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Is my Business Idea a good one?
Once you have found an idea that you think could be turned into a business, it is important to go through a few steps to ensure it is a good idea.
Once you have found an idea that you think could be turned into a business, it is important to go through a few steps to ensure it is a good idea.
- Market research
Researching the market is crucial before any product launch. Understanding your market as well as its needs and potential is essential to any business.
Identify your market – Who would your potential buyers be?
Ask your market if it’s interested - Friends and family are very unlikely to be objective or tell you the truth, by fear of upsetting you. The best approach is to ask a representative sample of potential customers a few questions:
- Would they be likely to buy it?
- How much would they pay for it?
- Would they buy yours instead of the competition’s? and why?
This can be done either face to face or by phone, depending on the type of business.
Competition – It is essential to know who your competition is and how you could differentiate yourself from them. In a nutshell, why would potential customers buy from you rather than your competitors?
- Product Research
Purpose of your product or service – All products and services will usually serve a purpose. No real purpose will mean no customers, hence no business.
Is the idea viable – Does your product idea make sense? Is there a market for this specific product? Is it financially viable?
- Business Analysis
Profitability – When calculating profitability, it is important to calculate a realistic selling price Vs costs + overheads. Anyone starting a business would usually be aiming at making a profit. If the product is not viable, the business can’t be sustained.
Growth potential – All business should have room for growth, especially start-ups. It is therefore essential to wisely estimate the business’ growth potential in terms of market and in terms of product.