Do you have an exciting startup idea? Do you believe that your business idea is going to be a game changer? Do you have the resources and support required to try your startup idea? Think you are good to go?
But wait! There it is – a little voice that tells you that your business plan may turn out to be silly. This is the time when hundreds of questions throng your mind. You will start doubting yourself, your ability, the resources that you have and all the other things surrounding your business.
So how do you determine if your startup idea is good? Here are a few simple ideas you may consider.
#1. Ask yourself why you have chosen this one above other ideas
You must have a clear answer to the above question. It is common for young entrepreneurs to consider many ideas before settling with one. Avoid trying out something that you are not good at. Instead, try to capitalize on your strengths and start a business that suits your talent and capabilities. Calculate your chances of success and failures, evaluate the market for your business and also consider other alternatives. When you have a clear idea of what you are going to do and where you want to be in the next few years, you are good to go.
#2. What difference will your product or service make to your customer’s life?
This is very important. It is one area many people don’t focus on. While loving your own business, product or service is important, you must also think from a customer’s point of view.
- Will your service or product make any difference to a customer?
- Will it suit people in your region?
- How is it different from its rivals?
- What extras do you offer with your product?
Take the case of Williams Sonoma, a cookware company; the challenge lies in inciting customers to convene in the kitchen. This brand is a typical example of how to make your product known and how to classify them above other competitors in the market.
#3. Why not use the power of Crowd Speaking?
Crowd Speaking is a boon to whoever is looking for user opinion or support for their new ideas. Crowd Speaking helps you amplify your message and set them up such that the supports (likes and tweets and shares) are brought to you in your desired time, instead of you hunting them randomly. You can use the Guest Crew service to determine the percentage of user supports for a particular idea. If your startup idea is liked by the majority of users the percentage rises and vise-versa.
This is one of the most accurate methods to pre-determine whether your new startup idea would be liked by your customers and eventually be a hit. So if you have been scratching your head, thinking if your business plans would hit or miss, crowd speaking is the way to go.
#4. Does it have room for Expansion?
Any good business idea must be scalable. It is wise to start your business on a small scale. But you must be able to expand it later when things go according to plan. So plan it long. While hot and trendy ideas are good, it is important to make sure that your business lasts long. While you focus on the present needs, you must also try hard to plan ahead of times.
Prediction is sometimes good too. Keep a track of your competitors and their latest developments. You never know when and how your products or services may become obsolete over time. So think of ways to enhance the future or upcoming trends. This will help you be ready for a sudden change for a fast-growing trend. True, there is no straight line as far as business is concerned; it’s a zigzag path. But you can certainly help yourself with a strong foundation to build and expand your service with time when the market grows or changes.
#5. And Finally, the profitability
Some of you might love to see this factor in the top of the list. Why not? We all work hard to make profits. You have done all the hard work to determine all the above factors including:-
- your business niche,
- customer benefit,
- marketing tactics and
- room for expansion.
Now it is time to determine the ultimate factor – profitability.
What is your business worth? How much do you want to make? Will you be rewarded for the time you spend for your business? Will your profit be up to your expectation? There are several questions to be answered when it comes to profitability. But fortunately there are many profitable secrets you can learn from the past masters to make your trade worth your time. It all depends on how well you do your homework.
These five suggestions should help you determine if your startup idea is good. Remember, modern business is all about planning and smart work. The more you are prepared, the more likely you are to flourish. All the best!!
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