What Makes A Business Idea Viable For Startups?
Men and women love to compete, especially in the business world. When it comes to business ideas that idea needs to go through a filter to survive. It takes a special kind of person to find the courage to develop a business idea. Just look at the Bill Gates, Elon Musk, Mark Zukerberg’s of this world. Their success didn’t just happen overnight.
Do you know if your idea can stand the weight? What makes a business idea viable, what’s the secret sauce?
Before investing in a new business, you need to test your idea’s potential.
USE The following Question to determine, what makes a business idea viable, to give your business ideas the best chance to succeed.
1. QUESTIONS, QUESTIONS, QUESTIONS.
No idea of what you want to do in your business or where you want to go will lead to a difficult start. To understand your business better, you need to ask the right questions.
Look at every angle of your business. The questions you decide to explore will give you a better idea on how to plan and also handle any issues that may occur in the beginning.
Here are a few questions you should explore:
No seriously, what problem do you solve? Too many people start a business because THEY believe their product is the best. The best at doing what?
Knowing your WHYS is going to be the difference when times get very challenging and they will happen.
Is your product/service for Men? Women? What is the age range? I asked a woman who her coaching business was for, and she said everyone. I asked, why would a child want to know how to find a life partner. Be Specific.
Before you start spending money, look at what you have available around you. Do you have a friend or associate that has skills you can leverage? Do you have someone who understands marketing that can teach you?
Alice: “Would you tell me, please, which way I ought to go from here?” The Cheshire Cat: “That depends a good deal on where you want to get to.” Alice: “I don’t much care where.” The Cheshire Cat: “Then it doesn’t much matter which way you go.”
Know where you are going, or you are going nowhere.
Write down all your answers, so you can always come back to them when needed.
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2. KNOW WHO YOU ARE COMPETING AGAINST.
Have a peekaboo — see what they are doing. Highlight any strategies that they have done in the past that has been successful. Highlight any strategies that have bombed. Analyse businesses that are like yours.
By looking at different business it gives you an edge against those who come into the game trying to reinvent the wheel. You on the other hand will gain valuable knowledge without suffering any losses because of a botched plan.
Knowing who you are competing against, also gives you the insight to know how good your idea is. Put your idea against theirs and see how unique your idea will be for a customer.
3. SHOW ME THE MONEY!!!!
How much money do you have in your disposal? At some point you will need to spend money. Depending on your business, you may need to spend money from day one. Do you have that money available? Are you believing that your first batch of Delicious cupcakes will sell like hotcakes? And then you will use the profits to put back into the business. Hahahaha.
Sorry for the giggles, however, things rarely happen this way, especially at the beginning. You are likely to be operating at a loss for a long period of time.
If you hope to raise money through a bank loan, or borrowing from investors, you will most definitely need a business plan.
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4. SHOW ME THE MONEY!!!!
When you know your customers, you can talk to your potential customer to see if your idea has weight or not.
When you know your customers, you can talk to your potential customer to see if your idea has weight or not.
Try the following methods.
FOCUS GROUPS
Get a group of people together and ask some questions and see what you get back from the feedback.
SOCIAL MEDIA
Talk to people on social media who might be interested in what your busines does. Find out what they think about what you are offering.
CROWDFUNDING
Set up a crowdfunding page to gain valuable insight to see if your idea has legs. If it’s really good you might even get some investors wanting to invest their money into your idea.
There are quite a few ways you could find out if your business idea is viable. Every business idea is going to be different. Some businesses need a detailed plan, whilst others do not. A lot of what the business needs is going to be determined by who is spearheading the business. Ultimately, it’s going to come down to what do you and the business need in order to create a profitable business.
Originally published at http://business-startup-today.com on December 28, 2020.
This story is published on THE STARTUP SEED website. Sharing practical business tips to startup entrepreneurs to get their business idea growing.
