HOW TO EVALUATE YOUR BUSINESS IDEA

Over the last couple of weeks I have had some very interesting conversations around business ideas and what sort of businesses opportunities exist. While, it often seems like the best ideas come out of ‘aha’ moments, in reality, the best execution comes out of detailed research and painstaking work.

This month, I thought I would give you a sort of ‘cheat sheet’ into identifying an area of opportunity. Just follow the steps below!

Find a core aim

A business idea has to either solve a problem, make a process easier, eliminate a process or create a need no one knew they had. To explain, Google solves a problem of not having instant answers; Netflix makes the process of entertainment simpler, a cloud kitchen eliminates real estate needs and cryptocurrency created a new need altogether. If you have an idea, it must have a core aim.

Understand the economics of the country

Every country has its core economic sectors. For instance, Bahrain has oil and gas as its core sector. The other prominent sectors are banking, real estate, hospitality and trade. In addition to these, the core sectors that feed every economy are education and healthcare. Why is this relevant? Because the size of the economic sector explains the market available. Any product or service that feeds into a core sector has the potential to grow. The exception is very high margin products – these can make money even if sales volume is not high.

Study the boring stuff –demographics and market size

Demographics is the profile of a population – when you read that, it suddenly becomes clear why it is so critical. Learn the process of breaking down demographics. So, if you have a product that is catering to learning technologies, you need to know how many school-going children are there, how many of those learn in the language of your tool, and, how many of those have an income level that allows them to pay for your product. Blend that knowledge into your pricing strategy to find out a minimum sales level needed to break even.

Find out who you are speaking to

“If you speak to everyone, you speak to no one”. I read this somewhere and it has stuck with me. Every product and every service has a specific audience – know who that audience is. Then, do the maths and see if the demographics and market size balance out the investment you would need to make. Because not all investments make enough money in the correct span of time. Time also has value, and, in the case of money, the longer the time, the lesser its value.

Business strategy is all about numbers. How much you spend has to be balanced by how much you earn in a reasonable amount of time. For many, that’s not a pleasant experience. However, if your idea cannot earn you the required income in a reasonable time frame, it’s not a business –it’s likely a charity where your suppliers are the beneficiaries. The idea or business will give you a sense of purpose for sure, but, eventually, when the pockets that fund it dry up, picking up the pieces is messy.

Do the messy work before you invest, that’s probably the biggest ‘cheat code’ of them all.

READ WOMAN THIS MONTH IN ANY FORMAT CONVENIENT TO YOU:

Print | Online | Digital to keep you abreast of everything that’s happening in and about town.

Four Seasons Hotels and Resorts leader Jason Rodgers, who has been the Hotel Manager of the landmark property for five years, has been promoted to General Manager of Four Seasons Hotel Bahrain Bay. With an impressive 25-year tenure with Four Seasons Hotels and Resorts, Mr. Rodgers brings a wealth of international experience.

“I am honoured and excited for my new role as General Manager,” he says. “Our iconic hotel is one the best and most significant properties of our company. In an expanding tourism destination known for its amazing hospitality and warm people, Four Seasons Hotel Bahrain Bay is one of the landmarks of the Kingdom, on its private island.”

Four Seasons Hotel Bahrain Bay Names New Gm

After graduating with a Bachelor of Hotel Management from Canberra, Australia, he pursued his strong desire to travel and discover new cultures and destinations. He began his career with Four Seasons Hotels and Resorts in 1998 as a management trainee in Kuala Lumpur and has since worked in various capacities at properties in the United Kingdom, Mauritius and Qatar.

In 2018, he moved to Four Seasons Hotel Bahrain Bay, where he was endorsed as the Hotel Manager. During his time as Hotel Manager, he led crucial projects in Bahrain including the opening of the Hotel’s private beach, water park, and Beach Club. His motivational leadership resulted in remarkable operational success, including prestigious international accolades and recognitions for the hotel.

His guest-oriented approach played a key role in increasing guest satisfaction and repeat business, which also had a significant impact in the tremendous commercial success of the Hotel in 2022, which was a record-breaking year. “Guests desire personalised experiences, and the brand supports tailoring their time spent with us. That is why our guests are loyal to the Hotel and the brand,” he says.

Mr. Rodgers will lead new projects with his team, prioritising authentic culinary and leisure experiences and product enhancements at Four Seasons Hotel Bahrain Bay.