My idea is one of a kind! It is new, fresh, and unique!
Chances are high that your idea for a new business is not really one of a kind. Similar businesses exist but you just don’t know about them because you haven’t done your homework. Your idea may be one of a kind but will it really sell? Probably not.
The need for product innovation is greater than new startup ideas today. That is why keeping it simple is the way to go. Simple ideas for new business apparently are more successful than the others. Why, though? Why are experts saying now and again that you should focus on simple ideas and not worry about ideas being unique and never thought before?
A market is already there. You just have to enter it.
Market research is an important aspect of starting a new business. When the market already exists, this becomes easier. You can search online and find out whether your products are in demand and how much demand they are. When you make something that is already in demand, you know you are in the right direction.
You don’t have to spend time and resources to explain it to the customers
Complex products need a lot of explanation. Customers may not understand what it is and whether they even need it. In fact, complex products can confuse them and even intimidate them. Your marketing campaign should, thus, include education as well. That increases expenses. Your idea may be too complicated or there may not be a demand. It creates unnecessary risk and creating strategic alliances.
Manufacturing products is easier
If your new business idea is expensive, it won’t work out.The product idea should be easy to manufacture at a competitive price. Simple product ideas are generally easier to manufacture and are inexpensive. Thus, they are more likely to hit the market. Product ideas with too many embellishments may be too expensive.
Decision-making is seamless
If someone is selling mangoes and you have a better way of doing the same, the seller will be more than happy to accept. If you try selling that person pineapples instead, you will have a problem. Doing something better is easier than doing something completely new because the prior is accepted.
The key to launching a successful new business is innovating an existing idea rather than coming up with a complex one.
Simple ideas are easier to market and sell. Thus, experts suggest that you should work on innovation by keeping ideas simple. Complicated ideas are rarely accepted and it is tougher to sell them.