How can I make my business idea bigger and better?
Updated: Jul 4
Talk to as many trusted people and get regular feedbacks.
Once you are confident about your business idea, its monetary compensation, and the amalgamation of your passion and skills, you need to start working to make it big! So, if you are confident and comfortable with your idea, it’s time for step 2 – working towards upgrading the idea.
How? Well, the age-old saying still holds ground to relevance, honesty is the best policy. Be honest with yourself and be willing to learn and adapt. All that is left now is to learn the act of acceptance. Unless you accept your flaws and have the will to change – DO NOT start your architectural startup. Learn your shortcomings, understand your limits and be realistic about what and how much you can deliver, and what you need to learn as you progress. Talk to as many trusted people as possible, get periodic feedback and updates. This process is a cyclic approach. Hence, it strengthens your foundation and helps you expand.
Remember Vaishali from the last article? After her eureka moment, she immediately started exploring and networking with like-minded people and businesses, pursuing work and hobbies related to architectural designs of institutional buildings. Then, she assessed if there were people in the field of architecture pursuing something similar. She started her research about clients, their present taste in artwork, competitors in the market – how many are within the city, the country and where she's trying to set up? What do their profiles, works, social media feeds have to talk about their work style, growth, and issues? What is the current trend? What is the market price of raw materials required, and which services are being offered by the competitors?
She began learning the challenges of the field. If you want to prepare before the battle begins, learn about the field where the war is going to be. After a proper understanding of her competition, she can differentiate herself in comparison to others. She started to evaluate her competitor’s clients and the kind of designs they were willing to buy. Within this valuation, she tried to discover something which she could produce regularly, something which is more significantly unavailable in the market but has the potential to be sold; something that the existing clients might love.
Always remember, with the onset of digitisation and easier access to data, people are very well aware of the new things they want, whether it is in their homes or offices. Never underestimate your client. Learn to listen. If something is in high demand and you can do that better, currently or even in a few months down the line, it is worth it. Be your own judge.
A similar process was suggested to Benny, during which he realised the issues his competitors face and what he could do about them. For example, before the launch of his design startup, he made a website where his competitors could team up to sell their art. This was perfect because it fulfiled all his needs. He was producing and selling his own art, had control over the process, and was surrounded by people who did the same work for learning and motivation. At this point, his idea was very vague. But it doesn’t have to be full-proof because after the light bulb moment and convincing yourself, the actual research and analysis into the idea begins. Right now, both Vaishali and Benny need to see if their respective ideas are worth investing time into to develop their research.
The next step is to talk to a few people about your idea. Vaishali engaged in several one-on-one conversations with some of her family friends who were into institutional buildings. And Benny researched for the ones who would be willing buy his artwork from the website. Both of them executed this research to understand if people out there in the market were even willing to be their potential customers.
Another way of doing the same thing is to note down the key highlights of your business idea and keywords and search them on Google. This is to understand if there are people already talking about or working on a similar idea or parts of it. How successful have they been? How big are they? Learn from their mistakes, write everything down, make notes and pin it to your bulletin board. You can go to more niche platforms like Reddit, to explore forums and groups to get an idea of their pain points, to find more interventions or features you can develop as a part of your business. The struggle is very real, but the fruits of labour will be very sweet. So go for it and keep on updating your idea, thoughts, and processes. It is never too late to learn, never too late in life to have a genuine adventure, and never too late to be great!
Next time we’ll come back to talk about how to find the right market for your business idea.
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About the Writer
Anchal Srivastava is an architect, urban planner, writer, researcher and scholar. She is a certified GIS specialist from IIRS, ISRO, Dehradun. She is a graduate of the School of Planning and Architecture (SPA), Delhi and Dr. A.P.J. Abdul Kalam Technical University (APJAKTU), Uttar Pradesh. She has experience working at the Town and Country Planning Organisation Delhi, Jabalpur Smart City Limited, Suresh Goel & Associates (SGA), APS Green Architects & Associates, and as the head architect at SSAP and Shantiniketan Buildtech Pvt. Ltd.
About the Editor
Nidhi Joshi is a writer, architect and artist. She experiments with art, calligraphy and all things Interior Design. She is a graduate of the Bharati Vidyapeeth College of Architecture, Mumbai. She has experience interning at PG Patki Architects.
About the Illustrator
Priya Bansal is an architect and a generalist, currently based out of Delhi NCR. She is a graduate of the School of Planning and Architecture (SPA), Bhopal. She has experience working with Studio Juggernaut.