How to think of a business idea?
This is a domain-specific question. Also, This idea is limited in terms of future scope. Suppose you start an online teaching business focusing on agency..... not good. First, you have to think about your unique selling point. What value you are going to add—your value addition. So, rethink your business idea.
Learn the following first:
- Business Models: How Companies Make Money
- Idea Validation: Steps and Tools for Testing Your Idea
Find the answer to the following questions:
- What is your target market?
- What is the problem statement you are going to solve?
- What is the economy of your business?
Tools you need to learn for this process:
- Business model canvas
- Value proposition canvas
- Competitors Analysis
- Return on investment
- Value chain
Hope it helps you in the future.
If you want to make a prototype or POC for a business model just use any open-source LMS tool like Moodle, it helps you to reduce your technology cost.
Why business planning is important?
We have already answered this question on the following link