10 Top Ideas That Help Start-ups and SME’s Understand How to Build Value
The interesting business model, addressable market, growth plans of the company, and all other financial details require due diligence on part of entrepreneurs, find some valuable ideas here!
Entrepreneurs, start-ups and SME’s are facing an unprecedented business glut as the ongoing lockdown crimps demand. While modifying the acts by the government doesn’t lend businesses to the monetization model in demand as often the information handled is confidential. Will this have an impact on job and business creation? As the economy dwindles, how can the food delivery service companies ride through this storm? How will the companies that offered jobs to fresh graduates and those who were about to start up at the beginning of 2020 will operate? How will healthcare and cyber-agencies peddle through the cures at inflated prices? With a slid in demand of anti-infectives, how will the regular medical practitioners shield themselves from a volatile job market? All this in place, how you sell, what your process is, how your customers feel when they engage with you matters more and coming up with an idea as a new business for a start-up can be challenging for young entrepreneurs.
SME Success Rate
According to a report by Forbes, nearly 90% of start-ups fail in the initial years. To rectify this, entrepreneurs need to be aware of some lesser-known reasons to avoid failures in their future endeavours.
A startup has a chance to succeed only if the business measures the demand and supply gap accurately and deploys the product at the time when demand is at peak. At this point, a careful survey is required to ascertain that the product is perfect for the market.
Current trends being escalated due to ongoing pandemic dictate that if you’re going to spend your time making a product then spend your time in ensuring that it’s the right product for the right market. Entrepreneurs do not ignore anything. They need to know the market growth, versatility, and their chances to recover in case they fail. If your startup lasts, you’re lucky. That means you were able to do exceptionally well, what your 90% of the counterparts were not able to do.
It is easy to come up with a startup idea, but it is equally difficult to define it logically. The growth trajectory and the ultimate success depend upon various factors including funding, target audience, sustainability, the market economy, the surge in demand, product-market fit, the scalability of the product, customer development etc.
Some Software Ideas and Suggestions for Start-up Businesses
- Clinic/Pathology Lab/Hospital Management System
- Software to download Youtube/Facebook/WhatsApp videos
- Software to track time/attendance management system
- A customer Relationship Management System (CMS)
- A software to Generate Invoice
- Software to track food inventory
- A software to create a business communication software
- Comprehensive software to manage on-demand services
- An illustrative software for e-learning
- Enter the market with a Cropping Software
- An All-in-One Booking Software
- Get a Plagiarism Checking Software
- Get Software that Converts Audio to Text
- Get Software that Converts Image into Text
- Get Software that Reads the Text for you
- Get a Daily Horoscope Software
- Get the Software for Consumer Complaints
- Get a Screen Recording Software
- Get Software that enhances the Security of a Computer System
The truth to go by for now is to know if you need to fund your start-up idea, when you should raise funds for your idea, ensure that your funds are not wasted here, do you need to create a website or a mobile application? What are the features you need to include in your app? How do you monetize your idea (on-demand, marketplace apps, software as a service, e-commerce companies) and differentiating your idea from the competitors?
Top software development companies suggest that at whichever point you chose any startup idea, slot it into categories. Based on your analysis and research, which ideas need further research and a feasibility check; alternatively go for the ones will get your greatest “bang for the buck” initially.