4 Feb 2016, 10:51 — 4 min read
So you’ve just had the greatest business idea that you’ve ever come up with and you’re convinced that it’s going to earn you millions. Nobody but you has ever thought of an idea so ingenious, but is it really that good? How do you know that you aren’t getting carried away by your stroke of brilliance? How do you know that your idea will actually work and make you those millions you dreamed of?
Fortunately, there are a few ways to find out if your business idea is actually worth starting a business for – read on and find out if your great idea is practically feasible or just another day-dream!
1. Who's Paying?
The first question you need to ask yourself – are there going to be customers willing to spend money to buy the product or service that you’ve conceived? Is crowdfunding ever a choice? What unique feature do you plan to offer that will make people reach into their wallets and give you their hard-earned money? For that to happen, your product or service should be of some value to the customers, otherwise they won’t pay for it. If people are willing to pay for it, you’re safe to ask yourself the next question.
2. How Much Are They Willing to Pay?
Your product or service might have paying customers, but unless you can make a lot of people buy it, your business idea won’t be feasible from a financial perspective. You must determine the price point of your product or service and ensure that it is cheap enough for there to be a large scale demand for it.
3. What Does it Solve?
The world is full of problems, but is your product or service going to solve one? If you are asking for somebody’s money then you must ensure that you are solving a problem for them that no one else has offered to solve before. Ask around among your friends and family if your idea would solve a problem they’ve experienced before.
4. Is it Scalable?
If your idea can only serves the needs of a very small niche, then it’s probably not as great an idea as you’d thought it was. Great business ideas are usually scalable to a great degree, allowing their owners to increase and expand their operations in accordance with the growth of interest and demand from the public.
5. How Unique is It?
Great ideas don’t have to be incredibly complex – usually they are elegant, simple and most importantly, unique. A great idea solves a problem in a way that nobody has ever thought before –and everybody thinks their idea does exactly that. But it is advisable to do some research to figure out if there is someone else out there who has beaten you to it.
6. Is it Durable?
A truly great idea is the one that resists the ebb and flow of trends, fads and superficialities – it serves its purpose now and for a long, long time. If you can imagine your idea to be viable 10 years from now, chances are that you’ve probably stumbled on a great one!
There is no formula to discover which idea will work and which won’t. Startup ideas and the startup tips you can learn are only one part of the whole result. But if after answering the above questions, you still feel that your idea is pretty damn good, then you should probably go ahead with it!
Posted byAnjan Purandare
Ivyclique is a rapidly growing start up that is disrupting the content marketing space. We do product descriptions, blogs, reviews, omni channel marketing campaigns, in bound...
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