It’s a new year and it is prime time to re-evaluate your life and potentially start pursuing those niggling passions that you’ve been pushing to the side. Or better yet, those business ideas that you really want to try out.
In this article, we want to share some things that you should ask yourself to determine whether or not you may have stumbled upon the next great Instagram business idea.
Whether your business idea revolves around a product or a service, this list will point you in the right direction.
Do You Have The Next Great Instagram Business Idea?
Is it a popular Instagram niche already?
Of course, there are always going to be popular Instagram niches that garner a tonne of followers like funny meme accounts, but what about businesses?
If you are looking to build a personal brand and offer a service, you’ll be in good company and have a fantastic opportunity to reach a global audience of over 1 billion people!
Homewares, Fitness, Travel, and Fashion are also incredibly popular Instagram niches that can give businesses in those industries advance faster on the platform than say, a plumbing account.
A few successful brands that have grown through the use of social media over the years include Showpo, The Daily Edited, HiSmile and Coco and Eve to name a few. Check out these brands for inspiration in how to launch and scale your Instagram business idea.
What is your competitor landscape like?
Having a clear idea of your key competitors within your new Instagram business idea is crucial in making sure that your branding is different and that your unique selling point is clear.
You may also find it useful to categorise your competitors by location if you plan on only selling to people in certain countries.
Keep this list or spreadsheet on hand as you begin to solidify your pricing and other elements of your brand to ensure that you differentiate yourself while remaining competitive.
Do you have a marketing budget?
One of the biggest mistakes that new small businesses make when they get started is only having a small marketing budget if any at all!
To really start yourself off on the right foot it pays to make sure that the first impression of your brand is professional and polished. Invest in your logo design, business set-up and if you are going to use the power of Facebook advertising be sure to hire a reliable expert to help you make sure that you get the most bang for your buck.
The most simple products like a face mask can quickly become a cult beauty favorite simply by having memorable, high-quality paid ads and well-designed marketing materials. Become the next Instagram-famous brand by prioritising this.
Do you know people who would pay for your product?
Before launching your new Instagram business you should already know a handful if not a solid 50 people who would pay money for your products or services. These people could be colleagues, friends, past business connections or your existing Instagram followers.
The important thing here is that you already know of people who are interested in what you plan on selling so that they can help you in spreading the word when you do eventually announce your new Instagram business in a Facebook status or LinkedIn post.
Is the problem you are solving important?
Now this one can be a little be hard to admit, but your answer to it isn’t necessarily going to be good or bad.
If your product/service solves a problem that a lot of people experience and is backed by data, you are far more likely to have success with targeted paid ads and your general business growth.
However if your product/service is more a luxury, in the sense that it doesn’t inhibit someone’s quality of life, you are going to have to have really schmick marketing and a target audience with disposable income to make it a success.
Phew! That was a lot of information, wasn’t it? After going through the above questions you should have a good idea as to whether or not to pursue your new Instagram business idea.
If you’re going to make the leap this year and give it a shot – good on you! I can’t wait to see how you go.