You have a Great Business Idea? What To Do Next?

All great applications and technologies basically stem from equally unique or innovative ideas. But it is the execution of the idea that actually can do justice to the merit of an idea. For a great idea to be shaped into a successful business, you need to have a solid command over the intricacies of the execution and implementation.

But the insistence on the implementation apart, an idea also has to be unique, user-focused, competitive and feasible for driving revenue. The revolutionary ideas behind apps like Uber or WhatsApp couldn’t be possible without brainstorming and creative output. For an app idea for a startup, it must pass through the acid test of relevance, uniqueness, and ability to stand out with a competitive edge.

Are aiming for a big success with your unique tech idea? Wait, let us explain the steps and measures to shape this idea further into success.

Evaluate and Analyze the Competition

Before boasting about the uniqueness of your idea, you need to evaluate it in the context of existing technologies, apps and solutions from the same niche. There is always a possibility that someone in someplace else has embarked on the idea earlier than you and it has already made a market presence with all the promises to make a big success. This is exactly why you need to analyze the competition before really putting your design and development effort behind it.

You always need to remember that even while Uber became popular with a unique value proposition, other successful ridesharing services and apps have not ceased to appear and claim their market share. Obviously, even with a similar basic idea you can always make value additions and tweak the original concept to address the needs of the users.

There are several quality web platforms to analyze and evaluate your competition and know where your offering can actually do better in the competition. You can conduct a customer survey and get acquainted with other solutions through Google and other social as well as web platforms. CrunchBase, Quora, SimilarWeb, and Wonder are good platforms for competition research and analysis.

The last but not the least consideration about your competition should be on the broader landscape that not only comprises your closest competitors but also other business brands from different niches that target the same audience. In respect of design and branding elements, Coca Cola never leaves an inch of competitive space to even Tea and Coffee brands catering to a similar audience.

Expertise in the Business Niche

One of the greatest success requirements for any new tech business is to establish authority with expertise in the respective niche. While experience comes over time, having expertise also depends on having exposure. If you are into virtual reality or augmented reality game development, to deliver a unique and phenomenally successful game like Pokémon Go, having some experience in VR/AR app or game development will be very useful. If you are a developer with years of experience, you can hire dedicated developer with required credentials more easily.

Expertise coupled up with seasoned exposure gives you professional competence to think ahead of your competition and come with unique ideas and concepts that really can deliver. Without niche expertise and experience you hardly stand a chance to create something unique, innovative and competitively brilliant.

Technical Scope

If the idea already exists in one form or the other, you can easily know the technology to shape that idea into the app. If the idea is completely unique, you may require to evaluate the technical feasibility and the scope of the idea. For instance, a great new idea can just sound good on paper but there is hardly any guarantee that it can be shaped into a marketable product with unique advantages for the users.

You need to consider the closest in hand technologies that are used in similar or near-similar apps or tech solutions. Then, you need to consider better choices in comparison. Lastly, you should take into consideration all the development options. You need to consider the present technology options to meet the demand of every feature and development needs. Lastly, you need to consider the compatibility of all the tools, frameworks and languages for developing the solutions. Remember, you always need to pick technologies that can evolve smoothly with frequent or regular updates from their developers.

• Building Quality Website

For a great tech idea to flourish into a successful solution in the market, you need to reach out to the wider audience and the experts if your niche. This demands to build a quality website that works in sync with all SEO parameters and guidelines to get frequent search rankings. A solid web experience fine-tuned with access to a rich reserve of quality content relevant to the business or solution will be key to gain focus and search engine visibility.

• Hire the Right Talent

As a development company with a futuristic tech vision, you always need to hire dedicated developers for your projects instead of the half-timers and the freelancers without the required commitment level. A dedicated developer team can only share your vision and long term objectives for your project. With a dedicated team engaged for the entire lifecycle, the tech solution or the application can also easily evolve through stages without missing a single scope of value addition.

• Remote Collaboration and Outsourcing Talent

These days, a talent hunt for tech projects has become easier thanks to the remote hiring or outsourcing model that allows hiring and working with a development team from thousands of kilometers away. When you can engage and collaborate with a remote development team, you don’t need to bear with the constraints of the market of local manpower. You can literally stay in touch and collaborate with the world’s best developers across the niches.

Revenue Potential

Let us now ask the most obvious question regarding any tech idea that wants to grow as a business. Well, unless you are planning to go to Mars with some weird technology, almost all ideas have some kind of revenue potential. You need to ask, whether the so-called great idea on paper can really stand as a business solution with great revenue potential? Where from the application or the tech solution can generate revenue and what revenue model really suits the solution best, these are the key concerns that you need to address.

Business Plan

Now, when you have a complete idea about the value proposition, feasibility, tech stack, competition, revenue potential, and effective monetisation models, it is time to chalk out a clean and well-documented business plan that vividly explains aspects related to profit and loss as well as the investment and funding options. The business plan will furnish a complete idea of your shortcomings and strengths and how to address them or capitalise on them.

Conclusion

In conclusion, we must say, building a unique and innovative solution is one thing and marketing it to its appropriate audience and garnering popularity is another thing. After building a great app, you equally need to market far and wide by applying all appropriate techniques and innovative measures.