This week I studied a lot about the various business models, how and where each might be successful, as well as the necessary components to make each one great. I also considered product ideas for various models.
One of the first decisions to make, is to determine whether you would like to choose the model of business first, and to then brainstorm a number of product ideas which would fit into that particular model; or if you would rather brainstorm a list of product ideas, and then select a model that works for that idea. In my situation, I would choose to begin by selecting the product, and then the model. After all, when you have a product which you are truly passionate about and interested in, you will be able to tailor the business model to your unique circumstances.
Secondly, it is vital to the success of your business that you understand the demand and competition in the market currently. To start this, we did the project of looking at popular Google Search keywords for two product ideas. In this project, one of the ideas had very high competition, and a high demand generally during the winter months. The other idea had much less competition and a lower demand, although there was a noticeable market.
You also must consider your personal circumstances. Everyone has a different start-up budget, available time to sacrifice, etc. If you had more time available in the winter months, and a higher start up budget, as well as the necessary expertise and skills, I would suggest you do the first business idea because it fits your restrictions but also has a higher market and profit potential. If you have less available time and a smaller start-up budget, I would choose to go with the second product route, even though it has a much smaller market and potential for profits, which can still increase.
SaraSorensen 