How To Know If You Are Onto A Good Business Idea
Finally, the breakthrough you have been waiting for arrives!
It’s the idea that will change the game and has left you eager to showcase your concept to the world.
But, before you do so, maybe you need to slow down and think things through.
Having a brilliant idea is one thing, but when it is put into action, just how effective will it be?
There are a few essential questions you need to ask yourself before you decide whether this business idea really is profitable or not.
Let’s explore what they are:
How To Know If You Are Onto A Good Business Idea
Does It Solve A Problem?
One of the easiest ways of determining whether your business venture will work is assessing whether it solves a problem.
As a society, we are constantly searching for new and improved ways of doing things. Your idea may make something quicker, more efficient, or more reliable.
If your idea solves a problem, it can easily result in a greater success rate as it actually serves a purpose. In addition to this, it will be easier to market as you can develop a ‘need’ for what you have to offer.
It is the perfect opportunity to promote that people simply cannot continue to live without your idea!
Is There A Market?
Before you go rushing out, guns blazing, you want to make sure that people will actually interested in buying what you have to sell.
Consider which market you will be targeting with this great idea (or if there is a market for it at all).
This is essential homework to do before any business venture. It validates your idea and also paves the way for your future marketing, and the messages you will want to promote.
A business with no market will not succeed. Your market may be open or it may be a niche market.
No matter the specifics, it is essential you determine your market before you take the first steps. Assessing your market will also give you sufficient insight as to whether the market will be scalable – will it allow you to grow or expand in the future?
Does It Actually Work?
It may seem like it goes without saying, but often ideas may appear great in theory, but the reality is a different story. You must know that your idea actually works by testing it in some way.
You may want to test your idea on your friends, but be sure to get feedback from those who are not close to you so that you know the opinion is genuine (as friends tend to be a little polite).
If the feedback you are given is positive, and people are demanding to know how they can get onboard with it, you may be on to a winner. If the feedback is the opposite, it may be a good reason to reconsider or improve your idea.
Pricing!
Last but most certainly not least, you need to consider pricing.
When you envision your idea, at what price do you imagine it would sell at?
There are a lot of things that go into determining a fair price - the cost of your time, the materials involved, shipping, transportation, and profit. But on the flipside, there will only be so much the market is willing to pay. It is about striking a balance so that you get what the product is worth, but remain in reach of your target market.
That is not to say that you need to race to the bottom to make your idea as cheap as possible. It just needs to be in budget for your ideal client. When it comes to purchasing something, people will internally calculate whether the money is worth the acquisition.
Therefore, you need ensure your idea is worth it!
Once you have done all the groundwork and have assessed whether your idea is a good one, it is time to take it to the market.
One of the best ways of doing that is getting your business online with a high quality eCommerce website. If you need help doing that, then drop us a line here at Creative Web Designs. We specialise in awesome Shopify websites that convert.
Drop us a line today!