In almost every case, a successful business has a great business idea at its core. However, finding the right idea and transforming it into a hit can be a struggle to say the least.
And once you find a good business idea, it’s really hard to determine whether it will turn into a success or not.
Here are five questions you should ask yourself that will help you test your potential business idea:
1. Is your concept connected in any way with a thing you love?
The vast majority of your adult life will be spent working, so your business idea should be regarding something you are passionate about. If not, it’s hard to believe that you’ll actually stick with it, considering the amount of time and resources you will have to put in your business.
Try and find a way that allows you to connect one of your passions to a relevant business idea. If you manage to do this, you’ll see why the aphorism “If you love what you do, you’ll never work a day in your life” is true.
2. Are you more inclined to think big and see the bigger picture?
In order for a company to become in time a credible business, the business idea you come up with must be something you can envision and that will pick up in the marketplace and drive solid revenue.
How could spin-offs or franchises become successful in the marketplace? Is there potential in that marketplace for your concept? Will the business be able to go international? If you’re considering that there is a growth potential in ways far beyond the initial premise, you can probably say that you’re onto something.
3. Are you determined to create a road map?
Envisioning success can play a big part. An outstanding idea that lends itself to this way of thinking may actually be one that is sustainable.
Find out if you are able to create an initial road map while your idea is still in its early stages. Write a business plan that incorporates key features such as marketing concepts, future number of employees and budget.
4. Could it possibly be adapted to our current technology?
Old-school business ideas are great. But a business idea that allows you to tap into the current technology (social media and the Internet included) can mean that your business has a great chance at survival and prosperity.
Yes, there are a lot of future big ideas for Smartphone apps or even digital service. Therefore, technological potential shouldn’t be the only criterion you take into account.
5. Is there a strong chance of becoming an expert in the field?
For your company to become successful, you don’t really need an MBA. However, if the business idea determines you to read and learn more details pertaining to the field and the marketplace for your business idea, then it is safe to say that you are on your way. And while research can be a whole lot of work, the same thing can be said about running a company.
To ensure that your company is able to survive, you must be an expert in the field, or as close as possible to one. It is possible that the business idea will help you fill in the gaps in your knowledge about the field and marketplace. If it doesn’t succeed in doing this, you probably need to consider coming up with another idea.
Every entrepreneur wants his/her own fair share of success. Coming up with an outstanding business idea means that you’ve only won the battle and not the war. But with a little bit of luck, the rest will completely be up to you.