With the effect of the COVID-19 pandemic, many people lost their jobs. Many businesses went bankrupt and closed their operations. However, it also paved the way for other traditional and non-traditional industries to rise. For the younger ones like you, students, the future will be great if you start early. So, in this lesson, we’re going to brainstorm on what kind of business, or product you should consider selling in the future. After that, we will answer a few questions to help us develop a paragraph stating a business concept. But how do you really come up with a great product? Here are some factors that you need to consider before deciding on what business or product to sell.
- Your Interests
- Your Expertise
- Available Resources
- Funding and source of capital to start
- Customers
- Sustainability
- Your Interests
Many entrepreneurs and businessmen failed because they do not love what they are doing. It is best to consider a business that you love before doing business. If you are fond of what you are doing, you will surely enjoy it.
- Your Expertise
Creating your own business will be easier if you know the ins and outs of the business. Your skills and expertise will surely help build your business if you are an expert or at least knowledgeable about your product or niche.
- Available Resources
Do you have available resources to create your product or business? Are the resources found locally or do you have to import them from other countries? Importing your product would make your startup capital bigger and a more expensive price offer. So, you should consider a product that can be produced with available local materials or ingredients.
- Funding and source of capital to start
A business would always start at least with some capital, small or big. If you do not have a big startup capital, it is still okay to start a business. There are success stories that started with just a few bucks and become worth a million-dollar business. If you do not have available funds, many agencies, government, and non-government ones are ready to assist feasible businesses. You just have to be able to present to them a feasible business plan.
- Customers
Are there ready consumers awaiting your product? If so, then you are in luck. Selling your product will be a breeze. Product awareness is vital in this case. Here comes the role of advertising. People would know that your product exists through advertising. With the existence of different social media platforms and the internet, advertising is now very accessible to everyone. A start-up can project a great business with the effect of advertising. Thus, customers will be aware of your product.
- Sustainability
Products can be sustainable if they continuously have a share in the market. Sales are the determinant of sustainability. So, if a product or service is purchased by its customers, then its life could be sustained.
So those are the tips to consider when creating your own product. Now, let’s brainstorm on how to create your brand, logo, tagline or slogan, and color scheme.
- Product
- Brand
- Logo
- Tagline/slogan
- Color Scheme
Download the Powerpoint by clicking the link below:
Brand Presentation & Game for your Lesson
Writing a Paragraph for your Business Concept
Now, let us answer the following questions. Answers to these questions help us to write a paragraph for a short business concept. Here are the questions.
- What business would you like to put up? What products would you like to sell? >>> I want to put up a clothing business. I want to sell T-shirts and jeans for men and women.
- What brand name will you use for your business? >>> I want to use “Bubbles” as my brand name.
- What will be your tagline or slogan? >>> The slogan would be “Soft and Bubbly”
- What color or colors will you use and why? >>> I will use the colors red and yellow for my logo. Red means love and yellow means happiness.
- Draw or sketch a logo for your business.
Now that you have answered the questions, let’s put the sentences together to create a paragraph stating a simple business concept. Now practice answering the question: “What business concept do you plan to do in the future?” Here’s a sample answer.
In the future, I want to put up a clothing business. I want to sell t-shirts and jeans for men and women. I want to use “Bubbles” as my brand name. The tagline would be “Soft and Bubbly”. I will use the colors red and yellow for my logo. Red means love and yellow means happiness. My logo is a circle with the word “Bubbles” in the middle. Inside the circle are red and yellow bubbles. Below is a sketch of my logo. This is my future business idea.
See, writing a business concept paragraph is easy. After knowing these simple facts you can actually start creating your own business! Remember to start early so you could be successful in the long run.