be a constant process. It will also require time management and balancing skills.

Because a salesperson should balance the number meeting in such a way that he/she could manage the cold calls and follow up meetings. So, now you will require a scheduler also. Manage your daily appointment sheet properly or you will lose the well-qualified client just because you are capable enough to fulfill your time commitment. Organizing meetings is the second essential habit of salesperson.

HABIT 3: Preparing a sales script

This is the heart sale process. You should be well prepared before you go for a meeting. Presenting yourself and your product/ service is an art. It has a proper flow that every salesperson should manage. 

30 second classified

Prepare a 30 second classified to introduce yourself and your company. The most powerful method is to write down a script, a 30 second classified on a page. The above class should include your introduction, the company’s short introduction, and the purpose of the meeting. This introduction should also include a short brief of the solution your product/service is providing. A short introduction should give clarity about what your potential buyer will get at the end of this meeting. And how much time you are going to take.

Prepare your presentation.

A sales presentation should be based on 3 p’s. 3 p’s means purpose, process, and pay off. In your presentation you should you must focus on 3 important things purpose, process, and pay off. Because right now your potential buyer has

3 major doubts in their mind.

1. Why should I buy a product/service?

2. What will be the process?

3. How it will work for me?

And what problem will be solved by product/ service? To prepare your presentation you should be “tip2” well educated about your product/service. 

Objection handling

If you are having an objection by your potential buyer means you have not prepared your presentation properly. But don’t worry when a buyer is raising the objection he is clearly indicating his interest in your product/service. He wants more clarifications. You might have missed discussing in your presentation. Objection handling skill has 3 phases.

Listen your potential buyer’s concern

Many sale people enter into the argument when his potential buyer is raising the objection. It is not the right way. They may have their own concerns which you have not addressed yet. So listen carefully to your potential buyer. Understand their concerns. Accept that his concern is not meaningless.

Accept the concern 

Please do not ignore the possibility of their concern. Don’t try to make him positive in any case. Because if you will enter into an argument with him. He will become more negative. And you will lose his trust. We need to win his trust.

Prepare him with a possible solution.

Discuss the possible way out or solution your company, product/service provides in such a case. You can also discuss the true incidence that previously happened with your client. Even give him a chance to get a reference from your existing client. This will help you in gaining trust for your company, product/service.

Understand the buying indications.

The most common mistake I have observed in a sales profession is they keep on discussing or explaining their product/service even the buyer gives them the buying indication. Buying indications are questions or statement that shows that the person is ready to buy product/service. This is the time when a salesperson should not talk more about product/service he should enter into the closing process.

Closing process:

When your potential buyer is giving you the buying indication a good sales profession jumps into the closing process. That means ensuring the deal. There are many different formulas for the closing process.

Reference gathering:

This is the last but very, very important step. It is the step that keeps the process wheal active. The habit of reference gathering will keep your prospecting list full. This means the funnel for the new meeting is full. So, don’t forget to gather new references from your existing clients, new clients and even from your friends. Collect at least 5 references every day. 

Set the process and develop the right habits to get success in the sales profession. Remember this is the most lucrative profession but it is also a highly demanding profession. Keep on selling and happy selling.

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