Ideas can strike you at any time of the day, while you’re traveling somewhere, while you’re working late or struggling to get some sleep at 3 am in the night. There’s no fixed method of searching for an idea. But there are certain ways that help you decide whether your idea has any potential to stand and bring about some change in the market.
This article will help you to better understand that if your business idea is worth acting upon. When you’re first considering a business idea, here are some signs to look or while accepting or rejecting an idea:
- Does this idea already exist?
If you are considering any idea, you would want it to be unique and different from others of course. But there are a number of chances for the idea to be already existing in the market in some or other way. So before proceeding any further, get some basic research done to know if there are any similar ideas existing in the market.
- If yes, how different are you?
Since you’ve found out who are your competitors selling similar products or services, you need to identify and differentiate your USP from the existing ones.
- Why are you doing this?
The main question you need to ask yourself would be why do you intend to do this? What is your purpose? All businesses need to have some mission and vision. Will this bring any change and improvement in the current market and everyone’s lives?
- Is your idea realistic?
Now for your idea to be really worth anything, it needs to be solving some real-world problems that people are dealing with. Because if you aren’t solving any problem or helping out people in any way then why would they even buy your product or service?
- Are there any potential customers dealing with this problem?
Here, you need to identify if you have any ideal customers who are suffering from the problem that your idea can solve which is very crucial for any business. Also, you need to know what solutions are they already using?
- Is your idea better than the existing solutions for the same problem?
Since that you now know who your target customers are and what solutions they are using, the next thing you need to understand is how is your solution better than others? This will also help you identify your competitors.
- Is it fundable?
Coming up with something different is really difficult but winning people’s trust regarding the success of that idea is even more challenging. Consider taking some public opinion, both positive and negative. You need to determine if a niche market actually exists for your idea.
- Will people pay for it?
The ultimate motive of any idea or business is to make money. At the early stage, it doesn’t have to be very successful, but it also shouldn’t leave you in debt. determine your price point. Go through some basic calculations to understand if your idea can make you any profits.
- Is it scalable?
Scalability is the potential of any business to grow without being affected by its structure or availability of resources when the sales volume increases. Scalability also defines your base for return on investment and profitability. Thus, your idea should get stuck or limited to a certain point.
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