Is Your Business Idea a Good One?

Before you launch your business, it’s important to put in the pre-planning work. This includes making sure your business idea is viable. Although it may sound good out loud, a business idea with the potential for success is one that has taken the following things into account:

1. It solves a problem. Successful entrepreneurs build businesses that solve problems or address an unfilled need. Amazon makes it simple to buy anything with a click of a button. Google has solved all your search engine issues. Select a problem or unmet need and start there.

2. Before you open your doors, test it on a few people by offering the use of your service or product for free in exchange for feedback and testimonials. Not only does it get you in front of your target audience, but it will help you understand their experience and whether or not they would pay for the service.

3. You can scale up. Offering a single unit isn’t going to sustain your business model long-term. You want your customers to return for more items that they “need,” so be sure you offer more than one product and help engage your audience.

4. Connect your business with your life purpose. When your business addresses causes that are deeply personal, not only will you find happiness and purpose, but your business will as well.

5. Offer something different. Look at your competitors and find out what you can offer that they can’t. This will help you pinpoint a niche to which you can target your product or service.

6. Explore all avenues of market research. Local or regional libraries may offer businesses access to market research tools to help you determine if there is a demand for your proposed products or services, what the market will bear and pay for and what competition you will face.

7. Generate excitement and take pre-orders. Start a Facebook page and invite customers that can get behind your product and can’t wait for it come out. People who are willing to pay for it ahead of time will be happy to spread the word.

8. Believe in your own idea. Your idea may provide a unique product or service that will be in high demand, but when you build from a deep sense of purpose, you all share it passionately with everyone around you.