business It's Business

Do I Have a Good Business Idea?

May 13, 2016

It can be really exciting when a new business idea pops into our head. Either that or we have had a business idea for many years but never had an opportunity to act on it. Either way, you might be standing there right now, ready to take on a new business but might be afraid it will tank or isn’t the best plan for the current business world. Never fear, I’m here to give you a few questions that you can ask yourself in order to see if your business idea is truly a good one.

  1. Does it solve a problem? All truly amazing business ideas solve a problem in some way for people. Walmart offers a way to get everything you need in one location for great prices. Fast food places offer a cheap way to grab food when you’re too busy for a meal. Both are extremely successful ideas. So, what does your business idea solve for people?
  2. Will it Make Money? Be honest with yourself, you’re starting a new business because you want something that will provide money for you and your family and it will hopefully be something you love at the same time. So, be honest with yourself, will it make money? Maybe even put together a focus group of random people in the area and ask them what they think. Online surveys are also a great way to get feedback. Make sure and ask people who will be honest in their response and not biased. Now is not the time to ask people who will simply tell you what you want to hear.
  3. Do you have a unique selling point? Just falling in line with all the other businesses can sometimes be a recipe for disaster. So, have a selling point that makes you stick out and allows people to easily remember you. This doesn’t mean you can’t have typical items or services you offer, just offer it in a different way.
  4. Does your idea have a mission? People love gathering around something that gets them pumped or is for the greater good. Tom’s Shoes, for example, for every pair that sells, he donates a pair to third world countries. His business was huge overnight, it seems. Not saying that charity has to be involved in any way, but have a clear and defined mission or vision with your business, something people can get behind.
  5. Is there room for growth? If your business idea is one where there’s no room for adding on to it, then it might be a bad idea. You want a business idea that can continually expand and grow as it becomes more popular. For example, if Walmart still only offered the same few items it did back when it first started, it would have never made it and would have closed long ago.

Be thoughtful about your business idea and overall, make sure you can listen to criticism and be honest with yourself. Those who are willing to listen to opinions from outsiders and be honest with themselves where downfalls appear, those are the ones who will succeed.

Do I Have a Good Business Idea?

  • Reply
    May 13, 2016 at 2:35 pm

    When I was rebranding, I knew it would be “slowly but surely”. I asked myself the questions you posed here. You’ve spelled it out beautifully. SO important to organize these thoughts and move forward from there.

  • Reply
    Kelly Hutchinson
    May 13, 2016 at 3:31 pm

    I thought I might have had a good business idea a few times. Thanks for the info and the tips!

  • Reply
    May 13, 2016 at 3:40 pm

    Question 5 is really important when it comes to business ideas. Even if it seems great now, if there isn’t room to grow, it might not work down the road.

  • Reply
    Jeni Hawkins
    May 13, 2016 at 5:39 pm

    What great tips! I have a friend currently considering starting a business, and she could totally use these ideas. I’m sending this to her right now. Thanks so much!

  • Reply
    Notorious Spinks
    May 13, 2016 at 11:32 pm

    Great insight here. These are very important things for people to think about when starting a business.

  • Reply
    May 14, 2016 at 12:07 am

    I love this post, all important things to think about. I always have ideas but never sure if they are really great business ideas or maybe just a new hobby 😉

  • Reply
    May 14, 2016 at 1:08 am

    I try to constantly ask myself if my blog posts solve a problem or teaches someone something new. I’m adding all of your tips to my list. They’re great!

  • Reply
    May 14, 2016 at 2:26 am

    There is so much to consider for a new business. It does make for an exciting adventure 🙂

  • Reply
    William Sweeney
    May 14, 2016 at 3:36 am

    Moving forward with a business idea can be so hard to do! These are great things to consider when moving forward wit a business idea.

  • Reply
    Bella B (xoxoBella)
    May 14, 2016 at 1:10 pm

    I sometimes wonder if people fully think things through or get carried away with a concept. Planning and looking in the business case are so important for success.

  • Reply
    May 14, 2016 at 1:35 pm

    Great tips! My SIL has started a business not long ago and I’m sure these would help her! I don’t know much about businesses.

  • Reply
    Franc Ramon
    May 14, 2016 at 3:11 pm

    I always say when it comes to business, find a need and fill a need. These tips can really help you sort out which business to start.

  • Reply
    May 15, 2016 at 5:33 am

    Great tips! I have “too” many business ideas 🙁 i wish i could stick with one and focus on my goals

  • Reply
    Rebecca Swenor
    May 15, 2016 at 9:04 pm

    These are indeed great question to ask yourself if you think you have a good business idea. It is so important to have a mission for your business and to make sure there is room for growth. Thanks for sharing the questions.

  • Reply
    Michele D
    May 15, 2016 at 11:20 pm

    These are helpful tips and suggestions about gathering business ideas. I have yet ventured into that part but hopefully one day, I will.

  • Reply
    May 16, 2016 at 4:01 pm

    These are some great tips! When I rebranded a few months back these are the exact questions I was asking myself

  • Reply
    Peachy @ The Peach Kitchen
    May 20, 2016 at 10:24 pm

    Thanks for the tips! These are really helpful questions that will get you thinking before diving into a business.

  • Reply
    Larisse Espinueva
    August 25, 2016 at 10:07 am

    Before I go into something (or start selling), I make sure if a demand exists first. It’s always better to know what you’re getting into first before heading straight first. 🙂

  • Reply
    nurse call systems
    October 25, 2016 at 8:16 am

    Business Solution is a good business nowadays because of the rise of business ventures that needs solution.

  • Reply
    October 26, 2016 at 6:36 pm

    The “Will it solve a problem?” question is a great one, along with the other suggestions you’ve mentioned. You’ve done a great job of describing the key things to consider.

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