Find Out with These 6 Questions How Good Your Business Idea Is!
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| Photo by Kaleidico on Unsplash |
Hanifmr.com - A good month ago we sent out the first business start-up newsletter. The topic: ideas for successful self-employment.
Some find it difficult to come up with a good business idea. And still, others have so many ideas that they don't even know which of them should be implemented first.
What both groups have in common, however, is the question of the sustainability of the business idea. In other words: How good is the business idea? Can a long-term successful business grow out of this?
That's exactly what I want to check with you. That's why I've prepared six questions for you that you should ask yourself and answer honestly.
6 Questions About a Long-Term Successful Business Idea
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| Find Out with These 6 Questions How Good Your Business Idea Is! |
In theory, a business idea is good if it solves a specific problem. But even then, success is not inevitable. Perhaps the idea is good, but not particularly inexpensive so that it cannot make any significant profit.
If you have a good idea, but you are not sure whether this idea offers the basis for a long-term successful business, then ask yourself the following questions:
Do You Solve a Common Problem?
OK. The first question should be easy to answer. Think about your business idea and ask yourself: Does the idea address a common problem, that is, a problem that many people have? Does it make life easier and save time? Yes? Very well. Because it should. After all, it makes little sense to want to bring a new type of function onto the market that no one has ever needed. No matter how sophisticated it may be. Also, this problem that you are trying to solve with your idea should be widespread. Keyword: expansion.
Will People Pay for Your Solution?
Imagine if you weren't the one who came up with this business idea. But someone else and that someone comes to you and asks you if you would pay for the product or the service. And not only that. It's also about how much you would pay. Answering these two questions should let you know immediately whether your idea has the potential for success.
Is Your Business Idea Scalable?
Scalability. This word has accompanied me since my studies. In general, one can say that the word 'scaling' describes a change in size. For you, that means enlargement, expansion, more orders, higher profits. At least that should be the vision. Implementing the business idea and making money with it is only the first step. To turn your business idea into a thriving business, your idea needs room to grow. The technical term: scalability. Can your business idea gradually expand into new markets? Can you develop new, improved models of your product? Can you significantly expand your service? Or can you expand your business idea to other areas, inspire new target groups to grow further? Is your idea not scalable?
Did Someone Else Already Have Your Idea?
A very important question that can be easily answered with a quick look at Google. Can you find other companies there that have already implemented your idea? If you have a great idea, chances are that someone else has already thought about it. If you find at least one competitor on Google with your idea or a version of your idea that is just as good or even better than yours, then that doesn't mean the end of your idea. But: Think about how you can modify and refine your idea. Take a close look at your competitors. What are you doing? What can you do better?
Could Everyone Do What You're Up to?
Imagine for a brief moment that your idea has not yet been implemented by anyone else. Now, when you present your idea to the world, bring a prototype to market, or offer a preliminary service (in short: release the beta version of your business idea), how easy is it for someone to reproduce your idea? How easy do you think it would be to make a subtle improvement? If your idea is not unique or easy to copy, the chances are high that you will quickly find unloved imitators who will snatch your idea from under your nose.
Can Your Business Idea Last for More Than a Year?
That seems like an obvious question at first. After all, sustainability means nothing else than that your business idea works over the long term. In answering this question, however, it is much more a question of critically questioning the origin of your idea. Is your idea based on a current trend? If so, you should be aware that trends can rarely last over the long term. Better: A long-term solution to a long-term problem.
If you can answer all of these questions satisfactorily and additionally support your assessments with sound market research, you have a good chance of turning your idea into a successful company.
The generation of ideas is only the first step in the entire start-up process. What then follows is thorough research, a business plan, the choice of the legal form, the choice of the company name, a business registration, and so on. It's a long trial and error process. But if you trust your idea, you will start your own business well.
No Business Idea Yet?
You are not ready to answer the six questions mentioned above because you have not yet found the right business idea?
Then get a little inspiration from the following articles:
- How to find good ideas for self-employment
Discover various possibilities to finally find the right idea for your self-employment. - Hobby as a business model - yes or no?
Learn more about the advantages and disadvantages of the topic. - How to find creative startup ideas
Peer reveals tips and tricks for generating ideas. - Well copied is half the battle! Do you need a unique business idea?
Find out.
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