Having a business idea can be exciting. You are already calculating your potential profits. Like every other new entrepreneur, you begin to ponder over the credibility of your idea. In determining if you have a really good business idea, however, you should consider if your business is:
Does your business idea solve an already existing problem? What problem does it solve? Your business idea should solve an existing and relatable problem. It should provide a solution to a problem faced by a large number of persons. However, a unique set of audiences works well too.
Having a problem to solve is one thing; who you are solving the problem for is another. You should know your ideal customers and how to find them. Knowing your customers is very critical for running a successful business.
After knowing your customers, you should consider how they are solving the said problem already. What options do they have to improve their problem?
Take your competitions into consideration, also. Consider the choices they already have, and how your business should be providing a better solution to their problem.
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Is there a market for your idea? You should consider if there are people who are willing to pay for your idea. That is a customer base.
You can find this out through research. During the research, you can also find out the price point for your product. We know that people want everything for free, but you should find out how much they are willing to pay for your product, or what they consider an acceptable and fair price.
You should also consider the size of your market. Your potential customer base should be sizable enough for you.
The Flexibility of the Idea
Your business idea should be a flexible one. It should have room for improvement and innovation.
When it comes to flexibility you must drop your ego and listen to customer feedback, looking out for similar trends across feedbacks.
This doesn’t necessarily mean the customer is always right but every good idea should have that element of flexibility which guarantees utmost customer satisfaction.
Difficult to Copy
A good business idea is difficult to copy. We all wish to have a business proposition that will be copy proof, but ideas don’t just copy-proof themselves.
You should make your business brand difficult to copy by competition and this can be achieved legally. You can register your brand name, color, symbols, and any other aspects of your idea you find to be uniquely yours. The elements of a good business idea do not come to a stop here.
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Scalability is simply the potential of your business idea to grow while remaining useful in the market.
Investors are more likely to look out for the potential and readiness for your idea to grow.
A good business proposition shouldn’t have a problem with expanding and improving in relation to the market. As the market grows your business should grow with it while maintaining top-notch customer satisfaction con revenue generation.
If your idea satisfies these criteria above, then you have a good business idea but you should also look for some naysayers. Persons that will criticize and poke holes in your idea. This will help you fill any loopholes, and tie up loose ends that you might have missed.