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Creating a Business Concept. Simple Idea

Updated: Jul 21, 2021

The starting point of any any concept of any business or project can fully comply with the napkin rule:

If you can clearly describe your idea in one sentence, or at least two, congratulations! You have a full understanding of your business idea. If your thoughts start to spread and you cannot put together what you want to do even in a paragraph of text, you are doomed to failure.

If you do not understand WHY your customers will come to you, your potential guests will not understand that either. Clarity of an idea and clarity of thought is the first step to building a successful business concept.

To formulate your business concept, you need to answer only five questions: WHAT, WHERE, TO WHOM, WHEN, and WHY are you selling. That is the only way you will be able to describe your format enough for yourself. All these questions are complementary: if the idea of ​​your format and product is clear enough, each of them will only clarify the details and nuances. If some questions remain unanswered, it is better to try to clarify everything for yourself. In general, the ability to articulate one's thought and the ability to convey it to others, just as succinctly and clearly, is a very cool business skill.

To formulate your concept, answer just five questions: what, where, to whom, when, and why you are selling.

For example, if you'd like to open a restaurant.

WHAT is the actual product you are selling. You kitchen concept, menu, happy hour deals and promos, your service.

WHERE is the direct location of your business, format, atmosphere, an infrastructure.

TO WHOM is everyone's favorite term “target audience”, which, in addition to socio-demographic descriptions, and their motivations.

WHEN is the time at which your service will have the greatest or most demand from your audience. There will be a time, a secondary one. The question is when do you expect the main flow of customers and revenue.

WHY is a magical question, the answer to which determines the key motivation for visiting your restaurant. Whether you give people the opportunity to have a full lunch, have a coffee with dessert, or meet up for dinner with friends, sit with a company or come to your place for a meal - this all determines the accents and focus.


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