How do find out if your business idea is marketable? Here’s some insight to help you decide.
Although businesses are facing unprecedented challenges and adapting to survive, the ways to identify a great business idea remain the same. Ask yourself these 4 key questions to see whether your idea is worth investing your time, money and efforts.
1. Do People Want It? The simplest way to test whether your idea is viable is to simply ask around. Friends and family (or even an unbiased test group) can give you feedback and help fine tune it. Be open to hear what they have to say, that’s the whole point of a focus group – whether it’s casual or paid.
2. Does It Solve a Problem? As you’re thinking of business ideas, ask yourself if you solve a new problem or maybe an old one with new solutions? If there’s competition in your space, can you solve a problem better than they do? If the answer is “yes,” you’re on the right track. Go to the next step.
3. Can It Be Scaled? Can your business model grow to become even more profitable and flexible to succeed in various business environments? Are you trading dollars for hours, can you think of ways to take your knowledge or product or service, and serve the masses instead of just one to one? Scalability will help you reach your financial goals quicker and more efficiently.
4. How Confident Are you? Sometimes a business idea feels like a light bulb is going off, but if there’s lingering doubt during the development process, weigh the pros and cons. You can always rework your idea, ask your trusted circle, and do more research so it feels right before taking the next step.