Coming up with a business idea isn’t very difficult – it can happen while you are reading the news, watching a cool movie, chatting with your friends, traveling to work. It can happen anywhere at any time. But having cool business ideas often doesn’t mean that they are good ones.
If you want to make sure that your idea really has the potential to become a successful business, look for these five signs that can show if the idea is actually a good one. They require a certain amount of research to be done, but it will be worth it, especially if you find out that you really are onto something.
It solves a problem
If the idea you have solves an important problem that you clearly see, then you are on the right way. Just think: Is this problem big enough so people will pay for product/service that brings the solution?
It is different
If the idea you have brings a solution to a problem in a more effective way, you really are onto something, especially if nobody else is doing that. Do a research to determine if there are similar products out there and try to determine how your idea differs (and is actually better) from everyone else on the market.
People love it
You feeling excited about your idea is one thing; having other people excited about it is a sign of the potential for success. If the people you trust – your friends, family or colleagues, – love the idea and say that they would pay for something like that you are on a right path.
There are paying customers
If you have a great idea, but nobody is willing to pay for it, you have a hobby, not a business. To make sure that people are willing to pay for your product, study the market niche, see the current situation, the predictions about the future. Evaluate the potential realistically. If it is clearly there – go for it!
You are truly passionate about it
Passion is the driving power of many successful entrepreneurs. If you are obsessed with the idea, think about it all the time, talk about it whenever you get a chance, see the opportunity but also the disadvantages, read about the ways you can get started, you may have found your true calling. If you are willing to put your heart and soul into it, you should give it a go.