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.
- 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?
- 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.
- 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.
- 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.
- 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.